Online Money Transfer- Transferring money locally is one issue our local bank already has fixed. Using some of our local bank’s applications we can send money from one account to another locally. One of the main issues comes in when transferring or receiving money internationally maybe because of the difference in currency.
If you decide to transfer money using Local bank accounts, there are always a lot of complicated registration and issues involved. Sometimes the bank issues are relatively high especially in developing or under-developed countries.
This article is going to treat the topic, Online Money Transfer in the light of transferring money internationally by showing some excellent platforms for it.
Excellent in that sentence means platforms or applications that transfer money easily, simply, problem-free, fast, effectively, security-conscious and at reasonable charges.
Best Platforms For Online Money Transfer
Western Union
This is the most popular money transfer application available, also known as WU. This platform allows you to send up to $500 for a $5 fee and its interface is easy and simple to comprehend. It can be expensive sometimes depending on the amount you are transferring and the location you are transferring to.
This platform is the most experienced in the business, having been around for more than 160 years. They also offer a whole lot of financial services like money order, prepaid card sales, bills payments and so on.
Paypal
Another very popular platform, Paypal growth in recent years has been beautiful to watch. One of the reasons I prefer this platform is its security consciousness, it takes security as a priority. Available to more than 200 countries in 20 different currencies, this platform also offers an online banking service.
Its fees also vary on the amount and destination of the transfer so it’s a perfect platform for small transfers.
Walmart
Most people know this one as a shop or retailer. Although it only does cash pickups, it’s speed is almost second to none. Available to 190 countries, its speed almost can’t be matched. You could also transfer to MoneyGram’s widespread agents through this platform.
Venmo
I would like to call this app Paypal’s little brother. This software allows you to link your card to your account via the app or transfer money using the amount on your venom account.
Basically, it’s like an e-wallet where you can use the account or application to buy all kinds of stuff or make payments via mobile devices. But because of its low charges and flexibility, it can also be used to transfer money.
WorldRemit
You could transfer to 120 different countries using this platform. It also offers bank-to-bank transfer services, airtime services, and cash transfers. Fees vary on the country you are sending money to and the exchange rates at the time you are sending the money. Its maximum transfer is $9000 and sometimes might be $2000 depending on your account.
Note that your first transfer with this platform is free of charge and a kind of alert via your email or SMS is sent to the sender or receiver when the transaction is completed.
Moneygram
Speak of another giant in the business; this service is just as popular as WU (Western Union). It has over 350,000 agents located worldwide and can exchange over 50 different currencies. It is not just secure, it’s fast, reliable, and experienced.
One of the main reasons it’s popular is its very large global network and the number of financial services it offers. Note that it also charges it’s fees based on the exchange rate as of the transfer time and the country you are transferring to.
I would advise this platform or Western Union to persons sending money to African countries.
Currency Online
One of the oldest in this line of business, its charges are extremely reasonable and its customer care is always ready to help. Although it does not offer cash pickup, it exchanges more than 25 different currencies.
Payoneer
Payoneer allows you to send money safely and speedily to over 200 different countries in more than 150 currencies. You can receive and send money using the Payoneer account or a MasterCard connected to the account.
Although this platform is used mostly as a platform for mass payout or to pay contractors and freelancers fr services rendered, but also can be used to transfer money fast and secure. It works almost like Paypal.
Its services are free when you are transferring or receiving money via the app through the make a payment link. Most people might advise you not to use this platform because reports say that its customer service and work rate are poor. Payoneer has recently picked up, so it’s safe and very excellent to use
Ria
If you are thinking of a way to transfer money very fastly and secure, then you think of Ria. It does not just do online transfers but cash transfers, agents, and bank to bank accounts.
Although its maximum transfer limit is low (approximately $3000), the charges are reasonable and its services are good for emergencies.
Azimo
A Netherland online money remittance platform, it has no transfer limit. With this platform you can do bank account transfers, cash pickups, e-wallet transfers, airtime top-up, and so on. Its charges are reasonable and do transfer to over 150 countries.
Apparently, it’s not as efficient when sending money to the US as it is when sending to other countries.
This is my list of trusted online money transfer platforms, all listed to meet your needs and do it at ease.
