Before Smartphones to send a friend, college, client, or customer money, you either had to have cash or write a check. Now I’m not sure about the rest of us, but I haven’t seen someone write a check in probably ten years, and doing large transactions in cash can be quite risky. Thankfully, there are a ton of apps designed to help money get where it needs to go with just a few taps on your screen. Whether you are interested in internationally transferring large sums of money or need to pay your buddy back for dinner the other night, keep reading below for advice to help make sure you find the money transfer app that works best for you.
So, if you are just starting to use your phone to help you send wire transfers, you probably are a little paranoid about sending large sums of money over an app, and that’s ok. Luckily, some apps can help you find physical locations where you can stop in and transfer money. These apps help make the wire transfer process much smoother in several ways. First, they allow you to quickly search all of the options available in a nearby radius from banks to gas stations. Second, they compare the prices and services charged by each company for specific transfers. Before apps that helped you find physical stores, you had to pay whatever price the cleric told you after they completed your order. Now you can shop around comparing the Western Union money transfer fee to the Walmart money transfer fee, so you can save time and money.
Avoid transfer Fees
While there apps that let you find physical locations to help you transfer money, there is a downside to using brick and mortar stores. Maintaining a physical location costs a lot of money, and the cost is passed down to the customer. While we don’t necessarily care about a company’s profit, we do care about how we spend our money. If a company has a large overhead, then they have to charge us more money for their services. So, if you are looking to avoid transfer fees, physical locations probably aren’t your best option. Luckily, there are hundreds of apps that let you transfer money online for little or no cost. Apps like xoom money tranfer, paypal, and vinmo are just a few examples. Paypal and Xoom have been trusted for years and haven’t had any financial data leaks, so you can feel s just as secure transferring money through them as any western union.
While looking for a few good examples of money transferring apps, I ran across the above list of apps. This list compiled by Appgrooves is a great place to start your search for the best money transfer apps.
Utilize all of Venmo’s features
Not many apps have seized upon all of the opportunities created by electronic money transfer, as Venmo has. This extremely modern app can be used as a way to quickly split the bill at dinner, but it has many other extremely useful features. One additional feature is the ability to use it as an extremely cheap cash advance. Many credit cards charge a pretty hefty fee for cash advances. However, with Venmo, you can pay yourself with a credit card then transfer the money instantly back to your bank account for just a 1% fee. Another great feature of Venmo is that all of the money transfers within the app are completely free. You can even transfer funds from Venmo to your bank account for free if you are willing to wait just one business day. If your rent is due in ten minutes, no worries. With Venmo, you can also instantly transfer funds to any account for a 1% fee or a maximum of $10 depending on the amount of money you are transferring.
Now that you are ready to find your new electronic transfer app remember to keep these three tips in mind. With a little bit of effort, you’ll find the perfect app in no time.