- 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 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.
These international money transfer apps offer secure and quick transactions without the inconvenience of taking time out to visit a bank. With that in mind, here is a list of 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 as much as $500 for a $5 fee.
Users have the option of paying via 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.
Where To Download
2. PayPal
PayPal is another of the oldest money transfer services. It boasts of 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 fee of 30 cents.
For transactions to accounts in Europe or Canada PayPal charges the 2.9% cut and a fee of $2.99. For other countries, this fee is increased to $4.99.
Where To Download
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 account to the app.
This service has found popularity with millennials for peer to peer transfers as well as e-commerce purchases. It also enhances the community experience by allowing students to share purchases on their Venmo feed and comment on purchases shared by their contacts. Venmo is free to use for all debit card transactions.
Where To Download
4. WorldRemit
The WorldRemit app offers almost instant money transfers to contacts in more than 140 different countries. These transfers can be received in the form of cash, a bank deposit, mobile credit or top-up for airtime.
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 fee depends on the sum to be transferred and the destination. However, the first transfer is free of charge.
Where To Download
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 offers regular updates on the app as to the status of the transaction. The app is available for Apple and Android users and charges reasonable transaction fees depending on the destination.
It has over 200,000 pick-up points across the world and a strong email-based customer support system.
Where To Download
6. TransferWise
While TransferWise offers a smaller list of countries to where 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.
Where To Download
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 different countries and has no cap on the number of transactions permissible. However, each transfer must be a minimum of $1,000. Fees for each transfer vary but are typically 2% lower than currency exchange rates.
Where To Download
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 also allows users to create a web page for people to make payments to the user.
Where To Download
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.
Where To Download
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 go up to a maximum of $50,000. Most transactions are completed within one day but it may take longer in certain cases depending on the destination.
Where To Download
Also See
- The Ultimate Moving Abroad Checklist
- What Is The Cost Of Living In New Zealand?
- What Is The Cost Of Living In Canada?
- What Is The Cost Of Living In Australia For Immigrants And International Students?
- Checklist For International Students Going To The US
- How Non-US Citizens Can Get a Social Security Number?
- Study In India, The Growing Hub Of Education
