Transferring money internationally can be a real pain, especially as commissions seem to get higher and market rates fluctuate by the minute. Sending dollars back home should be as simple as the click of a button, but there are many factors to keep in mind. How do you know you are getting the best rate? Are the commissions fair? How long will it take for the money to arrive? Will the recipient have to pay anything? These are just a few of the questions that run through our minds when we transfer money, so we have compiled a list of the best money transfer apps out there today to make your life a little easier.
TransferWise has exploded onto the market in recent years, thanks to it’s speedy same day transfer service and low commissions. TransferWise is a brainchild of one of the Skype founders and you can regularly see it popping up on social media. The exchange rates are quite good, as they are based on what banks are currently exchanging at. The fees are also low, and even out at around 1%. The real advantage is that provided you send money during working hours and on working days, the money could arrive instantly in the recipient’s account. Some transactions take longer, but you should not normally have to wait more than a few hours. This is great in the case of emergencies. The app also allows you to see how much you have saved, by comparing with other exchange rates at the time. Unfortunately, it is not available in every country yet, so check before you download, but transfers to Europe and USA are guaranteed.
WorldRemit has long had a solid reputation for international money transfers. The main advantage of WorldRemit is that you can arrange cash pick ups at a designated centre. If you are transferring to another bank account, the money will arrive within minutes. WorldRemit also offer a Mobile Money service, where you can transfer money to an electronic wallet. Exchange rates are fixed and fees are low, all of which can be seen as you are making the transfer. For those worried about internet safety, WorldRemit has a verification process which means that you cannot send money until your identity has been corroborated. That way you know that you and your cash are safe. Importantly, WorldRemit works in over 140 countries so if you are transferring money to many different countries, the app works particularly well.
This is the industry standard and you would be hard pressed not to find a Western Union transfer centre somewhere in your city. They are safe, reliable and will allow you to send money to 200 different countries. In fact, Western Union has the greatest network worldwide for money transfers. The app works brilliantly on iPhone and Android, but you have to complete the transfer in a centre, which undermines the convenience slightly. However, the app also allows you to calculate the cost of a transfer before doing it, as well providing real time customer support. You are also able to track money transfers. Whilst it might not be the quickest, cheapest or most flexible, it is certainly the most available.
If you are sending larger amounts of money, it might be worth considering World First. The minimum transfer is $1000 but the exchange rates are among the best on the market. The website also provides up to the minute detailed exchange rates, a global economy overview of the day and a currency converter. Fees for an amount under $10,000 are $10, no matter the amount of money that you are transferring. The fees also vary if you are an online seller or have a business account. One advantage that World First has is that they will match your bank’s exchange rate (if the bank’s is better). For business owners or people who will be transferring larger amounts of cash, World First is an option to consider.
How do you save money when transferring cash abroad? What apps do you recommend? Comment below with your suggestions!