With everything moving online, the transfer of money online has also become an essential need. Few apps allow to transfer money only with the country or some allow international payments with huge additional charges. But before using an app, here are few things to keep into consideration to make a transaction for money transfer.
Best International Transaction App for Money Transfer
Total cost or charges to make a transfer:
You may notice that sometimes you want to send a particular amount overseas to a person, but some additional charges add in the total amount of your selected amount. Or in some cases, the amount received on the other end is lesser than the amount you wanted to transfer. In both cases, a hidden charge is automatically implied to your transaction. So you should make sure to read the fine print of your money transfer provider. So that you get an idea of how much money is being debited from your account.
Speed of transfer.
Transferring money is wasted if you don’t know exactly when your money is going to be received on the other hand. Depending on the speed of the transfer choose the app suiting you the best. Some older companies take days to complete your transaction process. But some newer companies like Transfer wise and Transfer Go, make transactions faster.
Not all apps work on all geographical locations. Some apps are confined to their limited areas or country. So make sure you check the availability of the app in your region and make transactions of money transfer accordingly.
We use online transfer for our convenience, to make a transfer sitting at home. If you struggle a lot in terms of tracking your transaction, then there’s no point in using the best international transaction app for money transfer. Google the review of your app to check the ratings and see if the app has any kind of bugs and glitches. And know the reality from the current users.
One really important thing that often misses out while our research is customer support. If a company has solid support customer service, all your queries regarding the transactions can be answered by them. A query can be asked through a call, mail, or text.
After some research looking for the safe and best international transaction app for money transfer, I have come across 4 best. Read about them below and chose the best transfer money app according to your needs.
- Transfer Wise: Transfer Wise has become one of the most used apps for money transfer to India. They call themselves 8 times cheaper than any bank transfer. Visit their website to know their rates according to the amount of transaction. There is no maximum or minimum amount on this platform for money transfer. Follow these simple steps to make a transaction:
- Signup or register.
- Select the amount you want to send.
- Add details of the recipient’s bank details.
- Add photo ID for verification.
- Pay with a credit or debit card.
- The rest is up to them.
- PayPal: PayPal is a leading platform for global e-wallets, used among your friends and family with a PayPal account too. Setting up a PayPal account is a long process, and often makes it tedious for the user. They have transfer fees, like amount fixed for sending money, a funding fee, and a transaction fee. But it is still widely used due to the security of transaction if both the parties have a PayPal account.
- Remit2India: Remit2India has been in the market for the last 16 years used widely in the US, UK, Ireland, Canada, and Australian Residents. Money can be sent to India with no hidden charges and everything will be transparent while making a transaction. There are zero transfer fees for the amount above $999 USD or when you use your own account. A minimum of $50 USD worth of transfer is required. They have a special offer of transferring 2,00,000 INR for free. Remit2India has two special exchange offers for users to choose from.
- A guaranteed exchange rate at the time of the payment
- An indicative exchange rate charged at the time of your amount conversion into rupees.
- MoneyGram: Moneygram is another famous money transfer business for payment through cash, but you have to pay a pricey amount if you’re doing it with a credit or debit card. You can set up a location using the app, and send the address to the recipient to collect the amount. Or you can also add the amount directly into their Indian Bank Account. It is the only provider which comes with both online and offline mode of transfer. Depending upon how the recipient wants the money transfer, a transaction can be done in 3 hours to 3-4 days of time. They charge a transaction fee amount based on the card you are using, credit, or debit.