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 this post, we’ll discuss five best money transfer apps currently available.
1. WorldRemit Money Transfer
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.
Costs: The company charges £2.99 per transfer from the UK, $3.99 from the U.S., and $3.99 from Australia.
• 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 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
Have you interacted with any of these money on mobile apps?
If yes, how was your experience with the app(s)? Let us know in the comments below.
For further information, check our detailed descriptions of the money transfer service providers:
Send money now and save fees with TransferWise!
Money Transfer Apps Guide – Send your money secure, fast and at low-cost
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