No need to call your bank the next time you’re looking to transfer money to family or friends living overseas. Instead, international money transfer apps can help make sending money abroad simple.
But with so many options available, it can be tough to know where to start.
This guide explores the key features of international money transfer apps, potential benefits, and the basics on how to use one.
There are several ways to send money abroad — but if looking to save time and effort, one way to send money internationally is with a money transfer app.
Sending money internationally with an app follows a similar process to using a money transfer app domestically.
No matter the provider, the process may look something like this:
These apps are designed to be user-friendly and convenient, helping people to transfer funds quickly, even if the person on the receiving end is in another country.
It's important to understand and compare potential fees and exchange rates between different apps. It also helps to be aware of exchange rate fluctuations, which can impact the final amount received by the recipient.
If looking for a safe, convenient, and cost-effective way to send money to friends and family around the world, an international money transfer app could potentially be a great option.
Here are some potential benefits of transferring money internationally with an international money transfer app.
Depending on the provider, there may be options to send cash beyond just an app. For instance, Xoom, a PayPal service, allows users to:
Below is an outline of some important factors to consider when choosing an app or service to send money internationally.
When sending money internationally, transactions typically include fees and exchange rates.
Fees can vary depending on the app, the amount of money being sent, and the destination country. Exchange rates can also fluctuate, so it is important to check the rate before sending money.
There are two main types of fees when sending money internationally:
Not all money transfer apps support the same currencies. Consider choosing an app that supports the currency being sent.
Some apps can deliver money within minutes, while others can take several days. Depending on the amount of money being transferred and the destination country, transfer speeds may vary.
While the transfer may be completed in one day, it may take up to a week or more for the funds to be accessible by the recipient. If timing is a concern, check with the app before initiating a transfer.
Some countries have more stringent regulations than others, which can affect the transfer process. It’s important to be aware of the exchange rate between the sending and receiving currencies.
International money transfer apps can be a secure way to send or receive money overseas. However, some apps offer increased security features, such as two-factor and biometric authentication, encryption, and transfer updates.
There are many scams that target people who are sending money internationally — so be sure to only send money to people you know.
Before initiating a transfer, make note of any transaction limits, as there may be a maximum amount of money that can be sent in a single transaction. They can vary depending on the app, the destination country, and account type.
Some money transfer apps allow sending cash internationally. The fees and exchange rates for sending cash abroad can vary depending on the app being used.
Consider looking for an international money transfer app that offers added features, from real-time tracking to transparent exchange rates. Here are some examples:
Learn about Xoom, a PayPal service.