Top Money Transfer Apps For International Students 

Are you a student looking for the best international money transfer app to send money overseas?

Sending money internationally has become an everyday part of many people’s lives around the world.

Whether you’re supporting loved ones abroad, handling overseas business transactions, or managing personal finances, it is vital to know a good service provider to secure international money transfers. 

Two decades ago, you would have had to do a bank transfer. However, today’s technology offers a more convenient alternative: money transfer apps. 

When selecting the best way to send money internationally, evaluating a few key factors is crucial. In this article, we’ll discuss the best international transfer apps for sending money abroad, detailing their key features, payment methods, and pros and cons, to help you choose the best one for your money-transferring needs. 

Let’s dive in. 

What Is The Best App To Send Money Internationally?

If you’re looking for an app to transfer money internationally, we’ve got your back! 
Here is our comprehensive list of the five best money transfer services to send money internationally.

Wise

Wise is one of the best money transfer services for individuals and businesses. It facilitates receiving and sending money internationally, checking currency exchange rates, and managing bills from virtually anywhere.

Features Of Wise 

• Payment Method: Direct debit (ACH), credit or debit card, Apple Pay, Google Pay, or wire transfer. 
• Cost: Requires fees upfront that are typically less than 1% of the transfer amount, the lowest if you use a bank account for your money transfer.
• Receiving Options: Wise account, bank account.
• Transfer Speed: Ranges from a few seconds to 2 business days.
• Transaction Limits: Varies by currency. Personal accounts allow up to $50,000 per 24 hours using debit and $2,000 per 24 hours using cards. Refer to Wise’s sending money information page for specific details.
• Currency Access: Access 40 currencies in over 70 countries via local rails, and reach over 160 countries using the SWIFT network. 
• Account Features: Obtain bank account details in 9 currencies. 
• Exchange Rate Monitoring: Track previous exchange rate changes, compare currencies, activate exchange rate alerts, and receive real-time notifications.
• Convenience: Effortless recurring money transfers and the ability to repeat previous transfers. 
• Multi-Currency Account: Open an account that supports multiple currencies. 

Pros Of Wise

• Offers a versatile multi-currency account. 
• Provides bank account information in 9 different currencies. 

Cons Of Wise

• Limited options for receiving money. 
• Supports fewer currencies compared to some competitors, such as Western Union. 

Wise is excellent at handling frequent money transfers across multiple currencies. Its fee structure and exchange rate monitoring simplify financial planning. However, other options might be more suitable if you need traditional money transfer services such as cash pickups.

OFX

OFX is a reputable and licensed money transfer provider with over two decades of experience. It has facilitated millions of international transfers for individuals, businesses, e-commerce, and sole traders.

Features of OFX

• Payment Methods: Direct debit, wire transfer, OFX account.
• Cost: No transfer fees, regardless of the amount you need to send. Exchange rate markups are around 0.5% to 1%.
• Receiving Methods: Back account.
• Speed: Typically 1-2 business days.
• Transaction Limits: There is no maximum limit on the amount you can send over a specific period.
• Currency And Country Coverage: Supports international transfers in over 50 currencies to more than 170 countries.
• Transfer Options: Allows online money transfer via the app or over the phone. 
• Rate Locking: Secure exchange rates for up to 12 months.
• FX Limit Order: Set a target rate for your money transfers.
• Scheduled payments: Automate routine payments for expenses like rent, mortgage, and pensions.
• Unified Dashboard: Manage all your currency transactions in one place.
• Customer support: Available 24/7.

Pros Of OFX

• Advanced features such as rate locking and FX Limit Orders.
• Ideal for large international transfers.

Cons Of OFX

• Primarily supports bank-to-bank transfers for personal use.
• Higher minimum transfer amount compared to some competitors.

OFX is one of the best international money transfer services because of its cost-effective transfer fees, which are particularly beneficial for larger transactions.

However, since it is limited to only bank-to-bank transfers, there are other options for sending money internationally.

Western Union

Western Union allows you to track and send money internationally from the U.S. to over 200 countries.

You can make payments through online money transfer, via their app, or in person at an agent location, with options to transfer money for cash pick up or directly to a recipient’s bank account.

Features of Western Union

• Payment Methods: Back account, in-app Apple Pay, credit or debit card, and cash at over 57,000 U.S. agent locations and 525,000 global agent locations.
• Cost: Fees vary depending on the funding source and delivery method. The website’s calculator allows you to calculate and estimate the price.
• Receiving Methods: Back account, cash pickup, mobile wallet (in select locations).
• Speed: You can transfer money in minutes from agent locations and Mobile Money Transfer, next-day availability for agent pickup, and 2 to 5 business days for a direct bank deposit. These times can vary by country.
• Transfer Limits: Transactions over $3,000 from the U.S. require identity verification, after which you can send up to $50,000. Limits may vary based on the destination country and service used.
• Global Reach: Send money internationally to more than 200 countries.
• Real-Time Exchange Rates: Check current foreign exchange rates instantly on the Western Union app.
• Quick Repeat Transfers: Save the receiver’s details for faster future transfers.
• Transfer Tracking: Easily track transfers and receive instant notifications.
• Bill payments: Pay bills anytime and anywhere with the Western Union app.

Pros Of Western Union

• Extensive global network with money transfer services in over 200 countries.
• Good physical presence for cash-based transfers.

Cons Of Western Union

• Competitive fees of exchange rates might not be as ideal as those offered by other services.

Western Union has an extensive international reach, a broad network of agent locations, versatile methods to transfer money anywhere and anytime, and handy features like saving the receiver’s details for future transfers.

Xe Money Transfer

Xe Money Transfer offers a reliable, fast, and user-friendly way to send money instantly to over 130 countries.

