Money transfer App's

Money Transfer App's comparison

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XE

A trusted, globally recognized money transfer platform designed for both personal and business use. Offer competitive exchange rates, transparent fees, and robust security measures ensuring funds reach their destination quickly and safely. Xe supports transfers to 190+ countries in over 130 curriencies making it one of the most versatile on the market.

Features

Exclusive rates for high-value transactions in major currencies; receive more of your money on larger transfers; personalized service for high-value clients; guaranteed secure transfers with robust encryption

Performance

The app technical performance is reflected in its effective real-time currency data updates, security features (e.g. encryption and 2FA) and a user-friendly interface that allows for tracking transfers and setting rate alerts. Supports transfers 190+ countries in over 130 currencies.

Support

Generally receives positive feedback for its customer service. Users report that Xe staff are helpful and knowledgeable, readily assisting with any issues or mistakes. Has a dedicated Help Centre to address common questions and concerns. Trustpilot score 4.3 out of 5 stars.

Pricing and value

The rate you displayed when confirming transfer is the rate. All fees are shown upfront before there is confirmation of transfer. Larger transfers often come with lower or no fees, making them more cost-effective. Debit/Credit cards offer fast delivery, but come with higher fees making direct debit or wire transfers possibly the better option although may take a bit longer. NB: Potential third party fees; recipient banks or intermediaries, may charge additional fees

    Pro's
  • Customer Service. Team of currency experts available 24/7. 
  • Paying by Phone. No maximum transfer limit. 
  • Rates. Offers customers exclusive rates for high value transfers in major currencies. 
  • Dedicated Account Manager. Available for large sum transfers. 
  • Alerts. Custom rate alerts and market orders.
    Con's
  • Limit. Maximum online transfer of GBP $350,000 or currency equivalent.
  • Payments. Cash and cheque payments are not accepted.
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WISE

Known formally as ‘TransferWise’, is a financial technology company that provides international money transfers, multi-currency accounts, and debit cards. It's known for using the mid-market exchange rate (the same one banks use) and having transparent, low fees. This makes it a good option for sending money internationally, especially for those who need to deal with foreign currencies frequently. 

Features

Offers predictable exchange rates, fast transactions, low fees, two factor authentification, a multi-currency account and card with several features for sending, receiving, and spending money internationally, including low fees.

Performance

Generally performs well, user friendly offering fast and efficient international money transfers with a high percentage of instant or very fast transfers. Scalability enabling large volume of transactions. Guarantees strong, robust security measures (anti-fraud measures and 24/7 customer support, to protect user funds and information) and customer support, ensuring a secure and reliable user experience.

Support

Has been rated below average. Some users appreciate the ease of use and competitive exchange rates, others express dissatisfaction with the lack of transparency and responsiveness in resolving issues. There is menion of difficulty getting phone support and finding concrete answers to problems. Trustpilot score 4.3 out of 5 stars.

Pricing and value

Usually offers lower fees and has more transparent pricing (no hidden fees) than traditional banks and other money transfer services, including third-party and hidden fees. Uses the mid-market exchange rate (the real rate), with a small upfront fee, and doesn't hide fees in the exchange rate like some other providers.

    Pro's
  • Competitive Exchange Rates: Uses the mid-market exchange rate, which is the same rate making it more cost-effective than traditional banks. 
  • Low Fees: Generally has lower fees than traditional banks and other money transfer services, especially for international transfers.
  • Multi-Currency Accounts: Users can hold (and manage) multiple currencies in one account, making it easy to send, spend, and receive payments in different currencies.
  • Debit Card: Offers a debit card that allows user to spend in foreign currencies without currency conversion fees.
  • User-Friendly Interface: Website and app are generally considered easy to use.
  • Free to Sign Up: No signup or monthly fees with Wise.
  • Virtual Debit Cards: User can create virtual debit cards within the Wise app. These can be frozen or replaced if compromised, offering added security.
    Con's
  • Customer Support Issues: Some users have reported slow or unresponsive customer support. 
  • International Support Issues: Some users have found problems with international support. 
  • Load Fees: May be fees associated with loading money onto the Wise debit card. 
  • Not a True No-Fee Card: While Wise offers competitive exchange rates, it can still charge fees for loading or converting currencies. 
  • Accounts are Not Interest-Bearing: Doesn’t offer interest on balances. 
  • Enforcement Action: The Consumer Financial Protection Bureau (CFPB) has taken enforcement action against Wise in the past for inaccurate fee and exchange rate disclosures.
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WorldRemit

A digital cross-border payments platform that allows users to send money online to over 130 countries, offering various receive methods like mobile money, cash pickup, bank transfers, and airtime top-up. They are known for their fast, secure, and easy-to-use service, with over 8 million customers

Features

Known for its fast and secure transfers and provision of user-friendly service through app and website. Money sent to over 140 destinations worldwide. Recipients are able to choose from various options, mobile money, bank transfers, cash pick up and airtime top up.

Performance

Mixed reviews. While some users report issues and delays, others praise its simplicity and speed. WorldRemit has invested in modernizing its IT infrastructure to improve reliability, scalability, and efficiency, particularly addressing performance issues during peak loads.

Support

Generally receives positive feedback regarding customer service, with many users citing the speed and reliability of their transfers, as well as the ease of use. Although some reviews mention delays due to verification processes, which are necessary for compliance, overall, the service is well-regarded for its efficiency. Trustpilot score 3.9 out of 5 stars.

