When it comes to managing your finances, one of the most important things you can do is to make sure you’re not overspending where there’s no need for it. That can take some time and effort, but if you use tech to help you out, you’ll find that managing your finances is much easier and faster.
One of the tech tools you can use for this is money transfer apps. There are a number of different money transfer apps available, and they can all help you save on fees when you’re sending money overseas, or for peer-to-peer transfers in general.
But with so many options to choose from, it can be tough to know which one is right for you. The good news is that you don’t have to do the legwork on your own. Here’s a list of the top online money transfer apps you can use.
1. Criteria For Choosing The Top Money Transfer Apps
With so many different apps constantly hitting the market, it’s important to know what makes a money transfer app deserving of being on any top list. When you know which criteria to use to determine what the best money transfer app is, you can easily weed out any that don’t make the cut and focus on finding the right one for you. Here are some of the key considerations:
- Fees – first thing’s first. You don’t want to choose an app that’s going to charge you an arm and a leg in fees every time you make a transfer. Make sure to check what the fee structure is for each app you’re considering so you can be sure you’re not paying more than you need to.
- Transfer speed -depending on why you’re sending money, you may need it to arrive as quickly as possible. Some apps are faster than others when it comes to processing transfers, so be sure to take that into account.
- Limits – whether it’s about how much you can deposit or withdraw at any given time, or how much you can transfer in total, every app will have its own limits. Make sure to check what they are so you can be sure the app will meet your needs.
- Security – you want to be sure your money is safe when you’re using an app. Check for features like two-factor authentication or fingerprint ID to help keep your account secure.
- Support – you want to make sure the app you choose has good customer support in case you have any questions or run into any problems.
- Features – finally, take a look at the features each app offers. Some may have handy extras like the ability to track exchange rates or set up recurring transfers.
While it’s important to keep these factors in mind when choosing a money transfer app, it does take some time and effort to establish which is the best one on your own. So without further ado, here are some of the top pics based on these criteria.
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Formerly known as TransferWise, Wise is a UK-based money transfer app that has gained a lot of popularity in recent years. It’s one of the most cost-effective options out there, as it only charges a small, transparent fee for each transfer, and uses the real exchange rate so you don’t lose out on any of your money due to unfair exchange rates.
Wise is also very fast, with most transfers taking just a few days to process. And if you need to send money internationally on a regular basis, you can set up recurring payments so you don’t have to worry about it each time. Over 50 currencies are supported, and there are no limits on how much you can transfer.
Revolut is a money transfer app that’s available in over 150 countries. It offers competitive exchange rates and low fees, with no markups on the exchange rate and a small fee for each transfer.
You can also choose to send your money with the real exchange rate or a fixed-rate option, which can be handy if you’re sending money in advance and want to lock in a good rate. Revolut also offers some handy extras like the ability to track exchange rates, set up recurring payments, and even get a Revolut card to use for ATM withdrawals and everyday spending while you’re abroad.
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Bunq is a Netherlands money transfer app that’s available in over 30 countries. It offers low fees, with no markups on the exchange rate and a small fee for each transfer. You can also choose to send your money with the real exchange rate or a fixed-rate option.
Bunq also offers some handy extras like the ability to track exchange rates, set up recurring payments, and get a Bunq card to use for ATM withdrawals and everyday spending while you’re abroad.
Another benefit Bunq offers is that you can create and send invoices directly from the app – provided that the currency you’re using is euros, which can be handy if you’re a freelancer or small business owner.
There are a few different things to consider when choosing a money transfer app, such as fees, speed, limits, security, and features. Wise is a great option if you’re looking for low fees and fast transfers, while Revolut is a good choice if you need extras like the ability to track exchange rates or set up recurring payments.
Bunq is a good option if you’re based in Europe and need the ability to create and send invoices directly from the app. Ultimately, the best money transfer app for you will depend on your individual needs and preferences.