Transferring money overseas is made easier and more convenient with money transfer apps.
International money transfers are a way to send money overseas, and the number of providers in this space competing for your business means that it is rapidly changing. First a range of dedicated international transfer companies upended the industry by offering lower rates and fewer fees than the big banks, and now they’re competing to be easier, quicker and more convenient than anyone else. This means they’re providing apps which let you access a full range of money transfer services, and additional benefits, almost anytime and anywhere.
If you’re not using a money transfer app, you’re probably not using all the advantages available to you.
Make a lot of international transfers?
You can find apps and providers that let you send money for free, without any hidden fees, and take advantage of payment tracking so you know where each transaction is up to at any given time.
Investing in foreign currencies?
You may want to look for apps that deliver market alerts and updated rates directly to your pocket. Some apps even let you check up on past marketplace performance to identify trends and help you make smarter investments wherever you are.
Want to save money on international transfers?
Whether it’s zero-fee transfers, exchange rate calculators, live rate updates or even special offers delivered right to your phone, international money transfer apps can offer a range of ways to save more money.
Compare international money transfer apps
|Provider||Features||Download / Learn more|
|CurrencyFair||Download from iTunes|
|Currency Online||Learn more|
|MoneyGram||Download from iTunes|
|OFX (OzForex)||Download from iTunes|
|TorFX||Download from iTunes|
|Western Union||Download from iTunes|
|WorldFirst||Download from iTunes|
How to get more value out of your money transfer app
In addition to the convenience, you can get more value from transfer apps by taking advantage of the wide-ranging services available.
- Get preferable foreign exchange rates. Once you know how to find the best foreign exchange rates you can look to apps for more functionality and ease of use, and can even take advantage of built-in calculators to check your expected costs or returns.
- Look for a forex trading advantage. The fast-paced foreign exchange market runs 24/7 and can deliver an effective return on investment, but are you really able to compete effectively if you don’t use a foreign money transfer app? Access your investments through your phone as well as the tools that can help you make effective decisions.
- Make same-day transfers. If your transactions are time-sensitive, international transfer apps can be an effective way of making sure they go off as planned. Make same-day international transactions and track them wherever you are for more peace of mind in everyday finances.
How do I compare mobile money transfer apps?
Look at the app’s functionality in combination with the benefits offered by the provider. You may wish to look at:
Different providers may have inherently different exchange rates. Look at the rates for the currencies you plan on transferring and compare apps for the providers who offer preferable terms for your types of transfer.
Fees might be in flat rates, percentages, or in some cases might even be non-existent. It can depend on the type of transfer. For example, some providers may only charge fees on international but not domestic transactions, while others might only charge fees for transfers above a certain value. It can be advisable to know what type of transactions you will mainly be making, and looking for both a provider and an app that can effectively accommodate you.
What are the recipient’s options for picking up funds? Mobile money transfer apps can not only make it easier to receive money in more locations, but can also be used to confirm transfers if the recipient can’t access the funds right away.
International money transfer brands often find themselves competing directly with the big banks, and will often have the customer service infrastructure and support teams that can rival those of the major banks. It can be worth holding your financial services providers to high customer service standards, and it can be good to know you’re able to depend on them.
You can get more value for money by comparing both providers themselves, and their apps. If you’re thinking of making a switch or signing up, it may be useful to compare both in one place.