With the advent of technological advancements, it has become easier to transfer money from one person to another. There are numerous money transfer apps using which you can transfer money with a single click, within a matter of minutes. When it comes to using money transfer applications, though, exchange costs are something that many people are concerned about. Another factor that customers evaluate while deciding which money transfer app to use is reliability. They also look for online reviews which helps them a lot in their decision-making process.
In this article, we’ve compiled a list of money transfer apps that offer you exchanges and transfer services with the lowest fees.
Venmo has become one of the most popular money transfer applications, not only because of its simplicity and free transactions but also because of its unique social feature. The program connects to Facebook FB and your phone contacts, allowing you to send messages to individuals in your online community. The app provides a lot of privacy settings that you may change. While the majority of Venmo transfers are free, there is a 3% credit card transfer charge.
OFX is the best money transfer tool for sending huge amounts of money internationally. They provide a large number of handy tools in addition to an outstanding list of countries to which you may transfer funds in different currencies. A live currency converter allows you to lock in the best available exchange rates on the transfer date. Their prices vary, but they normally take a margin on currency conversion rates of less than 2% and transfergo offers the first two free transactions.
To send money, both sides must have a PayPal account. PayPal is free to use for making personal payments from your PayPal balance or connected bank account. If you send money using a debit or credit card, you’ll have to pay a fee. If you receive a company payment using PayPal, you’ll additionally have to pay a charge.
TransferWise is one of the most cost-effective ways to send money worldwide. It strives to put together the best price level it can, and costs are generally less than 1% of the payment. Payments made with a debit or credit card are normally processed immediately. It may take one or two business days to transfer funds from one bank account to another.
Zelle is a good option if you’re searching for a simple peer-to-peer money transfer app for bank deposits. Zelle makes it simple to send money from one bank to another, a procedure that traditionally took weeks. Furthermore, there is no fee for sending or receiving money with this money transfer software. You should double-check if the bank transaction has additional fees from the bank end. Zelle, on the other hand, does not engage in foreign transactions.
Choose the best one that aligns with your needs. Look for the transfer cost. It varies from app to app. Above mentioned apps offer their services with reasonable exchange rates. Moreover, transfer limit and reliability are other factors to consider that contribute to the positive reviews and make the app different from other available options in the market.