Top 5 Money Transfer Apps for 2020
- September 21, 2020
- 3 min read
-
15357 reads
Long gone are the days of sending a cheque. Money transfer apps make it easy for people to send money domestically and overseas electronically. They allow third-party companies to move money from one place to another, similar to a bank. They are safe and fast, the best money transfer apps can deliver your funds within one business day.
Money transfer apps allow you to painlessly send money from one country to another using different currencies.
Transfer app companies make their money by either charging a transaction fee or through the spread. The spread is the difference between the price you are charged for the transfer and the price it costs the company to conduct the transaction.
5 Best Money Transfer Apps
- Xoom
- XE
- WorldRemit
- Venmo
- TransferWise
- Need an investment app? Find the best personal finance investment apps here.
All money transfer apps vary on their fee structure, so be sure to shop around, especially when sending large sums of money.
Financer.com has broken down the top 5 best money transfer apps in the below comparison chart for you to find the right app to suit your needs.
Financer.com Compares The Best Money Transfer Apps
5 Best Money Transfer Apps For 2020
| Xoom | XE | World Remit | Venmo | TransferWise | |
|---|---|---|---|---|---|
Transfer Limit | Up to $50,000 usd in 24 hours | Unlimited | Up to $10,000 | $4,999 per week | Dependent on destination. US users can transfer up to $20,000 using AHC and up to $1 million if funded by a bank wire transfer |
| International Transfer Capacity | Over 150 countries | Over 80 countries | 150 countries | Only available between US residents | Over 70 countries and counting |
| Mobile & Desktop Accessibility | Both | Both | Both | Mobile Only | Both |
| Fee Structure | Dependent on amount, destination and originating location | No transaction fees | Charges vary depending on amount and destination | Free for debit cards, bank accounts and prepay cards. 3% on credit card transfers | Fixed rate fees vary depending on the mid-market rate at the time of transaction |
| Delivery Time | Same day but up to 4 days dependent on destination | Same day | As soon as same day but dependent on destination | Same day | dependent on destination |
| Transfer Methods | Bank deposit, cash pick up | Bank account to bank account transfers | Bank Transfer, Cash Pickup, Mobil Money, World Remit Wallet | Users transfer money into their Venmo accounts to then make transfers from | Bank transfer, debit card, credit card |
Using money transfer apps is a great way to eliminate the burden of sending money. So, no more need to worry about carrying an extra $20 in your pocket or running to the bank to withdraw money for the landlord, simply pull out your app and transfer the money easily.
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