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.
o, 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?
OFX is a slightly older, more established company (founded in 1998). OFX has a mobile app but focuses more on a personalized service as you have your own account manager and more hedging options. At around 1.5% in fees (but lessens as the transfer value increases), OFX can be a decent option to hedge or send large amounts to Australia.
The mobile app is available for iOS and Android users and it’s simple to use, with a few different options. The most important thing – it’s very easy to transfer the money with it. After clicking transfer now you need to fill in the requested information and that’s it. You’ll see all the important information such as the status of the transfer, how much you transferred, and what’s your transfer fee. It’s still one of the best app for money transfer in Australia.
Wise is a great choice for international money transfers with quick transactions, great customer service, and lots of satisfied customers. And to top it all, they are providing an amazing user experience – it’s very easy to sign up and log in, transfers are very easy and efficient. They are currently supporting sending money to 71 countries from 43 different countries which means that they’re covering more than 1000 country combinations across 49 currencies, and still growing. Focusing on making bank transfers more affordable, it’s no wonder that the money transfer industry is calling Wise the “Robin Hood” of the industry. The best money transfer app on the market.
Whilst still considered a startup, Wise has made significant ground in the remittance market. With a strong focus on its mobile app, Wise.com offers a very fast, responsive, and cheap money transfer service. All transfers are a fixed fee (usually 0.5% but sometimes 0.7% when concerning Australia). Forget about currency spreads and such – this is the only cost incurred.
With over £6.2 billion transferred annually, Currencies Direct is another big hitter. The main USP of Currencies Direct is that it has zero fees on all and any transfers. The margin they take however is flexible and varies regarding the quantity of the transfer (but you’re pretty much guaranteed it will be much more preferable than the banks). The minimum transfer amount is reasonably low at £100. The customer support will help you with any problem you may have and they’ll do it over e-mails or phone calls.
The Currencies Direct app is not too complicated, just a bit different than the OFX one. The app will offer you 4 different options, pretty much standard – Home, Transfer, Buy currency, Alerts. When you’re transferring money, you’ll be asked to put in all the information of the recipient and to choose the currency as well as the amount of money you’re sending. The app will automatically calculate your exchange rate.
As one of the well known and best-established currency exchange providers, World First is a company based in the UK. They are offering their services to both private and corporate clients, just as Currencies Direct. World First is a fantastic option, with one of the best money transfer apps in this category of services, that you can perform transactions on as well as fantastic rates. Also, the support is top-notch.
World First essentially has no fees, but they do have a margin. The exchange rate is between 0.15% and 0.5% of the mid-market rate, which is profoundly competitive. With a 98% customer satisfaction score, you absolutely cannot go wrong with World First. Just keep in mind the minimum you can send is £1000 or equivalent. This may be an inconvenience for those who want to send less money than this.
TorFX is another highly rated and competitive company in the remittance market with great customer service which makes the whole experience of sending money abroad very easy. Offices are in both Australia and the UK, so you know they’re not neglecting the Oz market. With only a $/£ 100 minimum transfer limit, you can send small and frequent transfers with no fixed fees, along with a strong exchange rate. The caps on transfers are quite low, however (£2,000 over the phone and £25,000 online).
You can use the app or call them and do everything over the phone.
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 a 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 with only 20 currencies. They also have a limited number of ways fo 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: