How to make a money transfer on mobile?
When it comes to sending money to relatives abroad or transferring funds for any reason whatsoever (paying taxes or bills, purchasing goods or services, etc.), comes back the problem of the means we are going to use. In 2021 we are spoiled for choice with banks, PaySend-like services, the classic Western Union, the new Wise system, MoneyGram or mobile applications like Apple Pay… The problem is that it is quickly easy to get lost in the range of applications available.
Some tips when choosing my money transfer app
For each service, different conditions and charges apply. Some transfer services are not available in all countries and then the problem of the delay is also an important factor: it is good to pay the minimum fees, but if the funds must arrive in 2 weeks …
- Location – make sure the app is available both in your country, but also in the one where you plan to send the money.
- The cost of the transfer – Hidden fees as well as transfer fees impact the amount initially sent. try compare total cost transfers and choosing the one with the lowest fees and the best exchange rates.
- Speed of transfers – Make sure the deadlines match your recipient’s expectations
Although European measures force the institutions to be more transparent about the costs of transfers, money transfer comparators have emerged on the Internet in order to shed light on all the hidden costs and processing times. You just need to enter the country of destination and the amount to know everything there is to know: possibility of making a bank transfer, use of a debit or credit card, speed of the transfer (from a few minutes to several days), possibility of recovering the money in cash on arrival, service reserved for B2B or for individuals, fees, exchange rates, etc. We can even see different offers: first free transfer, promo code… For most services, we will of course find the appropriate mobile application.
Fixed costs, fees and exchange rates
According to world Bank, it’s every year 13 billion euros which are transferred abroad by French residents. We are thus the third country in Europe and the eighth in the world in terms of outgoing transfers: Africa, Asia, Eastern Europe, USA, etc. With all the offerings on the market, the potential customer will have a hard time sorting the wheat from the chaff.
And even if the delay is not a concern, there remains the obstacle of the costs. Some services have fixed commissions (2, 5 or 15 € per transaction, regardless of the amount), but there are also variable fees per tranche. Also watch out for sites that proudly display “zero fees”, because they make up for the “exchange rate margins”. Instead of making you the euro at $ 1.20 for example, they’ll charge you $ 1.35 for it. On a large sum of money, it can fetch 5% or 8% cumulative costs. Hence the interest of a comparator or at least one top 10 money transfer providers to see more clearly …
