Digital money transfer is steadily growing to become the world’s preferred method for sending payments. As the ease of use, convenience, and cost of these online cash transferring options improve, the natural response is to utilize it more frequently.
In today’s highly competitive mobile tech industry, all of these numerous “digital wallet” companies are making their deals increasingly more attractive for smart phone users.
Every online money transfer firm is trying to get an early market presence in this new revolutionary e-money opportunity in one way or another.
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As a result of having a plethora of available options, the importance of comparing alternatives to find the best deal cannot be stressed enough.
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We’ve compiled a list of our favourite mobile transfer applications to help lower your search time in finding the best one.
At the end of the day, each platform comes with its own individual pros and cons; the important thing is to use one that’s rightfully suited for your needs. On that note, these apps are not ranked in order from best to worst.
This massively popular digital wallet company has taken over the money transfer market by storm. Virtually everyone interested in online money transfer systems has heard of PayPal in one way or another, which makes it an easy inclusion on our list.
PayPal has helped pioneer digitally-exclusive money transactions with its reliable and trusted process. Since the company was one of the first movers into this market, they’ve managed to expand internationally to a great degree.
While fees will vary based on where you’re attempting to send money to, PayPal’s worldwide adoption rate is very high – with PayPal you’ll encounter less hassle when making payments in more remote locations.
Their mobile app has a sleek interface and gives you a ton of freedom in regards to booking international payments. PayPal offers its users a very expansive network of countries/locations to send money to.
As a general rule on transfers, PayPal will charge you 2.9% of the total transacted amount plus their provided exchange rate mark-up. Additionally, there is also a fixed fee that can range anywhere from a few cents up to a few dollars depending on which country you’re transferring to.
You’ll pay a lower fixed fee (a few cents) if you’re only placing domestic transfers.
The fittingly-named Cash App developed by Square does exactly what the name entails – it allows you to place digital cash transactions through your mobile phone. Cash App’s main advantages are attributed to the platform’s user friendliness and low transfer costs.
Square’s successful money transferring platform is beloved by many for how easy it is to use.
With Cash App, the vast majority of your peer-to-peer backed transactions (from your Cash App digital wallet/balance) are free. Your recipient does not need to have Cash App installed either.
However, if you’re placing a credit transaction through Cash App instead of using their native system you’ll face a 3% charge on the transfer amount. There is also a 1.5% charge for instantaneous bank transfers (standard waiting time bank transfers are exempt this charge).
Of course, if you’re using Cash App to make international payments in a different currency you’ll be subject to their exchange rate mark-ups.
Although owned by PayPal, Venmo is a separate digital wallet entity. At its core, it is a trending money transfer platform that heavily promotes the social aspect of peer to peer transactions. Comparatively similar to Cash App, Venmo also features simplicity and low fees.
This company attempts to “gamify” the act of sending money, which is increasingly popular with younger generations. Venmo allows users to import contacts from social media networks (Facebook) and even features a native private messaging option. Transactions that you mark as public can be commented on and liked by friends.
Once again in line with Cash App, Venmo offers free transactions if they are placed directly from your Venmo wallet. Otherwise money transfers (placed through credit) are charged at a 3% rate.
The downside with Venmo is that it currently does not support international sending. Currently all transactions performed by Venmo take place domestically in the US.
Out of all the alternatives in this overview, Transferwise’s mobile platform offers the most support for international money transfers. The company has a strong presence for those who want to send small payments overseas, since their currency conversion rates can be locked in ahead of time.
The drawbacks of using TransferWise come down to its long average wait time (for a mobile app transfer) and a more limited network of countries that are eligible to be a recipient.
Transactions that take place exclusively within TransferWise’s native system – in other words both parties use TransferWise – are free. However, booking a transfer to an external recipient is subject to a fixed fee depending on the type of currency exchanged.
Their transaction fees are currently 0.7% of the transfer value, which is on the lower end compared to other smart phone money transfer apps. Naturally you will also pay their in house exchange rate mark-up.
Similar to TransferWise, WorldRemit is another mobile app that places a lot of emphasis on international money transfer. The company takes pride in offering efficient money transfers for friends and loved ones around the world. Their competitive advantage is in the fact that any transactions booked with them will begin processing almost instantly.
WorldRemit also has a surprisingly large network of eligible recipient countries especially considering their smaller market share.
Like all foreign exchange service providers, WorldRemit includes a margin on their exchange rates (for international transfers).
Knowing this, they also charge a fixed fee upfront which varies by country. Usually this fixed fee is just a few dollars. For example, sending a payment in Canadian dollars to the US would cost $3.99 while the same payment to India would cost $6.99.
Due to how many options there are on the market (and even the five included in this list) it’s important to understand how to differentiate between alternatives.
The truth is that some digital wallet companies perform better in certain areas than others. Here are some criteria you should consider:
Although mobile apps are becoming commonplace in the fast-and-convenient payment industry, they don’t always have the best deals on international money transfers.
Saving money when converting currencies means more than just having low fees. Wallet-friendly foreign exchange services also give you favourable exchange rates.
That’s where KnightsbridgeFX comes in – zero wire transfer fees, zero hidden charges, and rates that we can agree on. KnightsbridgeFX also offers the best currency exchange in Holland Landing and all the major cities in Canada.
We are built to beat bank exchange rates and save you money
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