Quick and easy money transfers are more in demand than ever, and a whole host of money transfer apps have emerged to help people send their money all over the world. Rising internet and smartphone use across the world has increased the demand for digital money transfers and payment automation, with these apps ensure fast, inexpensive, and convenient ways of sending money even to countries where bank accounts are uncommon.
With so many great money transfer apps to choose from, we’ve helped you by compiling them all right here – along with all the information you need before downloading one.
What are money transfer apps?
Money transfer apps are internet-powered software applications designed and developed by transfer operators and distributed through platforms such as Play Store and App Store. The apps have all the functionalities users need to transfer money on the go and can usually be downloaded both as mobile and desktop applications.
Their portability, slick user interfaces, and all-round convenience is a big plus, especially for the younger and savvy market segment.
How do money transfer apps work?
Users with mobile devices running on android or iOS systems can download the apps onto their devices and make transfers on the go. Once you are logged into an app, you can easily perform a variety of actions including tracking your transfers and sending money to a friend.
If you already have an account with a money transfer operator, you will just need to download the app and sign in, you will then be able to use the app immediately. New users have to register for an account using the app and proceed to make their transfers.
Are they free?
Almost all money transfer apps are free to download, so you won’t need to pay a penny to have the app on your phone. Having said that, users are required to pay for the services as per the provider’s billing structure, so the process of transferring money won’t be completely free. Here are some of the charges to expect when using a money transfer app:
Transfer fees: This is the fee users pay to transfer money using their mobile apps to their beneficiaries. It is made up of the cost incurred by the money transfer operator to facilitate the transfer and a small margin for their profits.
Exchange rate margins: Some providers like TransferWise and TorFX offer their customers the real exchange rate also called the mid-market rate or interbank rate. Others like WorldRemit and InstaReM add a margin on top of the mid-market rate.
What can I do on a money transfer app?
Money transfer apps are loaded with features that enable users to take total control of their transfers. However, the features are not universal and largely depend on the money transfer operator behind the app. Here are some of the common functionalities to expect, but always check the details of the specific app you’re downloading for the features available:
Account signup: Users can register for a money transfer account from start to finish right on the app.
Beneficiary management: Using a money transfer app, customers can add, edit, and delete beneficiary details.
Check exchange rates: Providers usually display the indicative rates they offer their customers. Transfers are priced based on the prevailing indicative rates at the time of the transaction. However, some money transfer operators like WorldFirst allow their users to lock in a rate for a given duration to counter the effects of exchange rate fluctuations in the future.
Check transfer fees: Some providers like XE and Currencies Direct charge zero fees while others charge fixed or variable fees depending on the amount. The apps will display the fees you will pay on your transfer.
Send Money: Users can make transfers to their beneficiaries right from the palm of their hands.
Payment method management: Depending on the transfer payment methods the provider supports, you can add or remove debit or credit cards, bank transfer information, and other payment platforms such as Apple Pay and Google Pay.
Track a transfer: Some money transfer apps, such as Remitly, notify users on the status of their transfers to see if they are delivered or are still en route to their beneficiaries.
View transaction history: Users can quickly check the transfers they have made over a certain duration. Some providers put a limit on the time range and give customers an option of contacting their support team for additional help.
Cancel a transfer: Some money transfer apps such as Ria have transfer cancellation functions. However, this only works depending on the provider’s terms and conditions regarding transfer cancellations.
Get help: Money transfer operators have an in-app help function which could be a live chat platform, a quick dial telephone assistance or a built-in email application.
How to use a money transfer app
Most money transfer companies give their customers a step-by-step guide on how to use their apps. That said, the process is usually simple, and users can follow the prompts to get on board. Here are the steps involved.
1. Download the app: Providers usually give a link to their apps directly from their websites. You can click on the link and download from the respective platform – iOS or Android. You can also do a quick search on either the App Store or the Play Store to find the app and download it.
2.Sign up or log in: If you are an existing customer, just log in and the app will sync and populate your details. For new users, you will have to register for an account, have it verified as per the provider’s regulations before you begin transacting.
3. Explore the app and send money: As pointed earlier, money transfer apps have different features based on the provider’s discretion. Take time to explore the app, learn the features available and start making transfers.
