Send Money Abroad For Less: The Best Money Transfer Apps For Expats
Speak to any seasoned expat and a common frustration raised would be with international money transfers. Unfortunately, with Banks slow to embrace international payments, this can get expensive and cumbersome fast through traditional remittance methods. Thankfully, money transfer apps have made it simple and easy to transfer money directly through your smartphone. These apps offer the ability to send and receive different currencies at very reasonable rates.
For best-in-class customer support across both personal and business transfers, look no further than TorFX. With telephone assistance across the Asia Pacific, US and Europe, the TorFX team is just a call away for users who need assistance with their transfers. This is important when amounts increase, and you will likely want and need support to ensure your transaction proceeds smoothly.
If you desire to transact online only, TorFX is no slouch, giving you access to Forex solutions such as forward and spot contracts, as well as market orders to take advantage of the best rates available in the market. As a friend of Moovaz, you get a dedicated account manager to handle all your queries by simply signing up here.
Revolut is a digital banking alternative that allows you to set up a current account with no paperwork. Revolut is extremely digital first, with an app that is simple and streamlined. Key features include fee-free international payments at interbank exchange rates, the ability to hold different currencies in one account, analytics of your spending habits and worldwide acceptance of the Revolut debit card.
This makes Revolut a good solution for everything from everyday spending to international money transfers. Revolut provides a range of membership tiers for a low price, allowing you to unlock additional features such as free ATM withdrawals.
With a minimum transfer amount of USD 1,000, OFX is a solution with large international money transfers in mind. Indeed, with fees that decrease, and are often eliminated as the amounts increase, OFX puts forward a competitive proposition due to its strong exchange rates and large global network. Having a good service experience is important as well, particularly if you are transferring a large sum.
OFX strikes a good balance between being as online as possible, while also providing live telephone support. With offices in the US, UK, Canada, Australia, Singapore, Hong Kong and New Zealand, customers can easily reach a service agent if help is needed.
InstaRem has built its platform on speed, convenience and flexibility. With zero exchange rate margins and or hidden charges, InstaReM allows you to transfer money to more than 30 countries, including Australia, Europe, India and Japan. With low transfer minimums of SGD 200, InstaReM makes financial sense for those who remit in low quantities but high volume.
Users can take advantage of the best rates possible by selecting a preferred currency pair, with InstaReM providing you with daily updates to take advantage of a favourable rate if available.
If you have to transfer significant amounts of money, WorldFirst may be the option for you. It has the ability to use spot contracts for one time transfers, forward contracts to lock in rates for future transfers and even set up recurring payments. WorldFirst is a good solution for those who can anticipate their remittances in advance and are able to meet the minimum transaction threshold of USD 1,000. However, since 2019, WorldFirst is unable in the US, and US customers may have to look at other options, such as TorFX or Revolut.
TransferWise is a multi-currency e-wallet that allows you to remit money, exchange currencies and transact with its MasterCard debit cards. TransferWise users can withdraw up to SGD 350 at overseas ATMs every 30 days without fees, making it a good option for those who want to simply withdraw cash from a local ATM while holidaying. However, TransferWise has higher fees as compared to other e-wallets such as Revolut, and may not be the best option for international money transfers.
The Bottom Line
We recommend first understanding what you need – do you need an accompanying debit card? Forex instruments such as forward contracts? The ability to transfer smaller amounts? Each of the providers strikes a tradeoff between exchange rates, fees and speed, and there is no one size fits all solution. You may even choose two apps to use for different needs!