Each year, billions of dollars are transferred to various countries using remittance services (e.g. money on mobile). According to a new report released by the United Nations International Fund for Agricultural Development (IFAD), migrants from developing countries sent home $445 billion in 2016. This amount is expected to rise by another $5 billion this year.
Money on Mobile Providers: top 5
For many years, migrant workers who wanted to send money back to their home countries had a limited choice when it comes to remittance service providers (RSPs). However, today, there are many options available to anyone who wants to send funds anywhere in the world.
In the past, cross border transactions were often complicated and expensive.
First personal example
Let me tell you an example which I had one or two years ago.
During the relaunch of one of my websites, I bought some services from an US company. Everything was fine and I was quite happy about the result of the delivered work.
Now it was my turn to pay my bill and to transfer the due money from my German bank account to the American bank account. But my bank account did not accept to send such a big sum of money in one turn, there was a safety limit established.
Si I had to split the transaction into two amounts. Okay, this worked.
Then I realized how much transaction fee was invoiced by the banks in addition to the amount I had to pay. That was expensive.
The good thing is: Now I am sure that it is a good thing to look for the cheaper ways to transfer money. As consequence, my favorite solution is to send money on mobile.
Second personal example
Because of the African target audience of my websites I work quite often with local African service providers, e.g. in Kenya, Ghana, Nigeria or South Africa. The experience of paying my bills to these colleagues is very positive: very easy and fast.
In the most cases, I just send the money on their mobile wallet or as airtime on their mobile. It takes just a minute and it is really cheap!
With Azimo and Worldremit there are two well established online money transfer providers which offer very good services to a growing network of African countries.
In our today’s world there are many people living, studying or working abroad. For a wide range of reasons:
- Ex Patriots
Poverty, misery, war and terror influence the life of many people. Many families leave their homes and never know if they will ever come back.
For all of us it is essential to have the right tools on hand for the managing our small or big amounts of money. For people abroad it is even more essential.
International money transfers are a key element for many of us. To trust in the services and to give money to somebody with the aim to send it to somebody else, this has always to be done in the right way.
In this post, we’ll discuss five best money transfer apps currently available.
WorldRemit is one of the fastest growing technology companies in the UK. The company allows users to send money overseas conveniently through the WorldRemit money on mobile app (Android and iOS) and online. The recipient will receive the money through their mobile money account, bank account, cash pick-up, or in the form of mobile airtime top-up.
Users can send money from over 50 countries to over 110 countries around the globe, with even more locations to become available in the future. Sending money through the WorldRemit money on mobile app is simple. After creating a free account, users will be asked to select the country to which they wish to transfer funds, the amount they wish to send, and how the recipient will receive the funds.
After entering the recipient’s details, users are expected to select their payment method – the company allows users to fund transfers from their bank account, debit card, and credit card. Once all the required information is provided, the company will initiate the transaction. Users are notified via text messages or email when the funds have been sent and when they have been received by the recipient.
The pricing model is easy to understand. The charged fees increase stepwise. For example, for a money transfer from Germany to a Kenyan mobile wallet, the following fees would be charged:
1.00 EUR – 20 EUR: 1.99 EUR fee
20.01 EUR – 50 EUR: 2.99 EUR fee
50.01 EUR – 100 EUR: 3.99 EUR fee
100.01 EUR – 150 EUR: 4.99 EUR fee
150.01 EUR – 200 EUR: 5.99 EUR fee
200.01 EUR – 300 EUR: 6.99 EUR fee
300.01 EUR – 500 EUR: 10.99 EUR fee
500.01 EUR – max limit: 13.99 EUR fee
• User-friendly mobile app
• Low transaction fees
• 24/7 support
• Significant fees as transfer amount increases
• Does not allow users to send more than $2,000
Established in 2005, Payoneer makes mobile money transfer easy thanks to their money on mobile app that lets you manage your account on-the-go. The app is available in 17 different languages and allows you to make transactions in more than 180 currencies. The service is also available in over 200 countries and includes flexible methods of receiving money such as international wire transfers, local eWallets, and a prepaid MasterCard debit card.
