Best Money Transfer Apps
- Requirements Android 4.4
- Genre Cryptocurrency
- Google Play
- Votes: 185
- Comments: 0
Transferring money abroad used to be a time-consuming and expensive process. Still, as more and more people buy things online, it has become easier to find suitable money transfer apps.
In simple terms, a money transfer app is an online service that allows users to send and receive monetary funds instantaneously. It usually works by connecting to a bank account or by using credit or debit cards.
These services are compatible with all banking accounts, and most of the time, they do not charge fees for their use.
3. Different Types of Money Transfer Apps
Venmo is an electronic money-transfer app that allows users to transfer money using phone numbers, email addresses, or social media accounts. Venmo payments are processed immediately but must be “cash-out” within 24 hours.
The social aspect of Venmo has received praise in the past, with some claiming that it can make people more empathetic towards others. However, this has come at a cost, with some users being scammed by thieves who have hijacked their friends’ social media accounts to demand money for pizza or rent using Venmo.
2. Google Wallet
Google Wallet is an internet payment service that allows people to transfer money directly from one bank account to another using their smartphone. This money can be sent to people in 25 different currencies, but it must be cashed out into a bank account within seven business days.
WorldRemit is an international money transfer app that allows users to send money abroad using their phone or computer. Users create an account and choose the country they want to send money to, and WorldRemit automatically finds the best option for them.
TransferWise is an online multi-currency money transfer system that can allow users to save up to 90 percent on international transfers. The startup has partnered with tech companies like Apple and Facebook, making it one of the more popular money transfer apps.
PayPal is one of the most well-known online payment apps and has a broad international reach. However, it should only be used as a last resort since PayPal doesn’t usually offer the best exchange rates due to its high transaction fees.
6. Apple Pay
Apple Pay allows iPhone users to pay for goods and services using their phones. The service is currently only available in the US, but Apple has announced plans for a UK release of Apple Pay later this year.
Popmoney is a money transfer app that acts as an intermediary between different financial institutions. Users can send money from their bank account directly to anyone linked up with Popmoney, removing the need for an additional app.
TransferGo is a money transfer service that allows users to send money abroad using their phone or computer. Users can get an exchange rate 6 percent better than MasterCard’s official rate, and transfers are processed immediately. The company claims they are able to offer these competitive rates due to their lean operating costs.
Zelle is an online money transfer service that allows people to send money directly from their bank account without the need for a middleman. Users simply enter in the email or phone number of their receiver and specify how much they want to send.
Zelle claims it takes only minutes to complete a transaction, unlike competitors like PayPal who can lock users out of their accounts for days or weeks after a failed transaction attempt.
10. Square Cash
Square Cash allows users to send money directly from their mobile devices. Square Cash competes with similar services like Venmo, but with one main difference: it doesn’t allow any social media interaction.
This makes the service more secure than rival apps, with less room for scammers or thieves. Like its competitors, Square Cash allows users to attach notes to their money transfers.
Dwolla is a bank transfer app that allows users to transfer money directly from their bank account into the app, where they can then send it to contacts with just an email or phone number.
The best part about sending and receiving payments with Dwolla is that transactions are free for both parties.
3. Pros and cons of the money transfer app?
Money transfer apps can save time and effort because users don’t have to go through the trouble of visiting an actual bank or ATM to send money. These apps provide convenience for people who want to pay their rent or send money abroad, especially within the US, where online banking is already widely used.
For example, Venmo is integrated with Facebook, making it easy for users to pay their friends.
The biggest problem with money transfer apps is that their fees are usually higher than bank ATM or wire transfer fees. For example, Zelle charges a $0.25 fee per transaction and a 15 percent processing fee on any amount transferred. Square Cash charges a 1 percent fee.
Venmo, on the other hand, is completely free up to $3000. This means that transferring more significant amounts of money from bank accounts often isn’t worth it if users have to pay transfer fees and exchange rates.
In conclusion, the best money transfer apps are those which offer a free service with no hidden fees or high bank charges. These apps have helped many people to send money around the world, and now they’re helping those who live in America as well.
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