Pricing and value

Usually compares favorably to banks in terms of fees, particularly for smaller transfers, due to its transparency (no hidden fees) and competitive exchange rates. The fixed fees can be more predicatable, especially for lower amounts. Offers a wide range of payout methods, including cash pickup, mobile wallets, and bill payments.

    Pro's
  • Wide Network: Ability to send money to over 140 countries.
  • Flexible Payment Options: Receive money via bank transfers, mobile money accounts, cash pickup, or airtime top-ups.
  • Real-Time Quotes: Access to instant quotes for fees and exchange rates online and through the app.
  • 24/7 Support: WorldRemit provides customer support around the clock.
  • No Minimum Transfer Amount: No minimum amount you need to send.
    Con's
  • Markup on Exchange Rates: Exchange rates include a markup, meaning user might not get the exact middle market rate.
  • Variable Fees: Transfer fees can vary depending on the service you choose, e.g. delivery method or transfer speed.
  • Limited Business Services: Doesn't offer services specifically for businesses.
  • Delivery Method Availability: Not all delivery methods are available in every country.
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PayPal

Well-known and widely recognized company that leverages technology to deliver financial services. PayPal’s core function is to enable online payments and handle digital transactions. 

Features

Utilizes technology to allow users send and request money, shop online, manage bank and card transactions and other information

Performance

Generally robust but users have found issues with usability, glitches, and responsiveness. However Paypal has very good fraud detection, employ a combination of transaction data, models, and advanced data processing to monitor risks. Leverage large data analytics, including graph mining, text analysis, and machine learning, to improve the customer experience and detect potential issues. Looking at innovatively at how to increase speed of checkout process, integrating passkeys for faster logins.

Support

Positive feedback regarding some aspects of service. Paypal is continuing to make improvements by using analytics and personalized support to enhance the customer experience. Trustpilot score 2.0 out of 5 stars.

Pricing and value

While PayPal's fees are generally upfront, there can be instances of third-party fees if a recipient doesn't have an account. Money transfer fees can be higher than alternatives, particularly when currency conversions are involved.

    Pro's
  • Ease of use - Known for simple interface and straightforward payment process.
  • Security - Utilizes encryption and fraud prevention measures to protect user data and financial information.
  • Buyer protection - Buyer protection program can provide refunds for eligible purchases that are not received or significantly different from the description.
  • Wide acceptance - PayPal is widely accepted by online merchants, making it convenient for various purchases.
  • Invoicing and recurring payments - Offers features for businesses to send invoices and set up recurring payments.
  • Multiple payment options – Ability for users to link bank accounts, credit cards, or debit cards to their PayPal accounts, providing flexibility in payment methods.
    Con's
  • High transaction fees - Fees for international transactions and currency conversions can be substantial. 
  • Account limitations – User may be limited or have accounts suspended for various reasons, including high chargeback rates or suspected fraud. 
  • Difficult customer support - Some users have reported challenges in resolving issues. 
  • Potential for scams - PayPal is a target for scammers, and users should be vigilant about suspicious emails or transactions. 
    • • Slow withdrawals – Some cases where withdrawal of funds to a bank account can take time.  • No protection for some services - Buyer protection may not cover all types of transactions, such as streaming services. 
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OFX

A financial platform that facilitates international money transfers for both individuals and businesses, offering a secure and convenient way to send and receive funds globally. OFX (Open Financial Exchange) provides competitive exchange rates, minimal fees, and 24/7 support from the ‘OFXperts’. A publicly listed company with a global presence and a strong focus on financial security and fraud prevention.

Features

Utilizes technology to provide financial services, such as international money transfers. Standardises data format for exchanging financial information between different software systems. Part of the larger fintech industry that is disrupting traditional banking, focus on digital money transfers and global payment solutions.

Performance

Normally receives positive reviews, particularly for its international payment platform and user experience. Users find easy to use (platform user friendly) and appreciate speed of transfers, and transparency of FX conversions. Robust security measures are included to prevent fraud.

Support

Has a strong reputation for providing good customer service (speed, reliability), with 24/7 support available. Many customers praise the availability of personal brokers and the overall ease of use of the platform. Trustpilot score 4.3 out of 5 stars.

Pricing and value

Generally offers transparent fees, primarily charging a small fee for transfers under a specific amount. Potential third-party fees (intermediary, beneficiary, payment return fees) from the recipient's bank, which OFX does not directly control. 

    Pro's
  • No transfer fees – Does not charge fees for transferring money, making it a cost-effective option, especially for larger transfers. 
  • Competitive exchange rates- Offers competitive exchange rates, potentially saving users money compared to traditional banks. 
  • Wide range of currencies - Supports a wide variety of currencies which allows users to send money to 55 different currencies. 
  • Forward contracts and limit orders- Provides forward contracts and limit orders, allowing users to manage currency risk and lock in exchange rates. 
  • Tax payment options - Allows users to make tax payments directly from overseas e.g. the ATO (Australia) and IRD (New Zealand). 
  • Good customer support – Provides customer support through phone and online channels. 
    Con's
  • Not ideal for small transfer – Not ideal or the best option for small transfers due to minimum transfer requirements and flat fees. 
  • Limited functionality -  App's functionality is limited to currency transfers and does not offer features like recurring payments or multi-currency holding accounts. 
  • Account setup and verification time – Can take 1 – 2 business days to go through process of setting up account and verification. 
  • No cash pickup or debit card options – Does not offer cash pickup or debit card access. 
  • Potential for delayed or lost funds -  A percentage of users have reported issues with funds not reaching their destinations or delays in transfers. 
  • Availability – Not available in all countries.