The process of sending money may differ slightly among providers, but generally you’ll need to:
Specify the transfer amount to send or the amount you want the recipient to get.
Choose your beneficiary and if they are not in the system, you can add them.
Confirm the details of the transfer
Pay for your transfer using the options provided. Some providers like LuLu Exchange will require that you switch platforms to your online banking to complete the payment.
Some apps such as TransferWise come with multi-currency virtual wallets that you can load money in different currencies and make transfers as you please, but this is not a common feature across all money transfer apps.
Do all money transfer companies have apps?
Not all providers have money transfer apps. For instance, TransferMate, Currency Solutions, Global Reach, Halo Financial, Foreign Currency Direct, among others do not have apps. They restrict their services to the web app available through an online-based platform.
Nevertheless, these platforms are usually built with mobile-friendly features that give users an app-like experience. The platforms adjust their pixels based on the screen size of the device being used to access them.
How fast are money transfers if using an app?
Money transfer apps do not have a speed advantage over online platforms, they simply add extra convenience. How fast transfers are processed largely depend on the respective providers’ transfer delivery policies. Here is a breakdown of estimated delivery times based on the payout methods supported.
Cash pickup: Transfers to cash pickup locations are usually delivered within minutes or a couple of hours.
Bank account: If a transfer is made to a beneficiary’s bank account, it may take 1-3 days depending on the transfer destination.
Mobile wallet deposit: Transfers to mobile wallets such as M-Pesa in Kenya, Paga in Nigeria and Rocket or bKash in Bangladesh are delivered within minutes.
Airtime purchase: Where the mobile money company supports airtime purchase like the case of WorldRemit, Azimo, and Xoom, the top-ups are usually instant.
How to choose between different money transfer apps
At their most basic level, money transfer apps allow users to send money and or request money from customers or other users. However, it does not stop at this. Choosing the right app for your transfers can mean the difference between convenience and frustration, transfer delays, and could even save you money on your transfers. Here are some factors to consider when choosing a money transfer app.
Firmware stability: Some apps, especially those in their early versions, may have problems running smoothly on android or iOS platforms. While these are development issues, apps that freeze, crash, or fail to run may point to a weak design infrastructure which could even expose you to security threats. Ensure the app runs without hitches.
User-friendliness: The app layout, the positioning of features, and the ease of navigation are some of the indispensable features. Ideally, everything you need in an app should be within reach and conspicuously positioned.
Cost: Find out how much it costs to use the service provided through your chosen money transfer app. Look at the transfer fees and exchange rates changed and compare with what other money transfer apps are charging.
Countries supported: Ensure the app supports the destinations you to which you’ll be transferring funds. For instance, Remit2India and Kabayan have limited disbursement coverage. Providers like PaySend, TransferGo, Small World, and Azimo support more than 50 countries. Others like Venmo are designed for use with friends and family who trust one another.
Limits: Look at both the lower and upper sending limits permitted on the app and whether they cater to your needs.
Transfer speed and payment options: How fast are the speeds offered on the app? In most cases, speed is tied to the transfer payment and payout options. Ensure you check the payments that the app supports.
Platform security: Get to know the security measures such as SSL encryption technologies and payment rails safety integration ports the money transfer company uses. Having said that, the security of your app largely depends on how secure your mobile phone is. Do not disclose your PIN and always change it if you feel unsafe.
As the internet continues evolving into a powerful virtual environment, the shift to mobile applications in money transfers and payment automation is unstoppable. Money transfer companies are quickly realising the convenience, inexpensiveness, and simplicity that comes with money transfer apps, with more and more providers launching dedicated mobile apps.
Providers using web apps to facilitate online transfers are gradually becoming outmoded by those introducing mobile apps. However, not every app outside there is good for you, you need to first understand the money transfer app ecosystem.
Get to know the companies behind the apps: their billing structure, the security protocols they have in place, the speed of their transfers, and the transfer payments and payout options they have available. By analysing these factors you’ll be able to find the right app for you.
One of the best ways to assess the performance of a money transfer app even before you install it is to check its rating on Play Store or App Store and what reviewers are saying. This can save you the frustration of having to deal with an unstable app or one that has so many limitations. Alternatively, you can use our comparison tool right here on this site to find the best money transfer app for you in minutes.
