Top 10 International Money Transfer Apps For Students And Expats

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International Students

  • International money transfer apps offer quick and reliable money transfers
  • Some apps offer real-time exchange rates
  • Transfer rates for most apps depend on the amount to be transferred and the destination

Today, everyone has a phone with an internet connection. These phones can do a lot more than make and receive calls. For students and expats or anyone who needs to transfer money, there are international money transfer apps that allow them to send and receive money.

International Money Transfer Apps
Image by mohamed Hassan from Pixabay

These international money transfer apps offer secure, quick transactions without the inconvenience of having to visit a bank. With that in mind, here is a list of the top 10 money transfer apps for international students and expats, or anyone who wants to send money to another country can use:

1. Western Union

The name Western Union has been synonymous with reliable international money transfer for years. Their new app is free to download and allows users to transfer up to $500 for a $5 fee.

Users can pay by card, directly from their bank accounts, or in cash. It also allows students to track transactions and see when the money has been processed and collected. The app also has a card scanning feature that saves time.

    2. PayPal

    PayPal is another of the oldest money transfer services. It boasts an extensive network of countries to which payments can be made. The app offers a secure way of transferring small and large sums of money.

    PayPal charges vary depending on whether the transfer is being made between accounts in the USA or internationally. For transactions between accounts in the USA, PayPal charges 2.9% of the transaction amount and a 30-cent fee.

    For transactions to accounts in Europe or Canada, PayPal charges a 2.9% fee and a $2.99 fee. For other countries, this fee is increased to $4.99.

    3. Venmo

    Part of the PayPal family, Venmo allows users to make payments quickly through the digital wallet or directly by linking their debit cards or bank accounts to the app.

    This service has gained popularity among millennials for peer-to-peer transfers and e-commerce purchases. It also enhances the community experience by allowing students to share purchases on their Venmo feeds and comment on purchases from their contacts. Venmo is free to use for all debit card transactions.

      4. WorldRemit

      The WorldRemit app offers almost instant money transfers to contacts in more than 140 different countries. These transfers can be received in cash, via bank deposit, mobile credit, or airtime top-up.

      Once the transfer has been made, the sender and the recipient will receive SMS or email notifications. The app claims to use the latest technology and is licensed by governments across the world.

      There is no fixed rate for transfers, and the fee depends on the sum to be transferred and the destination. However, the first transfer is free of charge.

      5. Azimo

      Azimo stands out from other international money transfer apps by providing location-specific collection instructions. This is extremely helpful as the bureaucracy involved in collecting cash and bank payments differ from country to country and can be difficult to navigate.

      Once a transaction is initiated, Azimo provides regular updates in the app on the transaction status. The app is available for Apple and Android users and charges reasonable transaction fees depending on the destination.

      It has over 200,000 pickup points worldwide and a strong email-based customer support system.

      6. TransferWise

      While TransferWise offers a smaller list of countries to which transfers can be made, it has minimal transaction fees as compared to banks. Students can transfer small or large amounts of money as and when needed.

      Currently, the app charges a transaction fee of only 0.7%. The app guarantees currency conversion rates for up to 29 hours. Users can also use the app to make repeat transactions, such as paying utility bills or mobile recharge. On the flip side, a transaction can take one to three days to be processed.

      7. OFX

      If you need to transfer large sums of money overseas, OFX is a great money exchange app. The app has a number of useful tools, including a live exchange rate currency converter. This helps students get the best exchange rates on the day they are making a transfer.

      OFX allows students to transfer money to a number of countries and has no cap on the number of transactions. However, each transfer must be at least $1,000. Fees for each transfer vary but are typically 2% lower than currency exchange rates.

      8. Cash App

      For students, eating out at restaurants and bars is usually a group event. Square’s Cash App makes it easy to split these bills evenly. It also helps split utility bills, rent, etc. The app has no transaction fees for peer-to-peer transfers.

      It even allows students to transfer money to people who do not have a Cash account. The app is simple and easy to use and allows users to create a web page where others can make payments to them.

      9. Zelle

      Zelle is free to use for peer-to-peer money transfers. It is important to note that the app allows users to connect only one bank account to each Zelle profile. It is also important to note that money can only be sent to receivers with an account in a participating US bank.

      The app offers same-day transfers between users with Zelle accounts. Transfers may also be made to people who do not have a Zelle account but in this case, the transaction will take one to three days to be processed.

      10. TorFX

      TorFX can be used for personal or business transactions. It allows users to transfer money in over 40 currencies at real-time exchange rates. The app does not charge a fixed fee per transaction but offers better exchange rates for larger amounts.

      One-time transactions can be up to $50,000. Most transactions are completed within one day, but it may take longer in certain cases, depending on the destination.

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