Mobile money transfer apps make it easy to send money internationally, but which one is the right choice? Depending on where you’re sending money and how soon you need it, these highly-rated apps can be just what you’re looking for.
We’ve arrived at a point where traveling to the bank is no longer necessary, and purchasing a Christmas present on your phone takes only four clicks. Some individuals, however, are still ignorant that the same autonomous and instantaneous technology is utilized to exchange and transport money globally. Banks have recently become obsolete, as mobile applications have eliminated the convenience component from the equation. With an Android/iOS phone, you can securely and swiftly control the assets in your life.
We took into account not just user reviews on the Apple Application and Google Play stores, but also all the usability of each service when choosing the best money transfer apps.
After the transfer has been initiated, it may take anywhere from a few minutes to an hour until you get money in your mobile wallet or bank account, depending on the Australian online money transfer business.
If you’re unfamiliar with some of the international money transfer businesses, here’s a list of the top ten in Australia:
1. SEND
Send is a multi-award-winning worldwide payment service company that focuses on those who are relocating or transferring.
Their co-founders have over 20 years of experience in international transactions and migration. Because a large portion of their team has lived in multiple cities around the world, they are familiar with the difficulties associated with international relocating, particularly when it comes to transferring large amounts of money from one nation to another for reasons such as transferring the money raised of a property sale to another country or acquiring a new property.
Send as a money transfer service has several advantages and disadvantages. To decide what’s best, you must first understand their advantages and disadvantages.
PROS
Personal account managers with whom you may talk to discuss your relocation and money transfer needs.
24/7 multi-currency payments network that offers fee-free same-day transactions to over 200 countries.
Different areas of knowledge that might help with your transfer include creating accounts in other locations and understanding currency limits.
Cons
Send does not accept payments by debit or credit card.
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2. TORFX
TorFX is another top regarded and competitive firm in the remittance industry, with excellent customer care that makes the entire process of transferring money overseas simple. Offices are located in both Australia and the United Kingdom, indicating that they are not ignoring the Australian market. With a $/£ 100 minimum transfer limit and a good exchange rate, you may send modest and regular transactions with no set costs. However, the transfer limits are fairly low (£2,000 over the phone and £25,000 online).
One significant benefit of utilizing TorFX is that it allows clients to transfer money via several methods. They can, for example, utilize bank transfers and credit cards, among other options.
PROS
Has excellent customer service skills
It has several physical sites where clients may receive face-to-face customer service
CONS
Some unusual currencies aren’t accepted.
3. XE
XE looks to be a conventional elder timer, having been founded in 1993. However, its 2015 acquisition by Euronet, as well as its 2018 merger with HiFX, have elevated it to a more modern status. While the app is still not up to the standards of Wise and others, the organization itself is exceedingly dependable and legitimate, as well as well-valued by its clients. They are mostly concerned with online transactions, which is wonderful news for individuals who do not want to waste time doing things differently.
Their software is bilingual, and you can send money to over 70 different countries in 60 different currencies. The XE app is minimal, but it will suffice for your needs. You may also keep track of the worth of various items.
XE, like every other service, has advantages and disadvantages. What you should know about the company’s services is summarized below:
PROS
This is a very well-known name in the worldwide money transfer industry.
It supports the transfer of funds in 60 various funds.
The transfers are completely free of charge.
Customers that use XE to transmit money are not charged extra.
A significant number of XE transactions are processed on the same day, with a maximum processing period of four days.
CONS
A disadvantage is that credit and debit cards are not accepted.
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4. OFX
OFX is a significantly older and more established firm (founded in 1998). OFX offers a mobile app, but it emphasizes customized service because you have your own account manager and additional hedging possibilities. With costs of roughly 1.5 percent (which decrease as the transfer value grows), OFX might be a good alternative for hedging or sending significant amounts to Australia.
The mobile app is accessible for both iOS and Android users, and it is simple to use, with a few distinct settings. The most crucial aspect is that it is quite simple to transfer money using it. After hitting transfer, you must now fill in the necessary information, and that’s all there is to it. You’ll see all of the crucial information, such as the transfer’s status and the amount transferred.
OFX, like any other money transfer provider, has advantages and disadvantages. These are the primary factors to consider when determining whether to use it to transfer money or another supplier.
PROS
OFX is well-known for providing superior customer service 24 hours a day, seven days a week, as well as reduced costs and exchange rates.
It enjoys favorable exchange rates.
Has a mobile app as well as an internet presence.
It has actual offices all over the world, which is vital for those who seek a one-on-one client experience.
CONS
The least amount that may be sent using this site is $1,000.
