Nowadays, almost anything is done digitally. You can watch movies, listen to music, or work in a digital environment. Shopping online is also a fairly new trend that has seen success in recent years. As shopping online is an option, payment options can also be done online.
One thing that helps with online payment is a money transfer app. As the name implies, a money transfer app helps you transfer money remotely, provided that your account has a balance. There are lots of money transfer apps that you can use in order to help you with your online payment needs.
Below are some of the best money transfer apps that you can use.
Currently, Venmo is leading in the field of money transferring business. To use it, users link their bank accounts to the app, which makes usage of the app easier. Once linked, users can transfer money from their bank account to their Venmo account. Once their Venmo accounts have been topped up with the money, they can use it for transactions involving Venmo. Should they change their mind, they can easily withdraw the money from their Venmo accounts back to the linked bank account.
Aside from being user-friendly, Venmo is also safe and secure to use. That fact alone is what makes users keep on using Venmo.
PayPal is also another giant when it comes to the money transferring business. Not only that, but PayPal is the parent company of Venmo. PayPal is primarily used in e-commerce but has expanded to other ventures in recent years. Like Venmo, it’s also easy to use. The only thing that puts users from using PayPal is that it charges for debit transactions.
International affairs are a must when it comes to money transfers, and Western Union excels at that. Western Union lets users transfer money from all over the world in a matter of minutes, and it’s also pretty safe to use. Users can transfer up to $500 worth of money with a $5 service charge. It also has great security measures, such as biometrics to further protect your transaction.
Like Western Union, OFX is also a solid international money transfer service. A great feature that this app has is a real-time live exchange currency converter. This lets you help pick out the best rates on the date that you make your transfer. As for the money cap, OFX lets users transfer money up to $1,000.
TransferWise is yet another good international money transfer app. However, it operates on a smaller scale compared to the previous apps mentioned. This is the case because TransferWise transfers money on a smaller scale across countries, as opposed to previous apps that do transfers from all over the world. However, TransferWise is good enough for transferring money in small amounts.
Zelle is a great money transfer app. However, it’s pretty limited. It’s limited in the sense that you must have an account from a bank that Zelle can make transactions to. Aside from that, Zelle is still a good money transfer app.
What to consider when choosing a money transfer app
There are several factors to consider when choosing a money transfer app. Sure, a money transfer app is easy to use. However, you also have to understand that online transactions can end badly. As such, below are some of these factors to take note.
While this isn’t much of a problem, it becomes a problem when using some apps. Some money transfer apps do transactions from all over the world. Others, on the other hand, only do transactions locally. It’s important to note this factor because it may not always work for you.
Speed comes into play depending on how fast a money transfer is done. Most money transfer apps take at least 3 days for a transaction to complete. Others can possibly complete it for less. The bottomline is that speed should be noted because of your need for the money, or the need of the recipient of your money.
Quantity refers to two things: how much can you transfer, and how many transfers can you do in an app. Some apps have no cap on how much money you transfer and vice versa. On the other hand, some apps have no limit on how many transfers you do and vice versa. You should pick a money transfer app that works best for you in this regard.
Money transfer apps help us do business anytime, anywhere as long as you have an internet connection. Money transfer apps also help us in a way that little to no effort is needed when paying for a service, or sending money to relatives overseas. The money transfer app you should stick to is one that gives you security and protects your money until a transaction is complete.