International money transfer apps: UK to USA
Anyone who does business with people or companies in the USA will have to deal with the conversion of currency. These days, it is relatively easy: one can do it through the bank, using the SWIFT network without any trouble. However, this international money transfer app list will help save money on fees.
Over the past few years, the international money transfer industry has become increasingly prolific. There are many new companies providing efficient and cost-effective ways of sending money abroad. When customers use their banks to send money to the US, they pay 2% to 2.5% extra, and may also not get the best exchange rate.
Traditionally, doing business any other way has been a major inconvenience. Now, with international money transfer apps available in the US and the UK, it’s easy to save money without the hassle.
These are the top five international money transfer apps for sending currency from the UK to the USA.
OFX – best all-round app
There are a number of reasons to use OFX (formerly OzForex) to make GBP to USD payments, but let’s start with the most relevant: the OFX app is the highest rated of any on this list. It gets a 4.5 star rating on the Google Play Store and 4.8 on the Apple Store. Not only is the app user-friendly and effective, it also gives access to all the different features one would find on the OFX site. Users can make complex transactions, including hedging, or they can simply pay with a tap of a button on a phone.
This would mean little if OFX was a dud in the international money transfer game, however, that is far from the case. In fact, OFX is one of the best-known and popular money transfer companies in the world. OFX is an Australian company that is publicly listed. It has offices in the UK and US, among other countries, and has an annual turnover of over $20 billion.
App reviews speak of the ease with which one can set up an account, the availability of customer support to help throughout the process, and the added security of two-factor authentication.
Wise – a close, innovative second
Those who haven’t heard of Wise may have heard of TransferWise. TransferWise was only started in 2011, but it changed the money transfer game forever with its innovative fee-free approach. Unsurprisingly, the Wise app is one of the very best money transfer apps. With a 4.7 rating on the Apple Store, and 4.3 on Google Play Store, it is a close second to OFX. There is one major difference in the scoring: Wise’s apps have over 170,000 reviews between the app stores, whereas the OFX apps have just a few thousand.
Wise is continually innovating, and that has not changed since the company was publicly listed. As should be expected from a modern fintech startup, one can do all kinds of transfers from the app. Reviewers speak highly of its efficiency, ease of use, and of the seamlessness of borderless accounts.
Wise does not do any hand-holding: users are expected to take care of their own needs, which is not ideal for some people new to international money transfer. Others, however, will much prefer learning through help articles and trial and error rather than speaking to a human.
TorFX – best for guidance
Users who do want a bit more personal attention might consider using the TorFX app. In most cases, money transfer is not a complicated process, but when sending big sums of money overseas on a regular basis, finding the most cost-effective solution takes a bit of savvy. One needs to know how to use hedging tools and which are the best available.
TorFX provides all the guidance needed, with dedicated dealers available at all times. They will hold their customers’ hands through the process. They work with Forex all day every day, and can find solutions for any individual or company looking to transfer money abroad. Their app is designed to give access to this team of dedicated dealers.
This app has a high level of usability, with a quick onboarding process, and once set up it’s easy can perform any transactions through the app’s interface. It gets a respectable 4.4 rating on the Apple Store, and a 3.8 rating on the Google Play Store. Complaints centre on occasional bugs and the expensive fees when setting up a bank account from outside the UK.
PayPal – ideal for intra-app transfers
PayPal is one of the best-known names in the international money transfer industry. They operate around the world, making it easy to pay merchants, transfer money to global bank accounts, and get paid by international clients. Their app is excellent, with an incredible 4.8 rating on the Apple Store and a 4.4 rating on the Google Play Store.
The reason PayPal is not higher on this list is because it is only the best choice in certain scenarios. When sending money to someone with the PayPal app, it is excellent, and if paying a merchant that supports PayPal payments, it is ideal. However, for transfers to bank accounts, even in the US, the app lacks a lot of functionality. More importantly, PayPal is one of the more expensive ways to make these transfers.
PayPal is an app that everyone should have, because it will come in handy at some point. However, it is not the right app for a customer looking to make transfers or payments into global accounts.
XE – best for exchange rates
Those who don’t know XE as an international money transfer app may know the XE exchange rates app, which provides live exchange rates for every possible currency pairing. When it comes to the XE transfer app, users benefit from the transparency they get regarding these rates.
The app on the Apple Store has a 4.4 rating and the Google Play app has a 3.9 rating. However, it is important to note that many of the low ratings have come after the most recent update, with people complaining about lost functionality and other issues. While XE are expected to fix these issues with upcoming updates (after all, they have been consistently one of the top apps for years), it may be better to use one of the others on this list for now.
In addition to problems with the app, some people have complained recently that, although the exchange rates they get are still great, money transfers are taking far longer than they should.
When doing business with companies or individuals in the United States, one has to send and receive a fair amount of money via international transfer. Instead of using traditional means of paying for work or investments, using one of the above apps will almost certainly save money. It is easier than ever to send money in foreign currencies, with these apps giving the best exchange rate while providing a quick and efficient service.
The editorial unit