What is the Google Pay app? A culmination of Android Pay and Google Wallet, the Google Pay app officially entered the FinTech market in 2018. Originally an enterprise devised to be a digital mobile wallet, the Android equivalent to Apple Pay and Samsung Pay. The app has since been optimised for use on both iOS […]
About Wells Fargo Mobile App Wells Fargo is a global banking group with a market value of $181.6 billion USD. According to data from June 2021 the Wells Fargo customer base currently stands at an estimated 69 million people. The bank continues to improve its digital offerings, optimising the Wells Fargo Mobile app to keep […]
What is the Lloyds Bank app? Lloyds is a long-standing high street staple in the UK banking world and in order to keep up with the rapid digitalisation of traditional bank services, the company has developed a secure mobile application for its customer base of over 10 million people. As with the Lloyds Internet Banking […]
What is the Remitly app? Remitly is an online payment processor based in Seattle, the information technology hub of the Pacific North-West. The company was designed to be used by customers worldwide, working closely with more than 3,000 banks and 350,000 cash pickup locations, to provide accessibility to a global user base. The majority of […]
BOSS Revolution Money Transfer App BOSS Revolution has grown exponentially in the 8 years since it was first launched, transforming into a widely used international platform that facilitates money transfers to over 59 countries. In August 2021, BOSS Revolution announced they were partnering with Terrapay as it continues to expand globally. From mobile airtime top […]
What is the Bank of America App? Bank of America is based in North Carolina and has been around since 1998. The company is a result of mergers by BankAmerica and NationsBank. The founders are Amadeo Giannini and Hugh McColl. Furthermore, there are over 213,000 employees with total assets in the region of 272.92 billion […]
What is the Xoom App? Xoom was established in 2001, is owned by PayPal and permits global transfers to over 160 countries. It offers various services such as sending money to bank accounts, pick up locations and other PayPal users. The app gives you multiple ways of sending money, which includes from your PayPal balance. […]
What is the Apple Pay App? Apple Pay is a digital wallet and mobile payment solution that can be used on iOS apps, in-person and via the Safari browser. The Apple product launched on October 20th 2014: it is not available for Android users. Apple Pay was designed to replace physical cards so you can […]
What is the WorldRemit app? The WorldRemit app was rolled out globally in 2014, responding to the shift to mobile-based financial services. The app provides the same send and receive functions as the WorldRemit website, and is equally as safe and secure for users who want to send money internationally. As an FCA approved UK-based […]
What is the Western Union app? Originally founded in 1851, Western Union has come a long way since their early days, when sending telegrams was the main objective. What started as a transcontinental telegraph cable has evolved into a leading global payments network, allowing the company to remain at the forefront of dynamic money transfers […]
What is the Wise app? Wise, formerly Transferwise, started up in London just over a decade ago, the brainchild of founders Kristo Käärmann and Taavet Hinrikus. Designed to provide more affordable, more convenient money transfer services than traditional banks and credit unions, the organisation has remained at the forefront of global payments since its inception. At […]
What is the Zelle app? Zelle is a peer-to-peer money transfer app which was launched in the United States in 2017. Relatively new to the market, the Zelle app is fast, safe and easy to use, supporting US-only transactions. Any customers searching for a service which facilitates cross-border payments should check out our reviews of […]
What is the PayPal app? PayPal burst onto the money transfer scene in the early 2000’s as part of the first-wave of digital wallets. With never before seen features, the company attracted the attention of e-commerce giant eBay and quickly became a popular go-to payment solution for online transactions. PayPal has continued to develop at […]
What is Cash App? A peer-to-peer (P2P) payment system which supports the sending and receiving of money between acquaintances in the US and the UK. Since launching in 2013, Cash App counts Venmo, another popular payment service, as one of its main competitors in the P2P sphere. In an attempt to outshine their competitors, Cash […]
What is Venmo? Venmo is an American mobile payment service which functions primarily as a digital wallet. Founded in 2009, before being acquired by PayPal in 2013, the Venmo app mimics familiar social media features and facilitates convenient payment functions, such as peer-to-peer (also known as P2P) money transfers and in-store purchases. After over a decade […]