Historically speaking, banks have always had the monopoly on the money transfer business. The reason for this is that the Internet was not as strong of a force for customers to consult. This is an important fact because the only way that consumers previously had access to changing money was through visiting their local bank. Now, with the implementation of the Internet, consumers have the opportunity to research different rates to see which ones are the best for their upcoming transfer. As a result of this availability of information, there has been a new market created for money transfer startups to offer better and cheaper transfers to consumers. One of the pivotal tools that these companies have used are mobile Apps to grow their customer base. A review of the three best Apps for money transfers will be outlined below:
Money Transfer Apps
App 1: TransferWise
TransferWise has been a rising star in the mobile money transfer industry. Part of this has been as a result of Richard Branson’s involvement; however, the rest of the success has been attributed to the ease of the App for customer use. TransferWise is available for both the Android and iPhone. Additionally, TransferWise is primarily having their main success in the UK. What makes TransferWise ideal is that it does allow for low transfer amounts that are less than 1 Pound. The reason that TransferWise can get away from this is their peer-to-peer platform for transferring money. TransferWise buys and sells currency to clients while handling the international transfer. TransferWise essential connects users while taking a fee for operating their service. Even though TransferWise is still in the green phase of their development, their prospects look quite successful because of the positive feedback that they have already received from consumers.
App 2: WorldFirst
WorldFirst is also a UK based company that specializes in mobile money transfers. Even though the company is currently only servicing UK users who want to transfer money abroad, there will be an international version of this App available quite soon. For now, WorldFirst is available on both iPhone and Android devices. The App has very minimal fees and these fees are calculated based on the size of your transfer. What makes WorldFirst unique is that it can be used for businesses and individuals as well. WorldFirst truly takes their App a step further from their competition because they actually have FX market news and important alerts available to their users. They essentially made their App a one stop shop for currency exchange transfers. WorldFirst has done especially well with making their payment option accessible for the consumer or business person on the go. WorldFirst specializes in Quick Trade, which allows clients to transfer in moments once they have officially registered with the site. Once a payment is made, WorldFirst ensures that their clients can track their payments through each and every step of the way. One particular benefit for WorldFirst’s clients who live in the UK is the ability for customers to pay with their debit card for the transfer. This greatly changes the world of currency exchange because it essentially eliminates banks from the picture all together. Pertaining to the market news that WorldFirst offers their customers, they offer currency converters, live rates, and market updates for customers to enjoy. WorldFirst has a great deal of potential in the industry to grow into being one of the global money transferring powers through a mobile App.
App 3: WorldRemit
WorldRemit is a UK based company that specializes in direct money transfers. WorldRemit is available on both iPhone and Android. What makes WorldRemit so special is that the company through their mobile App facilitates direct money transfers internationally with no marginal fees or minimal transfer limit. Within the industry, it is known as the “straight to the point app.” WorldRemit is ideal for the consumer who wants a no nonsense money transfer to arrive to another country within minutes. The way that WorldRemit pulls this off is that they conduct bank-to-bank payments and cash pick-ups. Clients have responded quite well to WorldRemit because it is fast and efficient to use. They have also greatly enjoyed the SMS notifications verifying that their payment was in fact made successfully.
All in all, these mobile transfer Apps are changing the way that both businesses and individuals transfer money. It will be fascinating to see how these Apps end up combating or even eliminating the banks from the money transferring equation in future years.