Transferring money internationally can be a real pain, especially as commissions seem to get higher and market rates fluctuate by the minute. Sending dollars back home should be as simple as the click of a button, but there are many factors to keep in mind. How do you know you are getting the best rate? Are the commissions fair? How long will it take for the money to arrive? Will the recipient have to pay anything?
These are just a few of the questions that run through our minds when we transfer money, so we have compiled a list of the best money transfer apps out there today to make your life a little easier.
TransferWise has exploded onto the market in recent years, thanks to its speedy same day transfer service and low commissions. TransferWise is a brainchild of one of the Skype founders and you can regularly see it popping up on social media.
The exchange rates are quite good, as they are based on what banks are currently exchanging at. The fees are also low, and even out at around 1%. The real advantage is that provided you send money during working hours and on working days, the money could arrive instantly in the recipient’s account. This is great in the case of emergencies.
Unfortunately, it is not available in some countries yet, so check before you download, but transfers to Europe and USA are guaranteed.