Note that you need to have an active Payoneer account to use the Payoneer mobile app. Once you have a Payoneer account, you can use the app to view transactions, check your account balance and withdraw funds.
Costs: Making payments using the Make a Payment service is free. Receiving funds from other Payoneer customers is free. Transferring money from a Payoneer account to a bank account in the same currency attracts a fee of $1.50. However, this may vary depending on the currency used. A 1 percent fee applies for funds received through a receiving account using the global Payment Service.
• Payoneer is the fastest way to send and receive money on mobile
• You can withdraw funds anywhere in the world using your local currency
• The online money transfer provider does not offer 24/7 customer support
• You have to pay a certain fee for maintaining and operating an account
Azimo is an international money transfer service based in London. What makes the company stand out from the competition are the number of countries they allow their customers to send money to and the several options through which the money can be delivered. The company allows users to send money to over 192 countries across the world in 80 different currencies. The cash can be delivered in different ways including mobile money, cash-pickup, mobile recharge, ATM, or having the cash delivered to the recipient’s home.
Transferring money via the Azimo money on mobile app (Android and iOS) is easy. All you have to do is provide the recipient’s details, enter the transfer amount then pay for the transfer (this can be done using an electronic bank transfer, a debit card, or a credit card).
Costs: For basic transfers to a bank account, the company charges £1. For transfers through SWIFT, the company charges £12.
• Send money to 192+ countries
• Several delivery methods
• Not all transfer options are available to all countries
• Slow payment processing
CurrencyFair is an online peer-to-peer currency exchange system that allows you to send money to other people within minutes. With CurrencyFair’s money on mobile app, users can manage their profile, deposit funds into their account, set-up payments, receive money on mobile and add or edit bank accounts among other activities. Additionally, the provider offers money transfer options in over 18 currencies.
Costs: When converting currency, CurrencyFair charges 0.3 percent or 0.25 percent of the total currency being exchanged. Sending funds to other CurrencyFair customers attracts a £3 (or an equivalent amount) transfer fee.
• The service is fast.
• It has low flat rates
• The provider offers the best exchange rates in the world
• Does not have a wide market coverage
• Has limited ways to send and receive money on mobile (offers only bank-to-bank transfer)
• The fees are not transparently laid out
TransferWise is yet another money on mobile transfer app that enables you to transfer funds up to 8 times cheaper than with a local bank. The provider eliminates high bank charges from foreign exchanges by matching its clients based on the currency they have and need.
This is how the peer-to-peer system works: if a user wants to convert pounds to US dollars,
TransferWise’s system looks for someone who wants to convert funds in the opposite direction (US dollars into pounds). This way, users can avoid banking charges, and they don’t get to lose funds by converting at an unfair rate.
With the Transfer wire app, you can send money in more than 40 currencies.
Costs: TransferWise charges a 1 percent fee on the initial CAD 9,500.00 that is converted. Any amount above CAD 9,500.00 attracts a fee of 0.7 percent. Sending money to other TransferWise users attracts a flat fee of CAD 3.00.
• Low and transparent transfer fees
• It is an inexpensive option for transferring money on mobile
• Does not support a number of global currencies
• The provider offers bank-to-bank transfers only
How to send money on mobile?
I take the example of an online money transfer with Worldremit to guide you through the different steps of sending money on mobile wallet.
1: Enter the homepage of Worldremit
2: Choose a country to send to
3: Select a service
4: Choose “receive” for receiving money” or “send” for sending money
5: Enter the amount of money which you want to transfer
6: Choose the recipient
Worldremit asks you for the following required elements of the recipient: mobile phone number, first name, last name, email address (optionally), City
Worldremit has a well made Frequently Asked Questions (FAQ) section. Just as an extract, have a closer look on:
For further information, check our detailed descriptions of the money transfer service providers:
Send money now and save fees with Worldremit - the African market leader!
Money Transfer Apps Guide – Send your money secure, fast and at low-cost
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