In this age of the internet and digitalization, international money transfer has become a daily routine for many. The critical point while doing this is to find a platform offering lower transfer fees. Local banks usually do not provide this.
For this reason, several online platforms and international money transfer apps have appeared. They provide more appealing exchange rates and transfer costs as well as higher speeds compared to usual methods.
You’ll find a list of the best platforms to send money internationally below. You’ll find out the services and benefits they provide.
List Of The Platforms
Below are the most used and most preferred platforms for global money transfer.
Wise is an online platform and application covering more than 70 countries globally. Holding different currencies in your account is possible through Wise. It’s easy to open a Wise account, and it’s quite user-friendly.
Users are satisfied with the exchange rates. You can see all the fees and costs before you complete your transaction. In this sense, the application is very transparent.
It’s possible to make an international money transfer on the same day with a credit card or debit card. Using Apple Pay and your usual bank account are other options while using Wise.
PayPal covers more than 200 countries globally. Especially freelancers and digital nomads are pleased to use Paypal. Like the Wise account, it’s quite simple to use your Paypal account.
Paypal also boasts its speed: it takes only a few minutes to complete your transfer. It may also take up to 30 minutes depending on your bank. Also, you can send money in the amount of up to $60,000 per day.
Customer service is available 24/7, and PayPal Community, PayPal Messaging, and Paypal Resolution Centre are available.
Western Union doesn’t require a bank to conduct your transfers. It covers more than 200 countries. Many users believe that Western Union is the best way to transfer money internationally.
Exchange markups are as low as one percent to six percent. In terms of global money transfer, it costs around $5 to send up to €1,000. It’s also possible to send money on the same day through Western Union. Using your bank account for transfers may take longer though.
Depending on the country you’re sending money to, the transfer limits also change.
Finally, customer service is available 24/7 via phone support as well as live chat. Using the app may be better to get faster results.
Currently being used in over 80 countries, OFX is another preferred platform for international money transfer. Same-day delivery is not possible through OFX. It takes a couple of days to transfer the money to the recipient. Despite this, it’s preferred by many because of almost no transfer fee charged. Besides, it doesn’t matter how much money you’re sending. In addition, the exchange rate markups are less than one percent.
To be able to make transfers, you need to send at least $1,000. However, there’s no limit to the maximum amount for the transfer. To conduct transfers, you need to use bank accounts.
24/7 customer service is available, and there’s a practical FAQ section.
Remitly provides service for its users since 2011. Its point of departure was to create a platform for expats to transfer money to their home country efficiently. Today, you can send money from 17 different countries and reach over 100 countries.
It’s possible to transfer money via debit and credit cards, and bank transfers while using Remitly.
The fees for global money transfer range from one percent to 3.7 percent. It takes up to 3-5 days to complete a transfer if you use the Economy Transfer. If you chose the Express Transfer, you can transfer immediately.
Email and phone support are available via Remitly.
In short, many alternative platforms and apps are available when it comes to sending your money to another country. They really provide fast and affordable services and solutions for customers worldwide.
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