Transferring money across borders can be time-consuming and expensive, especially if you use Western Union or MoneyGram to send cash to another country. Fortunately, there are money transfer apps that make this process much easier than ever before. In fact, in 2022, these five money transfer apps will be the most popular in the world.
1) Bank Transfers
If you have a bank account, then there’s no need to download any money transfer apps. Bank transfers are free and can be done with the push of a button on your bank account app. The downsides to this is that it’s not possible to split bills between people, or do bill splitting with credit cards. It also takes 3-5 business days for the funds to clear and be available in your checking account. This can be inconvenient if you need access to money fast.
If you want immediate access to your funds, online bill pay is another option (notably cheaper than transferring money via banks). Just make sure you check how much the fee will be before going through with it, so that there are no surprises! If you’re paying off one large loan or mortgage, paying off multiple loans at once, or paying someone back for a gift, then an alternative would be PayPal which charges lower fees than most other companies.
You just need to set up an account with them first and get the person’s email address who you’re sending money to. Then, you put in the amount of money you want to send, choose the appropriate currency, and hit send. They’ll typically charge less than 2% as their service fee.
If you’re looking for something more instant but don’t mind spending some cash, then Google Wallet is worth checking out. All you need to do is link your debit card or bank account to Google Wallet and type in the amount of money that needs transferred. Like PayPal, they charge less than 2% as their service fee and will even allow for instant transfers where allowed by law!
PayPal is used by more than 100 million people worldwide. PayPal simplifies the process for transactions and allows funds to be transferred securely and efficiently. With PayPal, buyers can pay with credit cards, bank accounts, or both; sellers can request an invoice for their goods and services or cash out as a U.S. dollar amount.
They are able to receive money in 25 currencies from around the world. The payments received on PayPal go straight into your account so you don’t have to wait for it to clear first. To send money you’ll need your recipient’s email address or mobile phone number.
An advantage that this app has over some other apps is that they are open 24 hours a day, 7 days a week which makes it convenient when sending money at any time of day. It also helps avoid those pesky holiday banking hours!
Cryptocurrencies are decentralized, peer-to-peer digital assets. As a result, transactions can be performed across any border without the need for an intermediary. This is one reason why many believe that cryptocurrencies will form the basis of a new monetary system in the future. Bitcoin, the first and most well-known cryptocurrency, was introduced by an anonymous individual (or group) under the name Satoshi Nakamoto in 2009.
One year later, it had attracted enough attention to launch 10 other cryptocurrencies based on its open source code. Today, there are over 1500 different types of cryptocurrency with more being created every day. The total market capitalization for all cryptocurrencies reached $700 billion at the end of 2017, with bitcoin representing about 60% of this amount.
Despite fluctuations in value due to media hype or international politics, such as President Trump’s ban on citizens from seven Muslim countries entering the US which caused bitcoin prices to plummet earlier this year, many people still view crypto as a viable alternative currency – just like gold or silver – but much easier to transport.
4) Western Union
Western Union is a great money transfer app because it can be used in over 500,000 locations. The app also has an excellent user interface, which makes it easy to understand and use. It even allows users to pay their bills online or withdraw cash from the comfort of their homes. While the company doesn’t allow you to send money to friends and family for free, Western Union does have one special feature that most other money transfer apps don’t have: Bitcoin.
Western Union’s new service is an excellent option for people who want to buy bitcoin with dollars. People simply need to open up the app, choose Bitcoin, then Top-up. They will be prompted to enter how much they want to spend in USD and how many bitcoins they want. Once they’ve entered this information, all they need do is type in their phone number and hit send. In just seconds, the transaction will go through. If people are wary about buying bitcoin, they can convert it back into US dollars at any time by using a similar process within the app.
Western Union is also very useful for sending money abroad to relatives living in countries where banking systems are not as developed as those found in Western countries. Western Union boasts fast delivery times (for both domestic and international transactions) and low fees. When sending funds internationally, there are no transfer fees if the amount being sent is more than $500 USD or €500 EUROS. For transfers less than $500 USD/€500 EUROs, there is a $5 fee per transaction (this applies regardless of whether funds are sent domestically or internationally).
5) Phone Networks
Sure, you can call to talk to your family and friends, but for some people it’s easier to transfer money with the convenience of a text message. Anytime you want, day or night. These are our top five favorite money transfer apps:
-Ethiopia: The Mobicash is the most popular digital wallet app in Ethiopia with over 12 million registered users, who send remittances back home or abroad on a daily basis. Mobicash has made life more convenient by allowing customers to pay bills without cash, says Tafere. It also has improved customer service through the contact center.
Customers can use mobile banking, mobile payments and M-Pesa SMS (a system for sending money via SMS) features, which have been optimized for use with less connectivity or lower speeds than before. With these new features customers will be able to do things like pay their credit card bill from their phone in seconds or purchase tickets at any airport worldwide from anywhere at any time