If you’re planning to send money internationally, you’ll have plenty of options from which to choose. Transferring money via bank-to-bank transfer can take time, and it usually comes with high fees attached.
Likewise, sending money via international wire transfer can be costly and inefficient, especially if the funds need to arrive quickly.
There are many other options to consider as well, from services like PayPal to the newest money transfer app, Afriex.
These apps designed specifically for sending money internationally. In this guide, we’ll explore four of the best apps for safely transferring money internationally and which one can have the best transfer rate, such as getting the best exchange rate when sending money from the US to the Philippines.
1) Afriex
Have you ever had an international transfer declined? With Afriex, that will never happen.
There are no set-up fees and no annual fees for transfers under $5,000.
What’s more, transactions take place immediately! If you need foreign currency fast and at a great rate, there is nothing better than Afriex. Plus, you can use their app to send money internationally in just three steps.
What makes Afriex a safe money transfer app?
They have been featured on CNN, CNBC, and other news outlets as one of the best apps for sending money abroad. Their system is secure, transparent, and most importantly – reliable.
This means you can rest assured knowing your funds will arrive safely every time. And if they don’t – Afriex has a 24/7 customer service team available to help resolve any issues that may arise during your transaction.
2) TransferWise
This is a peer-to-peer (P2P) service that aims to be cheaper and faster than banks. It uses mid-market rates, which are usually much better than those on offer from banks. It’s a smart idea to keep some emergency funds in a major currency like USD or EUR – if you get stuck with no cash at an airport you can always transfer it back through TransferWise.
Plus, its transparency about fees (with clear explanations for each charge) makes it easy to understand your total cost of sending money internationally. Fees start at 0% for transfers up to $1,000; for anything more expensive you’ll pay 0.5%. The only downside is that it doesn’t have support in as many countries as other services on our list.
What makes TransferWise a safe money transfer app?
When you send funds with other services, your money travels through a chain of banks and intermediaries. With TransferWise, however, it’s just you and another person in different countries sending cash directly to each other. That means there are fewer opportunities for criminals to get involved and take your hard-earned cash.
There’s also something called an intermediary currency account which allows users to store their local currency until they need it again.
3) Revolut
Revolut is a Fintech company that enables customers to transfer money internationally at interbank exchange rates and avoid costly international transaction fees. Founded in 2015, Revolut has already grown to more than 600,000 users worldwide with an average saving of $200 for each customer.
What makes Revolut a safe money transfer app?
The service is completely free for personal use and does not require any minimum transaction amount. It’s also incredibly easy to use.
Users simply link their bank account or debit card, choose how much they want to send, and then select who they want to send it to. The recipient will then receive a text message with instructions on how to claim their funds. There are no hidden fees and no extra charges for using your debit card.
4) Xoom
Xoom is a free service that allows you to send money from your computer or smartphone (Android, iPhone, BlackBerry and Windows Phone 7 supported) directly into an overseas bank account. You can add funds from your U.S. bank account in as little as 24 hours, and send money anywhere in 75 countries worldwide including China and Brazil.
What makes Xoom a safe money transfer app?
The company uses SSL encryption, and its website is secured by VeriSign. Plus, you can use your bank account or credit card to send funds, so there’s no need for cash on hand.
The recipient will receive an email notification with details about how much you sent and where it was sent from. You can also track your transaction through Xoom’s website or mobile app. If you have any questions about your payment, you can call customer service 24/7 via phone or live chat.
Final Thoughts
If you’re an entrepreneur and want to expand your business internationally, transferring money safely is critical. It can be a hassle, however. Luckily, there are four great apps that simplify and secure international money transfers.
Before you start your search for an app, think about how often you make international transfers.
If it’s once every few months or more, a paid service may be worth it. If it’s once every few years, you might just need something free.
No matter what kind of transfer you need to make—business or personal—there are plenty of options out there.
