What is Money Transfer Apps? Moving money electronically or physically to a specified account or person from another specified account or person.
You can send someone money instantaneously simply by transferring money (or the data that represents that money) from you to another person via money transfer apps . Usually involving little more than contact information — such as a cell phone number or an E-mail address — for the sending and receiving parties tied to a bank account, online money transfer can be done for a small fee from a secure Web-based service via any computer with Internet access. There’s no need to go to a money wiring office, telegraph station or even a bank.
Here is the list of most widely recognized international money transfer apps for ios and android used around the globe .
1. paypal , money transfer app
paypal is an online financial service that allows you to pay for items using a secure internet connection .It the oldest ,fastest and safest way to send money across the world . you simply add your bank account ,credit card , or debit card
PayPal is convenient – all your payment information is stored on your account so you don’t have to enter card details every time you pay.
PayPal charges a flat rate of 2.7 percent when you accept payments in person with its “PayPal Here” card reader from card swipes or mobile check-ins. If you type in the card number, then PayPal take a 3.5 percent cut in addition to a 15 cent fee per transaction. PayPal charges 1 additional percent for international transactions and 2.5 percent for transactions that involve currency conversions.
2 .Square cash
The Square Cash App is a peer-to-peer payments service by Square, Inc. Individuals and businesses can send and receive payments using a credit or debit card on the Cash App, available for free on Android and iOS, or via any web browser at Cash.me.
You can add funds to your Cash App account by your debit card linked to your bank account. You can also transfer funds from your Cash App account to your bank account, a process that usually takes two to three days.
3 . OFX , money transfer app
OFX is one of the world’s major companies that specializes in foreign exchange and international payments .
OFX offers exchange rates that put the banks to shame, though they aren’t quite as good value as those offered by the industry’s lowest-cost services. With OFX, the cost of sending, for example, 5,000 Australian dollars to the US equates to 0.85 percent of the transferred amount, or roughly AUD42.5. You’d pay roughly 1 percent for the same amount to be sent to Europe but 2 percent if sending to India. This compares with 4–7 percent with the banks.
Be aware that transferred funds might be subject to a third-party bank receiving fee. Such fees are entirely out of OFX’s control and OFX receives no part of them. You can phone OFX support line to seek further information on third-party fees.
4 . Venmo
Venmo is a digital wallet that lets you make and share payments with friends. You can easily split the bill, cab fare, or much more. Download the iOS or Android … Venmo works by linking with your bank account and (optionally) a credit or debit card. Transactions made with either your bank account, debit card, or with your Venmo balance are free, while a standard 3 percent fee is added to credit card transactions. … Venmo uses encryption to keep transactions and app data secure.
venmo does charge a fee in certain cases, though it’s pretty easy to avoid these fees depending on how you use the service. Venmo charges a three percent fee to send money from your credit card, though if you only use your Venmo balance or bank account to send money, there are no fees.
5 . Transfer wire
Transfer Wise is an innovative international money transfer provider that is often dubbed the “Robin Hood” of the money transfer industry. They focus on making bank transfers more affordable than traditional banks by charging low and transparent transfer fees and converting money at the true mid-market exchange rate. In other words, there’s zero markup on the exchange rate. (As a comparison, banks usually give customers an above-market rate, the margin is part of their fees and in general they are not transparent about this.)
Transfer Wise currently supports sending money to 71 countries and sending money from 43 countries. The company covers 1000+ routes (country combinations) across 49 currencies, and they are also one of the few companies offering the true mid-market rate.