What to Look For in the Best Money Transfer App?
(Photo : What to Look For in the Best Money Transfer App?)

Are you searching for the best money transfer apps? We all have been in a situation when we needed to transfer money to someone urgently. With numerous operating companies offering money transfer services, it can be confusing to choose which service to use for your money transfer.

With so many options in your sight, you might be wondering which one of the money transfer apps is the best?

Lucky for you, we have it all sorted out for you. Read on to learn more about how to pick the best money transfer app as we found in this online ranking list & guide

Ease of use

A good money transfer app will save you loads of hassle and fuss. All you need to do is make a few clicks and the money is transferred. Ideally, this is how it should work with the best apps and money transfer services. A good money transfer app could also function via voice command. This makes it perfect for those who suffer from some sort of disability. Especially if one is not comfortable with relying on others and trusting them with their money transfers. 

Transparent currency exchange rates

The top money transfer applications keep you updated on the latest and real-time currency rates. You should also be allowed to track your payments. The best money transfer apps offer low minimum transfer amounts and equally low fees. Another service provided by the best money transfer apps is that it shows the users' amount. This amount is compared to the amount they would have paid if they had used the bank for the payments. The competitive exchange rate makes such apps a preferred option than what you find at a bank. 

Some apps include a calculator that is used to estimate exchange rates and fees for specific transfers to a country. With a mid-market rate, the best apps are transparent with their fee structure. All you need is to upload your personal ID photo and get started with transferring money to your required destinations.

Competitive exchange rates

Some of the best money transfer apps work only in specific regions. That said, it also means that they present their users with the cheapest transfer rates. At the same time, they charge a minimum fee amount that is usually below 1%. This factor makes the money transfer apps a reliable and cheaper option (at least 90% cheaper) than most local banks. The best apps are transparent and provide users with real-time information on how much they are saving. This is how the users know what a great deal they are getting using the money transfer apps. You will also be given access to a map with agents' locations with the directions for cash pickups. This will make it easier for the recipients to collect their cash.

International money transfer services usually have no minimum transfer amount. The maximum transfer amount, however, can vary from one country to another. For an online international money transfer, you will have a variety of payment methods to choose from - although paying with a card might incur higher fees.

Additional features

Suppose you are looking for the best money transfer app for international transactions. Integration is the key if the app is designed to integrate with your phone and Facebook contacts. So, you can see the activity of others (your contacts) as displayed in your newsfeed. Such apps are specifically designed to find the right connection and have the payment sent in no time. Depending on the app, you can also transfer direct money to a bank account or use cryptocurrencies. This includes a low fee (1 - 3%) if you share money via a credit card.

Final thoughts...

International money transfers can be expensive, mainly if you chose the ordinary bank for such a transfer. This is why people turn to cost-effective and efficient alternatives, such as international money transfer apps. The best money transfer apps also offer a money-back guarantee. You will be provided an exact time and date for when your transferred money will reach your recipient. In the case of a late transfer, you will be offered a money-back guarantee, making them a no brainer for the savvy consumer.

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