The times in the finance world are changing. And tailoring your needs is essential. If you are someone looking for convenience, money transfer apps are the next option to choose.
Money transfer applications play an important role in the global economy. As overseas citizens, people across the globe look for options to move money easily. And remittance transfer companies prove to be important here.
While it is important to choose a service that’s quick, make sure you’re choosing a secure option. Keep reading this informative blog. You can learn more about the available money transfer apps and how to pick the best one.
Understanding Remitly
Remitly is a renowned money transfer application. It lets people in Europe, North America, and Singapore send money worldwide. Remitly was founded in 2011 with the aim of making money transfers seamless and secure.
Since they operate digitally, they don’t have any physical location. Their low costs and charges ensure that your money reaches you, safely.
How Remitly Works
Remitly is a digital remittance service provider. Its aim is to make money transfers smooth. Sending money with Remitly is just based on a few steps. These steps include:
- Ensure that your country is supporting the Remitly application.
- Download the Remitly app. Create your account.
- Gather all your details and the recipient’s details.
- Initiate your transfer.
- Get notified of your successful transfer.
Remitly provides its remittance services for people worldwide. It has global offices in London, Manila, Singapore, and Cork. Whether you are living in the US, the UK or Australia, Remitly allows you to move money easily.
Importance of Exploring Alternatives
But is Remitly enough? Sure is not. If you are planning to move money across the world, it is essential to look for alternatives. There are a number of money transfer applications competing in the market.
Exploring alternatives might sound tiring. But do you know what it brings? Here are a few benefits of exploring alternatives:
- Other options could be more effective.
- Other money transfer apps could be more cost-friendly.
- The alternatives may require less effort and maintenance over time.
It may seem like your choice is nearly the best choice, but by exploring, you can figure out potential tweaks.
Think Ahead with These 10 Best Remitly Alternatives
1- Western Union
Western Union has been operating since 1851. Ever since then, it has become a name for money transfers around the world. The concept of wire transfer was built by Western Union with the aim of making money transfers easier.
Western Union focuses on quick and seamless transfers. Customers can easily set up their accounts on the application and start transferring funds worldwide. With guaranteed delivery times and a notification system, you can even track the transaction.
Pros
- Send transfers to 200+ countries.
- Over 550,000 workers to facilitate easy money transfers.
- Offers person and company personalised payout options.
Cons
- Transfer fees can be quite high.
- The exchange rates do not follow any trend. It might affect transparency.
- Low exchange rates for cash pickups.
2- WorldRemit
WorldRemit was founded in 2010. The aim was to provide a fully-featured money transfer application.
Since then, WorldRemit has been serving startups and SMEs in managing their finances. This online money transfer application offers quick money transfers in one place. It ensures your money reaches your wallet.
Pros
- Range of options available, including cash pickups, e-money, etc.
- User-friendly application with a global network.
- Quick transfers from minutes to hours.
Cons
- Not all delivery methods are available worldwide.
- The total fees include a markup on the exchange rate, too.
3- Ria Money Transfer
Ria Money Transfer is a subsidiary of Euronet Worldwide. It specialises in facilitating money remittances across the world. Ria Money Transfer facilitates transfers through a network of stores and agents.
They are located in North America, South America, Europe, Asia-Pacific, Africa, and other countries. The company opened its first store in 1987 and has been growing ever since then. The application has over 100 million downloads. It allows customers to send money quickly.
Pros
- Serves 150+ countries across the world.
- Offers home delivery of the cash in Vietnam, Philippines, Dominican Republic, and Peru
Cons
- Bank transfers may take up to four working days.
- You can’t send money to a recipient’s card number directly.
4- ACE Money Transfer
ACE Money Transfer allows you to send money to 106 countries around the world. This gives you the option to move money around the globe in the most trusting way.
ACE has more than 375,000 payout locations. This helps millions of customers around the world make easy transfers. Their services include bank deposits, cash pickups, mobile wallets, and bill payments.
Pros
- Offers quick and secure money transfers around the world.
- Easy exchange currencies
- Serves 106+ countries worldwide.
Cons
- High transfer fees.
- Exchange rates change without any trends.
5- OFX
OFX, legally known as the Canadian Forex, serves more than 1 million customers. With OFX’s application, you can move money across the world in more than 55 currencies.
All you need to do is to register with OFX and you are good to go! This involves proving your identity with documents like a driver’s license and passport.
