Top 6 Wire Transfer Apps for International Students
Top 6 Wire Transfer Apps for International Students: What International Students Need to Know About Sending Money Abroad Using a Wire Transfer App
Apps for wire transfers! Your financial demands are special since you are an international student. It’s possible that you will need to send money home to your family or pay school fees and tuition.
In any event, you will probably need to send money by wire transfer at some time.
It’s not as difficult as it might appear to transfer money overseas from your bank account. This service is provided by most banks. Before you begin, you must learn a few things, including what a wire transfer is and how to send one.
We will address all of your concerns regarding sending an international wire transfer in this post. As a result, if you are an international student, you may relax knowing that it’s simple to receive and send money home.
What method of international money transfer is the least expensive?
There are several ways to transfer money to a bank account if you wish to send it abroad. Such as bank transfers, WorldRemit, and others.
However, sending an international bank transfer through a bank transfer is the most cost-effective option if you want to get the most for your money.
Although it might not be quicker than using debit or credit cards, this process has low costs, and the rates are also reasonable. Utilizing this approach has the benefit of allowing you to trace your money and determine when it will arrive.
Can I send money overseas using a money transfer app?
Sending money overseas may be done via a variety of transfer applications.
1. Remitly: Money-back guarantee
2. OFX – No maximum restriction
3. Wise — Mid-market rate
4. WorldRemit – A variety of distribution choices
5. Xe Money Transfer-Tracking currency exchange rate
6. MoneyGram – Widely used worldwide
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Remitly: Money-back guarantee
You will be provided a precise date and time for when your money will be accessible to your receiver using the Remitly app. Remitly offers a money-back guarantee if your transfer is delayed. Before downloading the app, find out more about this and its other features to make sure it is a good fit for you.
Functions of the app
Real-time currency rates Place rate notifications. Monitor your transfer.
It is accessible on iPhone and Android
Available in other languages
Pros
A wide variety of locations
Mobile money can be used to receive money
Cash pickup is offered
No minimum transfer limit
Cons
The maximum amount you may send is limited
The cost varies according to how quickly your transfer.
A government-issued ID is necessary
OFX – No maximum restriction
Send money transfers of $1,000 or more to 195 countries with the OFX mobile app. The app also allows you to open an OFX account, track transactions, view historical and real-time exchange rates, and set alert rates. Despite the fact that transactions are free, OFX charges a small profit on currency exchange rates.
Functions of the app
Real-time currency rates Place rate notifications. Monitor your transfer.
It is accessible on iPhone. Accessible through Android. Available in other languages
Pros
Free transactions
Better rates of exchange than banks
Can keep track of both present and past currency rates
Track your transfers
Place notification rates
Cons
Transfers have to exceed $250.
Does not accept payment via credit card or cash
App is only offered in English
Wise — Mid-market rate
The Wise app lets you send money to people, organizations, and enterprises in 30 different countries. It provides a simple way to upload a photo of any personal ID required to sign up with Wise and contains a calculator you can use to find exchange rates and costs for particular transfers.
Functions of the app
Real-time currency rates Place notification rates. Monitor your transfer.
It is accessible on iPhone. Accessible through Android. Available in other languages
Pros
No required minimum transfer amount
Offers a mid-market rate
Able to pay using Apple Pay (although paying by card incurs higher fees)
Cons
No cash pickup
Fewer currency options than other suppliers
WorldRemit – A variety of distribution choices
You may transfer money to more than 150 countries using the WorldRemit app for cash collection, mobile airtime top-ups, and bank deposits.
There is no minimum transfer amount set by WorldRemit, although maximums differ by destination nation. Before installing the app, find out more about
WorldRemit to make sure it is a good fit for you.
Functions of the app
Real-time currency rates Place notification rates. Monitor your transfer.
It is accessible on iPhone. Accessible through Android. Available in more languages
Pros
Cash pickup is offered
No minimum transfer limit
A wide variety of locations
Favorable exchange rates
Mobile money can be used to receive money.
Cons
There is a maximum amount you may send
Depending on how much you transfer, different fees apply.
Compared to other money transfer apps, not as many added features
Xe Money Transfer-Tracking currency exchange rate
The Xe Money Transfer app simplifies tracking different exchange rates and enables you to convert money at a rate that is more favorable than what you would get at the bank. Additionally, it provides inexpensive costs and minimal transfer quantities.
Functions of the app
Real-time currency rates Place rate notifications. Monitor your transfer.
It is accessible on iPhone, accessible through Android and available in more languages
Pros
No costs
No upper restriction on transfer
Customize your currency pair notifications.
Send money to over 130 nations.
Cons
Avoids using the mid-market rate
Bank-to-bank transfers only
No money pickup
MoneyGram – Widely used worldwide
Send money to more than 200 nations and territories with the MoneyGram app. Additionally, you will get access to a map showing all of the locations of agents across the world, along with information on how to get to them and when you may pick up cash.
Functions of the app
Real-time currency rates Place rate notifications. Monitor your transfer.
It is accessible on iPhone, accessible through Android and available in more languages
Pros
Quick transfers to cash pickup
Able to pay using a card, cash, or bank transfer
Numerous currency transfers
Cons
Less appealing currency exchange rates
Transfer costs to some nations might be high.
Although every money app offers a unique set of functions, they all fundamentally allow you to send money abroad.
Any of the applications on the list can be used to conduct an overseas bank transfer. Do your homework on each app to determine which one best meets your needs.
Which one is the best app for money transfers?
There isn’t a single app for sending money. You must choose the ideal app for you depending on your demands because each app has a unique collection of features.
For instance, if you frequently need to send money overseas, you might want to utilize an app with minimal costs and rates like Wise or OFX.
However, if you need to send money fast, you may want to utilize a mobile app like Remitly or Money Gram, which can transmit money in a matter of minutes.
WorldRemit is the money transfer software you should use if you want a reliable payment option. The popular and safe money transfer program WorldRemit has been on the market for a while.
Every app is different, just like every student and their requirements are. Before making a choice, make sure to investigate each app.
What method of money transfer completes the task the quickest?
Top 6 Wire Transfer Apps for International Students
If you want to send money almost instantly, wire transfer is unquestionably the fastest method. The main drawback of using a wire transfer is that it can be more costly than alternative ways.
Through your bank or an overseas money transfer provider, you may send a wire transfer. The procedure might take a few days if you utilize your bank. However, the procedure may be finished quickly if you employ a money transfer service provider.
You will need the recipient’s bank account information and routing number in order to send a wire transfer. You may additionally require the recipient’s name and address, depending on the service provider.
Once you have all the required data, you may start the transfer online or using the mobile app for your bank to the recipient. Usually, the procedure is extremely simple and easy to follow.
Conclusion
There you have it, then! You now have a basic understanding of how international wire transfers work if you are an international student. We trust you found this information to be useful. Please feel free to ask any further questions in the comments area below.