Whether you need to transfer money between friends, pay your bills, or send money abroad, there are plenty of options for you to choose from. But not all of them are the same.
The best money transfer apps offer fast and convenient transfers across the globe, without hidden fees. In this article, we’ll take a look at some of the most popular ones and explain how they work.
Apps
Money transfer platforms are software-based tools that allow users to send and receive funds digitally without relying on physical exchanges. This makes them particularly convenient for international transfers, which can often be faster than using a bank wire transfer.
These apps offer 24/7 access so you can make transfers anywhere in the world and track them anytime, as well as a host of features to keep your money safe. Some also offer a variety of currency exchange rates, allowing you to save on fees and enjoy better currency conversions than using banks or traditional money transfer services.
Venmo is a popular peer-to-peer payment app that enables you to send and receive payments from friends and family with just a few taps on your phone. It’s easy to use and free of fees for incoming and outgoing cash transfers from bank accounts and debit cards.
Websites
Websites are a great way to promote your business online. They can help you stand out in a competitive market and they also allow customers to check reviews and recommendations before making a purchase. They can be expensive, however, so you’ll need to budget accordingly. But they’re a good investment, especially if you’re a small business.
Banks
Banks are intermediaries between depositors (people and businesses who stow their cash with a bank) and borrowers (people who need to borrow money). They take in deposits, pool them, make loans, and collect interest on the amount they lend.
They also offer credit cards and loans, a safe place to stow cash, and other services. They’re important to the financial system and are key players in creating money.
Some banks offer apps you can use to send money to family and friends. These can be helpful for emergencies, like paying bills or sending money to someone who doesn’t have a bank account. But be aware of the fees they apply to transfers and check the exchange rates before transferring any money abroad. This will help you choose the best option for your needs.
Western Union
Western Union is one of the world’s leading money transfer services. They offer a wide array of payment methods and a variety of locations worldwide.
You can use the Western Union app to transfer cash on the go or use a credit/debit card to pay in store. Moreover, you can also monitor previous transfers, estimate fees and search nearby locations with the app.
Western Union has good customer service and offers a live chat channel and three phone lines for international calls. Its wide availability and multiple ways to send money make it an excellent choice for consumers who want to transfer large amounts of money quickly.
MoneyGram
MoneyGram is a widely-used money transfer platform with hundreds of thousands of agent locations around the world. You can send cash using their service from any country, and they also offer payouts to mobile wallets, bill payments, and a money order service.
Fees vary by how much you send, how you pay and where you send it to. You can find out more about fees by checking the MoneyGram website or using their Track a Transfer tool.
MoneyGram charges a markup on exchange rates, which means they make a profit on each transaction. Depending on where you’re sending it, this markup could be 5% or more above the mid-market rate.