5. Transfer Wise
With rapid transactions, excellent customer service, and a large number of delighted clients, Wise is an excellent choice for international money transfers. To top it off, they provide an excellent user experience: registration and login are simple, and transfers are quick and straightforward. They already transfer money to 71 nations from 43 different countries, implying that they handle over 1000 country pairs in 49 currencies and are still increasing. Because of its focus on making bank transactions more cost-effective, Wise has been dubbed the “Robin Hood” of the payment processing sector. On the market, the greatest money transfer app.
Wise has achieved great progress in the remittance sector, even though it is still considered a startup. Wise.com is a rapid, responsive, and low-cost money transfer business with a strong focus on its mobile app. There is a set cost for all transfers (usually 0.5 percent but sometimes 0.7 percent when concerning Australia). Forget about currency rates and other fees; this is the only expense you’ll incur.
When compared to banks, Transferwise charges relatively low costs, which is one of the factors why most consumers choose it.
Furthermore, when it comes to exchanging rates and transaction fees, Transferwise is among the most open firms.
This means that before you hit the send button, you’ll know how much the receiver will receive. Transferwise is accessible in 22 countries and supports 27 different currencies for receiving and sending money.
PROS
When compared to banks, money transfers are less expensive.
Its currency rates are quite clear.
Users receive cash in 24-48 hours.
CONS
It only supports bank-to-bank transfers.
All transactions are completed on the internet.
6. WorldFirst
World First, founded in the United Kingdom, is one of the most well-known and well-established currency exchange services. They, like Currencies Direct, provide services both to private and business clients. World First is a terrific alternative, offering one of the best payment processing applications in this category of services, as well as excellent rates. Also, the customer service is excellent.
World First has no fees, although they do have a profit margin. The exchange rate is in the range of 0.15 percent to 0.5 percent of the mid-market rate, which is quite competitive. You can’t really go wrong with World First, which has a 98 percent customer satisfaction rating.
Keep in mind that the least amount you may send is £1000 or it is equivalent. Those who want to transfer less money than this may find this inconvenient.
WorldFirst has been in business for several years. Its services are provided in more than 100 countries. With numerous agents across the world, the firm has a large network.
PROS
It has a larger network coverage area.
Payment can be made using debit or credit cards.
Home delivery is available in some areas.
CONS
There are large costs associated with money transfers, particularly when using credit cards.
Each month, the quantity of money that may be transmitted is limited.
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7. WorldRemit
World Remit has a superb payment processing app that is as useful as the website and is really simple to use. This is a popular way for people to send money to Australia. While the product is fantastic (and well-liked by people), there are some concerns regarding the service and fees. The prices, on the other hand, remain affordable, and both the app and the website are simple to use. Depending on where you’re transferring money from, you can route your payments to the user’s bank account or cell phone account.
WorldRemit has been in the business for a long time. Their services are offered in 150 countries and they accept payments in over 90 different currencies.
The excellent thing about WorldRemit is that they provide a choice of ways for consumers to send money over the world. You can transfer cash through cash pickup, fund transfer, or mobile money, for example. WordRemit can complete transactions in a matter of minutes.
There are several pros and cons to utilizing WorldRemit.
PROS
It’s accepted in almost every country on the earth, and transactions are almost immediate.
Cash pickup, smartphone transactions, and bank transfers are among the delivery options available.
It accepts bank accounts, debit cards, and credit cards as well as other payment options.
One of the fastest money transfer firms is WorldRemit. Money may be sent to the receiver in a couple of seconds. You should expect to spend anywhere from $3.99 to $24.99 for transferring expenses.
CONS
Its charges are greater than those charged by other money transfer companies.
8. PAYONEER
Payoneer is a bit more contentious option, but its position in the market is undeniable. Payoneer is certainly a safe and typically quick service with a vast worldwide reach and a 5 million user base, despite having a mediocre app, pretty expensive fees, and a lot of restrictions for authorization to transfer money overseas (it’s simpler to receive than send). Once you’ve mastered the basics (navigation, permissions, and so on), you’ll be able to send and receive money rapidly.
You can use the Payoneer app to check your currencies and account balance as well as track transactions, and it’s meant to support your web accounts. The app will allow you to simply communicate receiving account information with customers and will alert you to account activity such as special deals or significant financial transactions. This software is accessible in a whopping 20 different languages.
Payoneer has been in the global payment business for a long time. The company’s services are available in more than 200 countries and handle close to 150 different currencies. Amazon, Google, Upwork, and Airbnb are just a few of the international major names that have partnered with Payoneer.
Payoneer is used by all of the firms listed above to process payments. The firm also collaborates with large e-commerce firms like Walmart and freelancing marketplaces like Fiverr.
Payoneer is noted for excelling in certain areas and falling short in others.
PROS
It may be found in over 200 countries.
Between Payoneer accounts, there are no fees.
You may use this service to ask clients for payment.