It is known for its competitive rates and fees and surpasses traditional banks in providing foreign exchange services and tools.

Features of Xe money transfer

• Payment Options: ACH, wire transfer, debit card, credit card payments.
• Cost: Varies based on the payment method, currency, and destination.
• Receiving Methods: Back account, cash pickup, mobile wallet.
• Speed: Instant transfers if using a card; a bank transfer can take up to 3 business days.
• Limits: Personally sending money online has varied limits based on your country. Business limits may be customizable.
• Global Reach: You can transfer money to over 200 countries in over 100 currencies.
• Additional Features: Currency pair history chart, live tracking, and notification, rate alerts.

Pros Of Xe Money Transfer

• High transaction limits.
• Extensive range of supported currencies.

Cons Of Xe Money Transfer

• Does not support a prepaid credit or debit card.
• Some payment methods are restricted to specific regions.

Xe Money Transfer is known for its high transaction limits and quick setup process, which requires just an email address.

However, it has some issues as its fee details are not disclosed until accessed within the app despite initially showing clear pricing.

Remitly

Remitly is an online transfer app designed to facilitate international transfers to over 150 countries. It particularly supports immigrants who work and live away from their families.

Features Of Remitly

• Payment Options: Bank transfer, credit card, debit card, Apple Pay, Google Pay.
• Cost: Provides a flat rate, but the final price depends on the country to which you’re sending money.
• Receiving Methods: Bank account, cash pickup, mobile wallet, home delivery.
• Speed: Approximately 4 hours for the express option and 3-5 days for the economical option.
• Limits: Depends on location. Daily limits can reach up to $2,999 with a monthly cap of $10,000 and a maximum of $18,000 over six months.
• Currency And Country Reach: Send money abroad to over 150 countries in 75 currencies.

Pros Of Remitly

• Extensive payment and receiving options, including cash pickup, home delivery, and mobile wallets.

• Flexibility between express and economy transfers.

Cons Of Remitly

• Offers fewer features compared to other competitors.
• The website’s navigation can be challenging, and the fee calculator may be complicated.

Remitly is a great way to send money abroad because of its diverse range of sending and receiving options, quick and straightforward sign-up, and transparent pricing and flexibility.

However, the website has some navigation difficulties and limited additional functions compared to competitors.

Factors To Consider When Choosing An International Money Transfer Service

Before you consider using a transfer service to send money online, keep the following factors in mind:

Transfer Fees

According to the World Bank, the average cost to send money internationally is just over 6% of the transfer amount. It’s wise to compare different services, including your bank, to find the lowest fees and ensure there aren’t any hidden fees.

Exchange Rate

Always check the rate offered by a service before initiating an international transfer. The “mid-market exchange rate” is the rate major banks use for currency exchanges. Many services add a markup to this rate, reducing the amount the recipient will receive.

Transfer Time

Some services offer expedited transfers for an additional fee. However, time zones and payment methods can influence how quickly the recipient receives the money. It is crucial to remember this before making any additional payments for a faster transfer.

How To Send Money Internationally

Each transfer service offers straightforward instructions for sending money internationally. All of them generally follow a similar process:

1) Sign Up Or Log In: Choose the transfer app that suits your needs and create an account. Verify your identity with a driver’s license, passport, or other government-issued ID.

2) Enter Recipient Information: Provide the recipient’s name and banking details. If the recipient will pick up the money in person, choose the appropriate location. Ensure the recipient’s name matches their government ID.

3) Specify The Amount: Decide how much money you want to send and select the currency your recipient will receive.

4) Complete The Payment: You can pay for your transfer using a credit card, debit card, or direct bank transfer. Bank accounts are usually the least expensive option, while a credit card payment might incur additional fees.

5) Monitor Your Transfer: Most apps will provide an estimated delivery time after completing the transaction. Some of them also offer features to track the status of your transfer.

Tips And Advice For International Money Transfers

Here are some tips and advice that can help regardless of the service you choose:

Compare Providers: Shop around and compare upfront fees and exchange rates from different companies. Choose the one that offers the services at the lowest fees and best exchange rates.

Regularly Review Service Options: Prices and features can change over time, so periodically compare different services to ensure you get the best deal. The most cost-effective option now might not always remain the best choice.

Choose Payment Methods Wisely: Avoid using a credit card to pay for transfers unless absolutely necessary, as it’s typically the most expensive method. A direct bank transfer is usually cheaper, though slower. Debit cards can offer a faster transfer with lower fees than credit cards.

Check Delivery Times: Ensure the service’s delivery timeline suits your recipient’s needs. While some transfers are almost instant, others may take several days.

Track Transfers: Monitor your transfers to confirm that the recipient receives their money. Incorrect contact or bank information can send funds to the wrong account.

Avoiding Scams And Fraud: Never send international wire transfers to someone you haven’t met in person, as such requests are often scams.

Additionally, never send international wire transfers to someone claiming to be from a government agency or a salesperson insisting that wiring money is the only payment option.

FAQs

Does Zelle Work Internationally?

Zelle is only available for U.S. customers and cannot send money to anyone abroad.

What Is The Cheapest Way To Send Money Internationally?

Transferring money directly from your bank account to the receiver’s bank account is the cheapest way to send money online. You don’t have to pay the additional fee most transfer services charge for debit or credit card payments.

Why Is My Money Transfer Taking So Long?

This can be due to many reasons, such as bank holidays, weekend delays, currency conversion delays, fraud detection and prevention measures, slow international bank networks, global events, and natural disasters.

Conclusion

As an international student, there are many reasons why you would send money abroad. Whether you are transferring money to anyone around the world or managing personal finances, it is a quick and simple process thanks to these money transfer apps. You can be sure the recipient will receive your funds instantly and easily from your bank account.