Cell phones have completely changed the way we live. While we used to use them essentially for making phone calls, it seems like now we spend more time using them doing other things, like checking e-mails, taking pictures, posting on social media, reading the news, and more. If there is one thing that I am highly grateful for, it is the fact that I don’t need to be at my computer or go to the bank to manage my money. The fact that I can transfer money between my accounts or to other people with just a few taps has really been a lifesaver on several occasions.
Just today, I needed to make a transfer to a family member, and it didn’t even cross my mind to use my computer. I didn’t even have to move from where I was standing, and in just a few taps the transfer was complete. With this in mind, I decided to put together a list of the best money transfer apps that let you make payments to friends, rent, school, hospitals, utilities, and more. After doing a little bit of digging, I came across a list of the top 10 money transfer apps.
I checked out some of the apps on their list and reviewed my top 3 favorites.
Send Money with Remitly – Know Where your Money Is?
One of my top picks is Send Money with Remitly. I found this to be a great choice if you want to easily stay on top of money transactions, as you get notifications of transfer status updates every step of the way. I find this feature to be particularly useful, as it means you don’t need to log back in to see if the money has been received. You can just mind your own business and receive an alert when the transfer is complete! I also liked that it supports money transfers to hundreds of banks across dozens of countries, including India, Canada and most of Latin America.
The only drawback I found is that I noticed that coverage in Canada and India is slightly limited. However, the developers are continuing to expand coverage to other areas, including other countries. So, hopefully, this will no longer be an issue. If your country is not covered, I recommend you go with my second pick, Xoom Money Transfer.
Xoom Money Transfer – Transfer Money Overseas
My second pick is Xoom Money Transfer. What makes it stand out from other money transfer apps is the fact that it supports transactions across more than 56 countries. I found this to be a great choice for worldwide travelers, as you can do everything from sending money to family to paying your phone and internet bill on time even when you are overseas. I also found that the transfer fees were surprisingly low, which is a huge plus, especially if you frequently make money transfers.
I did find that the setup process takes a bit of time to complete, as you need to enter personal information in addition to uploading a photo of a government-issued ID. However, you only need to do it once, and it ultimately helps ensure that every money transfer is safe and secure. So, no complaints on my end.
Venmo – Easily Track your Finances
My third and final pick is Venmo. One of the things I really liked about it is that there are no transactions fees. Another huge plus I found is that there is no need to wait for transfers to clear, as the money is transferred immediately to the recipient’s bank account. I also like that you can use it to keep track of your finances, including what money you owe and how much you are owed.
Although I didn’t have any issues, I noticed that some users reported delays with transfers involving large amounts of money. Apparently, large transfers might be flagged, requiring additional security screenings before the transfer is complete. Ultimately, the security measure is in place to help protect users on either end of the transfer, so just be aware that large transfers might take a bit more time to complete.
These are my top 3 favorite apps for making money transactions online. Although there are many other money transfer apps out there, I found these to be the cream of the crop. Whether you want an easy way to stay on top of money transactions, or you want to easily make international transfers, any of these apps will make your life much easier. With these apps at your fingertips, you don’t need a personal computer as you can transfer money anytime, anywhere right from your phone!