Pros
- Available in more than 190 countries
- No transfer fees.
- No transfer limits.
Cons
- Minimum transfer limit.
- Charges markups on exchange rates
- Supports only bank-to-bank transfers.
6- Taptap Send
Taptap Send is a free finance application. It offers a convenient solution for moving money straight from your device. One of Taptap Send’s most prominent features is that 90% of money transfers are completed within five minutes.
The application has a stringent security system. It secures your personal information from getting breached.
Pros
- No hidden fees.
- Caters more than 28 currencies.
- Robust security system
Cons
- Frequent account suspensions
- Limited country support.
7- XE
XE is a Canada-based online foreign exchange company headquartered in Newmarket.
The company is best known for its currency converter application. It offers accurate exchange rate information. It also facilitates quick money transfers across the world since 2015.
Pros
- Serves more than 190+ countries in the world.
- Supports multiple payout options, including cash pickup, bank transfers, etc.
Cons
- High exchange rates.
- High markups and transfer fees.
8- TangoPay
TangoPay is a UK-based financial company offering phenomenal global money transfer services. TangoPay is a FCA-regulated service. It offers secure and swift channels for unbanked transactions.
TangoPay operates in more than 75 countries. Businesses and individuals can benefit from TangoPay by easily moving money. What sets TangoPay apart is its quick services and easy transfers. It bridges the gap between the citizens of the UK and people across the globe.
Pros
- Seamless and reliable money transfer experience.
- No hidden charges.
- Fee-free transfers.
Cons
- International transfers may take up to 3 business days.
- Bank holidays may delay the payments.
9- Revolut
Revolut provides an excellent platform for money transfers across the world. Revolut prides itself on providing the best money transfer services across the world. They have more than 50,000 customers.
Revolut is a fully authorised financial institution in the UK, USA, and European Economic Area. Revolut’s policies and procedures are customised to protect customer’s information using encrypted technologies.
Pros
- Fee-free account
- Serves more than 190+ countries in the world.
Cons
- Non-competitive exchange rates
- High transactional charges
10- Instarem
Instarem’s money transfer services offer a cost-effective way for people worldwide to send funds. Instarem was established in 2014. It allows people across the world to send international payments with no worries.
Instarem offers competitive exchange rates and quick money transfers. You can save up to 6 times on your upcoming money transfers with their mid-market rates.
Pros
- Available in 55+ countries.
- Transfer funds within 24 hours.
- Well-rated by customers.
Cons
- Low exchange rates
- No credit or debit card systems.
Conclusion
In summation, there’s a wide array of alternatives to Remitly. Each one offers its own set of advantages. Users have options like OFX, TangoPay, and Instarem. These cater to various needs, such as cost-effectiveness, speed, reliability, and accessibility.
By understanding the unique features of these alternatives, people can confidently choose the service that best aligns with their preferences.
Ultimately, these varied options will empower users across the world. They can then make informed decisions and find the perfect match for their needs.
Frequently Asked Questions
1- What is the cheapest way to remit?
Ans. TapTap Send offers competitive pricing, which makes it an attractive choice for affordable transfers. The platform’s focus is on providing a budget-friendly service coupled with a user-friendly interface. This makes the application an appealing alternative to Remitly.
2- What is the difference between Xoom and Remitly?
Ans. Both Xoom and Remitly are popular money transfer applications, but they differ. Remitly primarily focuses on transfers from the USA, Canada, and Europe to various countries worldwide. On the other hand, Xoom caters to a broader international market. It allows transfers from multiple countries to worldwide.
3- Is Remitly like Revolut?
Ans. Remitly and Revolut serve different purposes in the world of finance. Remitly specialises in international money transfers. On the contrary, Revolut offers a broader range of financial services, including banking, currency exchange and investment options.
4- What is the best money transfer platform?
Ans. Determining the best money transfer platform depends on various factors such as transfer fees, exchange rates, transfer speed, etc. Platforms like TangoPay excel in these specific areas and offer competitive rates and extensive global coverage. The ideal choice still depends on your individual’s preferences and the specific requirements.
5- Is Remitly safe in Australia?
Ans. Remitly is a reputable money transfer application that employs several security measures to protect user information. In Australia, Remitly operates under strict regulations and guidelines, ensuring compliance with anti-money laundering laws.
