Money Transfer Apps And Their Benefits

Money transfer apps (MTA), also known as peer-to-peer (P2P), make it easy, fast, and secure to transfer money from one person to another. Payments are simple, and you can use your digital wallet to link your credit card or bank account, making it easy to process your transactions and keep your record of them. 

Now you can make electronic transactions and payments with just a few taps on your mobile device. The best money transfer apps are highly rated on the app store, helping app buyers/users to use them safely and with no hidden fees. It also meets specific consumer needs, such as international payments, social features, virtual wallet offerings, and more.

So, there are a few benefits you can get when using a Money Transfer App like,

• MTAs let you transfer money right from your phone or other mobile devices.
• It has a user-friendly interface and needs a simple username and a password to start a transaction.
• And also It helps to keep a record of your transactions.
• Then It offers you a completely safe and secure way to handle your money transfers.
• It can be used from anywhere at any time as long as you have an internet connection.

How To Choose The Best MTA?

Different experts use different ways to find the best money transfer app out of all of the available ones in the market. Some categorize them and select one for each field while the others look for the overall performance. Here’s’ how it’s’ done.

Take a list of some of the most famous MTAs. Find their store ratings (App ratings) and rank them as per it. Then you can use the apps and analyze them for their performance, compatibility to mobile devices, transaction speed, and, most importantly, security. Additionally, you can search for the minimum and maximum amounts that can be transferred from each app and decide which app suits better to your needs.

Best MTAs Of 2022

To get the best out of the best money transfer apps, we researched many sites and created this list. This might not be the ranking that you prefer, but we assure you that these are some of the favourite money transfer apps out there.

• PayPal

This is ranked as the best overall app by the ”Investopedia” and ranks 4 in the list made by ”TechRadar’‘. This is also one of the most famous and most-used apps worldwide for many online money transactions. PayPal has flexible, secure, and easy-to-use money transfer tools, which puts it above the rest of the MTAs. You can transfer money from a PayPal balance, bank account, or Amex Send arrangement without an additional charge. You can also use PayPal’s Paid Instant Transfers and transfer funds immediately from anywhere in the world.

Pros:

• The brand name creates immediate faith in users.

• Easy and straightforward to download, install and use.

• Offers loose limits on transfers.
• It is rapid and secure.

Cons:

• Charges made on credit and debit cards.

• A high rate of transaction fees.

• Sometimes holds your money.

• Have problems with customer service.

• WorldRemit

This app is the best for international transfers as per ”Investopedia” and ranks first in the list by ”TechRadar”. 

The WorldRemit app has low fees, the best upfront exchange rates, and no hidden costs, as well as it is flexible to send to over 130 countries. WorldRemit can send money to recipients within 10 minutes. Most transfers are completed within 24 hours wherever the recipients live in the world. When a user introduces a friend to WorldRemit, they both get a voucher to use on their next transfer. Also, first-time customers can get a promotion to make their first three transfers free of charge. 

This app allows you to send money in many ways, including cash, bank transfer, mobile money, and more, which is why this app is in the top rankings. WorldRemit accepts most debit, credit and prepaid cards issued by Visa or Mastercard. WorldRemit also accepts Klarna, Trustly, POLi, Apple Pay, and more payments. Though it no longer accepts Google Pay.

Pros:

• Fast deposit choices worldwide.
• Simple and easy to use.
• A quick and safe app.

Cons:

• Available to send to a limited number of countries.
• Restrictions on large-scale transfers to specific destinations.
• Complicated transfer fee.
• Unpredictable fees.

Venmo 

This is the best for shared bills according to the ”Investopedia” and ranks 3rd in the ”TechRadar” list of best MTAs. 

Venmo offers a quick and easy way to send and receive money and temporary save space for your money. You can use, transmit or transfer Venmo money to your bank account. For this reason, it was awarded in the contribution category. You can also add emojis or animated stickers to your deals to make the process more interactive. 

Venmo is a popular money transfer app for both individuals and businesses. The most attractive to consumers are the social benefits. Venmo can share shopping news with other users in social groups. The service works as a digital wallet and allows for quick and easy P2P transfers, which is undoubtedly helpful when sending money to friends. Venmo is perfect for getting everyone to pay their dues. Also, if you have three credit cards, that is, if you have nothing in your hand, there is no monthly or annual fee.

Pros:

• No need to add money to the app to make payments.
• Provides a civil way to split the money.
• Added interactive social features.
• Money moves instantly.
• Quick, easy, safe and secure to use.

Cons:

• Past issues in security.
• Fees for instant transfers to your bank account.

Many other money transfer apps are usually famous in Europe and Asia like,

MoneyGram.

MoneyGram is another immediately recognizable name in the money transfer business and one of the longest-running transactions. So, the fee will depend on where you’re sending the cash, but the size and scale of your work allow you to send funds to almost anywhere.

Pros:

• It can be used from anywhere.
• Has global connections.

Cons:

• It can be expensive.
• Have some negative reviews.

Western Union.

Western Union has one of the best profiles of all of the money transfer operations, with a long record inside the money transferring field. As a result, there are masses of alternatives open to you now that this international carrier may be used thru your mobile device. 

Choose from pricing alternatives the usage of the Western Union Price Estimator device and pick out a switch approach from both online, instore/banks or cellular. Of course, fees depend on in which you’re’ sending the cash, and additionally the currency, which follows a comparable topic to others in this sector.

Disclosure

These are purely the opinions of the authors based on observations of financial platforms and a study of public ratings of money transfer apps in 2022. Excerpts from various sources have been used to clarify the facts of this article. A glossary of all sources can be found at the end of the article. This article is for educational purposes only and is not financial advice.