The best money transfer app for iPhone make it quite easy and simple to transfer money to friends, family, and also pay for services. Money transfer apps are also known as Peer-Peer apps, and they help you send money securely. They simplify payment and also let you link your digital wallet to your credit card or bank account. With just a few taps you can make electronic transactions and payments.
Banks were reluctant to embrace the internet. This made room for quite some third parties to develop tools that will make sending and receiving money painless and easy. Although banks have gradually accepted the internet, and have made money transfers online easier, not least through apps, an international transaction is still difficult to do without the use of a third-party money transfer app.
This is where these best money transfer apps excel, in all regards, they’ve blossomed in much the way as personal finances software. With transfer apps, you have the opportunity to send money across the world using a wide range of currencies in a format that is pain-free and easy.
There is always a charge that is associated with any and every transaction that you make. However, be sure to check for charges before making any transaction; although, these best money transfer apps usually offer an affordable rate that is certainly worth the cost of convenience.
Security is, by all means, a top-notch provision with money transfer apps, they make sure that your transactions are usually protected through a combination of features to keep them safe, and of course, this includes strong encryption between devices.
Best Money Transfer App for iPhone
Here then is our top pick for the best money transfer apps for iPhone that are currently available.
Venmo
This app is quick and easy, safe and secure, and has a couple of other added features. What makes Venmo popular amongst individuals and businesses is due to its money transferability and it has the muscle of its parent company PayPal behind it. What makes this app so appealing to its users is the social edge it offers to its consumers. Venmo gives its users the ability to share their purchases with other users that are in their social group.
This best transfer app for iPhone works much like a digital wallet, what it does is that it allows for easy and quick peer-to-peer transactions which are undeniably useful if you need to make some transaction. How about sharing a cost of a meal? Venmo is actually perfect for making sure that everyone pays their dues. What makes this app stand out amongst others is that there is no monthly or annual fee, although credit cards will attract a 3% fee.
It is relatively easy to set up and use this app, payment can be made through a bank account or a debit card that is linked to your account. Money can be transferred directly if you have enough money stored up in your Venmo wallet. There’s however a 1% charge if you intend to move money out of your venom account and into your bank account. If you run into any hitch while carrying out this transaction, wait for at least a 1-to-3 day payment schedule.
With Venmo, you can boost the option of making payment using QR codes, which is perfect for effective, efficient, and accurate transfers that are sure to go to the rightful recipient.
PayPal
PayPal can be considered the mother of all money transfer apps. It is without a doubt one of the oldest international money transfer apps. This app has been used by millions of people, business owners to make transfers and transactions across the globe.
What makes PayPal popular? The fact that it keeps all your financial information secure and private, the app also helps in monitoring your transaction around the clock.
Secure encryption technology, protection from fraud, and two-factor authentication add an extra layer of protection and security to your money.
The simplicity of just entering your mail address and phone number to direct all your payments will be no doubt always carry appeal on PayPal’s platform.
However, we should state that if quick peer-to-peer transfers are very important to you than making an international transaction, then those debit card fees may push you towards Venmo. PayPal users can pay 2.50% plus some fixed fees to send money through a credit card. PayPal however charges $2.50 to make international transactions through a PayPal balance, bank account, or through an Amex send account.
Azimo
This app has been around for less than a decade, however, its online services now span over 200 countries. They are also a benefit of 24/7 delivery to some selected countries, without any restrictions and delay even on weekends. First-time users of this app get the benefit of two transfers free-free.
This best money transfer app for iPhone has about 80 different currencies on offer from their services which allows its customers to choose from a wide variety of methods to transfer money. These also include bank deposits and mobile wallets, or cash.
They’ve also been a recent development from Azimo, this development is aimed at both small and medium-sized businesses. They can now benefit from transfers that are usually more competitive than their banks.
The overall charges of this app are dependent on where money is been sent from, its destination along with the preferred delivery method.
Western Money
When it comes to money transfers, this app has one of the highest profiles. This app offers its customers several pricing options with the use of Western Union Price Estimator tool. You can select a transfer method either online or in-store or on your mobile. Charges depend on where you’re transferring money to and also the currency.
Western Union offers features like cash pickup and mobile wallet, the later which has grown in popularity. But what stands out the most about the western union is the app; this is because they have revolutionized their services, simply because it is very handy.
You can track your transfers and have access to the contact that you send money to on this app. The option of paying directly from your bank account, through a card really adds to the convenience factor, as does its ability to integrate with Apple Pay.
Wise
Wise, which was popularly known as TransferWise is a peer-to-peer money transfer app that is available in about 59 countries. What this app offers is a straightforward money transfer option, and it also has a multi-currency account option. This allows its customers to hold over 50 currencies at the same time, converting them as and when it is okay by you.
This app has a fee page that allows you to see how a percentage of the fees is a fixed fee, and this is followed by a variable fee. The two are usually added together, which means for every transaction you make, this app gives you a total fee that is chargeable.
The wise app also has a unique calculator that allows you to work out your charges in advance of sending or receiving funds.
Final Thought
Regardless of what you want to do, whether it transferring or receiving money within your country or internationally, you can use the above best money transfer app for iPhone. When it comes to transferring money, security is a prime concern, this is why we’ve handpicked these apps based on their usefulness and popularity.
