Instant and remote communication is perhaps the greatest benefit of technology. From anywhere in the world, you can instantly Google the answer to questions and you can Skype your partner from the other side of the world. In the world of finance, this instant transferring of communication quickly became the infrastructure for buying and selling assets – and trickled down to the average person in the past decade.
We’ve reached a point that visiting your local bank branch is totally unnecessary, and placing an order for a Christmas present takes around 4 clicks on your mobile. What some people still don’t understand however, is that this same autonomous and instantaneous technology exists to exchange and send money abroad. The reliance on banks has very recently become obsolete as mobile apps have taken the convenience argument out of the equation. With an Android/iOS phone, you can control your life’s assets securely and immediately.
So, with that in mind and before you close your Co-operative Bank account and uninstall its useless app, what are the best money transfer apps to use?
Payoneer is a slightly more controversial one, however, you cannot deny its presence in the market. Whilst Payoneer suffers a lot in terms of accessibility with an average app, fairly high fees and a lot of barriers for permission to sending money abroad (it’s easier to receive than send) – it undeniably is a secure and usually fast service that has a massive global reach, along with a 5 million user base. Once you’ve gotten to grips with it (it’s navigation, permissions and so on), you can send and receive money very quickly.
The Payoneer app is designed to complement their web accounts and you can use it to quickly check your currency and card balance as well as to track transactions. The app will give you the possibility to easily share receiving account details with the clients and will notify you about different account activities such as special offers or important financial transactions. This app is available in over 20 languages.
Currencyfair is a relatively new and innovative money transfer company with a decent (but nothing special) app. Its strong point is the dynamic currency exchange options. You can either lose around 0.4% to 0.5% margin if you choose a Quicktrade or, if you’re up for the more flexible option, you can end up beating the mid-market rate. The fees incurred on top of this are small and fixed to €3 unless you want to pay €8 for a same-day transfer. Fees can be larger than this however if you’re not sending from the UK.
You can transfer money into 150 different countries but you’re limited to only 20 currencies. They also have a limited number of ways to fund your transactions.
Established in 1993, XE appears to be a traditional older timer. However, its 2015 acquisition by Euronet along with its 2018 merger with HiFX has left it in more contemporary relevance. Whilst the app still doesn’t perform to the standard of Wise and the like, the company itself is extremely reliable and reputable, along with being highly regarded by its customers. They are mostly focused on online transactions, which is great news for those who don’t want to spend their time doing things differently.
Their app is multilingual and you can transfer money in 60 currencies to over 70 different countries. The XE app is simple but you’ll be able to do what you need with it. You can also track the value of some currencies. Once you get used to it, this app is pretty easy to use.
Revolute is a very strong service all round with a fantastic app, great exchange rates and no fees. The company has exploded into the mainstream in the past two years and has really captured the essence of the small-value remittance market. So long as you’re not sending more than €6,000 per month, there are no fixed fees and you will be rewarded with the mid-market exchange rate. Whilst you have no dedicated dealer, this is a great option for independent, small transfers.
Their app is designed for you to transfer your money easily and quickly, to send money abroad, to use Google Pay, and for so much more. The app will send you notifications every time there’s a change in your account, it has a built-in budgeting, option for buying and selling currencies, and an easy way to send money wherever you need it. You can keep track of your monthly spending, set up budgets for things such as restaurants or bars. This app is detailed and offers so much more than just an option to transfer money. Some people are saying that it’s just like a bank, but better.
World Remit has a fantastic money transfer app that is as fully functional as the website, very simple and easy to use. With offices in the UK, US, Canada, and Australia, this is a great option for many to send money to Australia. Whilst the app is excellent (and highly rated by its users), there are some issues of the service and payments being slow. Prices remain cheap however along with a very easy-to-use website and app.
Depending on the country you’re sending money, you can choose where do you want your money to end up – in the bank of the recipient or their mobile account.
If you’re looking to transfer money to Australia, you needn’t venture far from this list. The best international money transfer apps that come to mind are Wise and Revolut for small, frequent transfers, whilst Currencies Direct, OFX and World First are some great options when sending larger amounts. Another easy-to-use service is provided by the Up bank app.
Other sites such as Currency Solutions are very good too but have a mobile-friendly, responsive website instead of a dedicated app, which can also be fine to use. Apps are preferable, however, as many can act as e-wallets that will notify you of things such as money being received into your account.
If you want to see how different companies compare in a side-by-side review, you can read these comparisons: