Nowadays, there is a proclivity to use smartphones for transferring money abroad. Thanks to intuitive money transfer apps, it is entirely possible to sidestep traditional options like banks and bureaus de change and simply power up your mobile for an instant money transfer.
The world’s leading money transfer companies are investing heavily in their mobile offerings to allow customers to enjoy quick access to money transfer services on iOS and Android devices. Powerful apps make it possible to process all manner of banking transactions such as receiving money, sending money, and changing your funding methods. Apps are available from several sources, including the money transfer website, or the App Store for iOS apps and the Google Play Store for Android apps.
Top Mobile Apps for Money Transfers
The rapid advancement of mobile technology coupled with the rise of FinTech companies has created a cost-effective alternative to banks. Today, several leading companies outrank banks when it comes to affordable, secure and rapid transfers of money abroad. The leading international money transfer companies include World First, Transferwise, Currencies Direct, TorFX, Azimo, FairFX, OFX and WorldRemit are but a few of the top-ranked money transfer companies that offer apps to their customers. It’s important to evaluate apps on their merits. Among others, customers tend to consider things like the online registration process, user-friendliness, and the functionality offered by these apps. MoneyTransferComparison conducted in-depth analysis of notable apps for overseas transfers, and the #1 top recommended app is World First. This has a Google Play Rating of 4.5/5, and a company rating of 95.8%.
The app has is available throughout the European Union, the United Kingdom, and Australia, and it is fully compatible with Android and iOS devices, including smartwatches. In the UK, clients can use this app and pay with bank wire or debit cards. The many features available on the World First App include international money transfers of £1000 +, market updates, FX conversion rates and more.
The most popular money transfer app is Transferwise. This company’s app is available in the US, the European Union, the United Kingdom, and Australia. It has a Google Play Rating of 4.5/5 from 4,500 votes, and a company rating of 81.8%. Payment options include bank wire and debit cards for Europeans. The features of this app include international money transfers starting at just £8, and clients can register for the money transfer services directly from the app.
Currencies Direct is another popular mobile app with a Google Play rating of 3.5/5, and a company rating of 93.8%. This app has limited availability on iPhones and is available in the European Union, United Kingdom, and Australia. Customers can make payments via bank wire, and UK debit card. The features are somewhat limited in that you can only transfer money, and monitor FX rates.
TorFX provides a nifty money transfer app, but it is not available at the Google Play Store. The only devices that are comparable with the TorFX app are iPhones. You can pay via debit card in Europe, or bank wire, and features include monitoring FX rates, and sending money abroad.
How to Differentiate between Desktop Money Transfers and Apps
Overall, there are many ways to evaluate money transfer apps, but they are focused on the following 3 elements: pricing of the money transfer services, regulatory constraints, and availability. Of course, there are many benefits to using a money transfer apps versus a desktop platform, including ease-of-use, availability, limited typing and steps.
Those who prefer desktop money transfer options are likely to make fewer errors and enjoy a full suite of features. Multi-tabbing is also a useful feature that is available with desktop transfers. Unfortunately, PC/desktop-based money transfers are restrictive and that’s precisely why people are turning to mobile to process their international remittances.