International money transfer apps for immigrants in the U.S
The number of immigrants in the U.S. today has risen to approximately 50 million. This number rises yearly, and remittances have become the largest source of foreign income for developing countries.
Usually, one thing an immigrant thinks about after getting settled in the United States is sending money back home to family.
However, being in a new country can cause doubts about what method or online money transfer app to use.
Immigrants also face a variety of issues related to sending money internationally. These issues include:
High money transfer fees
There are lots of hidden charges associated with international money bank transfers.
Even with wire transfers, many banks tend to charge outrageous outgoing fees. This can drastically reduce the remittance being sent.
Immediate delivery of money is important but, sometimes, if delivery of money is fast, there is a possibility of high transfer charges.
Sometimes also, immigrants sending money internationally require a ‘sending agent’. The sender pays the money using cash, check, money order, credit card or any other money transfer means available.
The sending agency then instructs its agent in the recipient's country to deliver, and the paying agent makes the payment to the beneficiary. This isn't a free process at all.
It may not seem like a big issue until you take into consideration the fluctuating currency exchange rates.
Security and fast transfer of funds:
Security in this essence, means the assurance of the immigrant getting their money back if the home recipient does not receive it.
Although rare, there have been instances where money was neither received nor returned to the immigrant sender.
Bank wire transfers are secure, but are relatively slow and may come with high service charges.
There are various U.S. apps where dollars can be transferred and received within minutes.
Unfortunately, they are unavailable in many immigrant home countries.
Apps like Venmo and Zelle are only in the U.S. Similarly, Cash App is only available in the U.S. and the UK.
Top international money transfer apps for immigrants.
OhentPay
OhentPay offers immigrants not just the provision to transfer money back home, but also the opportunity for international and global business transactions.
One of its best features is its 24/7 online customer support system which provides quick responses and easy fixes to any issue that may occur.
This international money transfer app supports over 40 currencies and is live in over 190 countries.
The customer reviews have users speaking positively about their low rates and fast delivery.
Also, OhentPay has an inbuilt currency exchange converter, so the sender can know exactly how much their loved one is getting.
It enables immigrants to send money directly to their home country, local bank accounts, and with no hidden fees. The web and app versions are available for your use.
WorldRemit:
WorldRemit boasts of having over 8 million customers. Their international transfer rates are 46% cheaper than most banks and have no hidden fees.
Their currency converter shows the exchange rates and the total amount your receiver will get.
This is after the receival method and delivery partner have been confirmed.
They offer low transfer fees but offer the immigrants a choice of ways to pay for money transfers. This usually depends on where the immigrant is sending from.
Immigrants can transfer money directly to available banks in their home country. There is also the option of cash pickup, mobile money, bank transfer, and airtime top-up.
WorldRemit offers quick and easy international transfers for immigrants on their website and app. It is available in over 130+ countries.
Remitly:
This company makes transferring money from the U.S. as stress-free as possible.
It spans over 170+ countries worldwide and is available to send money directly to bank accounts anywhere.
This is a good option for immigrants, as it contains various options for receiving money, namely: cash pickup, bank deposit, mobile money, home delivery, and deposit to a debit card.
However, transfer costs vary by currency and amount sent.
You can send up to $2,999 daily and $10,000 monthly.
Sendwave
Sendwave allows immigrants in North America and Europe to make international money transfers.
It is a secure money transfer app that enables immigrants to send from Visa or MasterCard debit cards to bank accounts in their home country.
You can send money from Belgium, Canada, France, Germany, Ireland, Italy, Spain, the United Kingdom, and the United States.
They also offer low transfer fees and no hidden maintenance or minimum balance fees.
LemFi (formerly Lemonade Finance):
Lemfi is a fintech app that allows African immigrants in the U.S., UK, and Canada to send and receive money instantly and easily.
Lemfi also offers African immigrants the best conversion rates and fast transfers. These are usually instant or received within minutes.
Unfortunately, it is only available for immigrants from African countries and can only transfer to 12+ African countries.
Wise
Wise offers immigrants transfer rates 5 times cheaper than banks. It also has an inbuilt converter that tells you exactly how much your recipient will get.
Also, there is a feature which shows you how long a transaction would take.
Wise stands out from some of its competitors by not marking up exchange rates to fatten profits.
It also boasts that it avoids “unfair” exchange rates charged by banks, according to Forbes.com.
This app is perfect for immigrants who send money internationally as it supports over 50 currencies.
There are no hidden fees, and they offer low transfer fees for even large money transfers. Immigrants are also able to invest in various stocks.
Remittances have become an important part of the world economy, and immigrants are being provided with fast and secure international money transfer apps for their convenience.
You can try out any of these apps mentioned above, to see which one works best for you as an immigrant in the United States.
