With increasing Population and Globalization, our world is more interconnected than it ever was. Migration is on a high. People are exchanging services and products from one country to another. And so the increase in need of International money transfer Apps have been felt. These apps vary in terms of digital payment (in e-wallet cash) or physical cash transfer (in a bank account). Each app has its own transaction fee. Check the list, to know more about Best International Money Transfer Apps.
Available in 120+ countries worldwide, WorldRemit provides services including online transaction, bank to bank transfer and also cash transfer! It offers transfers from as low as $1 up to $2,000. Its three-step transfer process makes International money transactions too easy. The perk is that higher your transfers, higher will be the transaction fee.
The most unique money transfer system out there, transferwise helps to save money on exchange fee. The equivalence of your money is transferred to the desired receiver’s bank account in their own country. This doesn’t include actual transaction of your money, hence the fee is also as low as $3 to as high as 1% of the amount. It has a maximum limit of $36,000,000!
3● World First
The UK based money transfer company has transferred $56 billion since 2004! World First provides competitive exchange rates and updates you weekly with international market exchange rates. Thus, offering the best time to send or receive money. Though the minimum limit is $500, with a transfer of $10,000 or above your transaction fees becomes zero.
OFX is available in 195 countries and exchanges and transfers into 55 currencies worldwide! It has no transfer fees and provides low exchange rate markups. Ideal for transactions from one bank account to another bank account transfers internationally. Minimum is $150 but there is no maximum limit. Though same day delivery options are not available, hardly it takes 1-2 days at maximum.
Away from home, and want to send money to your family members in another country? HiFX is ideal for such transactions. It charges no transfer fees and provides the most competitive foreign exchange rates. With a minimum of $ 100, HiFX has a maximum limit of $500,000 daily. Setting up an account is easy, and once you log in to their website too, you can then use their Rate Comparison tool too.
6● Western Union
The largest company in the International transaction has a wide range of countries (200+) and 130 currencies to choose from, worldwide. You can either transfer money between banks or mobile wallet or you can send and receive cash! Through their app, you can send from as low as $1 to $500 for a $5 fee and unlimited by their physical agents. Though it is not the cheapest, it is the fastest service out there. It is the most trusted service provider.
PayPal has been in 203 countries and offers transfer in up to 20 currencies worldwide. It is the best digital banking service available internationally. The rates available on PayPal are competitive to most financial companies and banks a minimum rate of $0.02. You can send upto $10,000 in a single transaction. Though the transfer fee varies by location and the amount to be transferred. PayPal provides a strong digital safeguard against any fraud and hacking.
Owned by PayPal, Xoom helps in sending money in over 63 countries. The money is transferred to the wallet or the receiver’s bank account on the same day or the next-day. The minimum limit on Xoom is $10 with a daily upper limit of $9,999. Also, there is a transaction limit of $2,999 in a single transaction. Xoom also provides money back guarantee if the transfer fails. Though it is not cheaper, it still is a secured and fast application.
The second largest money transfer company works in 200+ countries and has 350,000 agent locations worldwide. Their app helps in picking and sending cash paying bills, money transfer in a bank account and to mobile wallets. It is a fast service credibility makes it popular. The transfer fee is not so cheap though, but a single transaction has a limit of $2,999.
10● Currencies Direct
It is a UK based currency exchange and money transfer app which provides international transactions in Asia, Europe, North America and Africa. In general, the transfer fee is zero and exchange rates are also competitive. Currencies Direct offers same day money transfer between major currencies worldwide. It can be used to send or receive up to $30,000 at a time. You can even buy some foreign currency and transfer it later. The only con is that, for lower amounts, exchange rates are not competitive.
All the apps listed above have their own advantages and disadvantages. Choose them according to your needs to make the best International transactions between Bank accounts or wallets.