9. CurrencyFair
Currencyfair is a new and creative money transfer firm with a nice (but unremarkable) app. The dynamic currency exchange choices are its strong suit. You may either lose a 0.4 percent to 0.5 percent margin if you pick a Quicktrade, or you can beat the mid-market rate if you choose the more flexible alternative. The additional expenses are minimal and fixed at €3 unless you want to spend €8 for a same-day transfer. If you’re not transmitting from the UK, though, fees may be higher.
You may send money to 150 different countries, but only 20 currencies are available. There are a restricted number of options to finance your transactions with them as well.
CurrencyFair, headquartered in Ireland, is another significant online payment firm. Forex traders and online gambling companies are familiar with the corporation. CurrencyFair now has over 200,000 customers. The organization has also established itself as the greatest bitcoin trading platform. CurrencyFair has several advantages, including the ability to provide near-instant money transfer services all over the world.
It offers a variety of services that are not available on any other money transfer platform. However, it has a few drawbacks that you should be aware of before deciding to utilize their services.
PROS
Customers may send and receive money using their mobile phones.
Their products and services are offered in more than 200 countries.
You can deposit funds into online gaming sites.
Anyone may buy and sell bitcoins on this platform.
Transfers are nearly immediate
CONS
It has a complicated fee structure.
Their transaction costs are rather greater.
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10. Global Reach
Global Reach is a money transfer network that allows inhabitants of Australia, Canada, the United Kingdom, the United States, and the Eurozone to send money to over 40 countries worldwide.
Since its inception in 2002, the firm has proven its capacity to provide great money transfer services to consumers all around the world. Global Reach looks to be one of the most reputable firms in the United States and the United Kingdom, with a wide selection of payment alternatives.
There are a few things you should think about before deciding to use Global Reach. Here’s a quick rundown:
PROS
The firm accepts a variety of payment options, including mobile wallet deposits, cash collections, and bank transfers.
A beneficiary may withdraw funds from any banking institution in the nation.
After completing a transaction, a sender can set the exchange rate.
CONS
The amount that can be transferred in a single day is limited.
Some payment methods have higher transfer fees.
What to think about when transferring or sending money overseas
- Fees
The entire cost of the money transfer should be carefully considered because many of the charges might be concealed in weak exchange rates. Many organizations advertise fee-free transfers, but their fees are simply buried in the exchange rate they provide.
- The exchange rate
While you may immediately search up an exchange rate on Google, a fast comparison to the rate supplied by your bank or transfer agency can frequently reveal significant differences. The rate difference is the profit margin made by the bank or money transfer provider on the transfer.
- Transfer money
You’re undoubtedly curious about how long an international bank transfer takes. SendFX and XE Fund Transfers are two of the fastest alternatives available, with international transfers taking 0 to 3 days to complete.
- Security and safety
The Australian Government regulates all of the services mentioned below, offering you total peace of mind and guaranteeing that you always know where your money is during the transfer procedure. This guarantees that your savings are kept in a minimal risk financial institution and are safe and secure. All of the services listed are headquartered in Australia and are regulated there, which implies they must follow rigorous rules regarding the protection of your assets.
Furthermore, if the company has operations in different countries, you could have an extra layer of security and protection.
- Service
Service might be unexpectedly crucial when you need to link, and especially when you need to move big amounts of money.
The reasoning for this is that you will need to establish that you will be who you claim you are to fulfill all of the criteria. In general, this is a relatively simple operation, but if you have recently changed houses or anything else that raises a red flag, excellent customer service might be incredibly beneficial. All of the companies we’ve mentioned provide excellent customer service, but they really shine when it comes to larger orders.
Read More: Top 5 International Money Transfer Laws
Endnote
If you’re wanting to send money to Australia, go no further than this list.
The way businesses trade has been greatly simplified thanks to technological advancements. It was not easy to move money from one bank to another, much alone from one nation to another, only a few years ago.
Technological improvements, on the other hand, have turned our globe into a global village. With a slew of firms offering money transfer services in Australia, anybody may send or receive money in seconds, if not minutes. The days of relying solely on pricey banks to deposit and withdraw cash, or even send money to foreign nations, are long gone. Most consumers have turned away from their trusted banks in favor of using other methods due to the ease and cost savings offered by online money transfer firms.
Wise and Revolut spring to mind as the finest international money transfer applications for modest, regular payments, while Currencies Direct, OFX, and World First are terrific alternatives for transferring bigger amounts. The Up bank app is another simple-to-use solution.
Other sites, such as Currency Solutions, are also extremely good, but instead of a specialized app, they offer a mobile-friendly, responsive website, which may be fine to use. Apps, on the other hand, are better since many of them may operate as e-wallets, alerting you to events such as money being deposited into your account.
