What is the best international money transfer app in India?

  • Asked By
  • Updated On:
    06-Sep-2022
  • Replies:
    1

Short Answer

Wise is one of the cheapest ways to send money internationally as compared to other available options in India. The only limitation of Wise is that it does not integrate with e-commerce online payments.

Detailed Answer

The world is getting smaller every day as people move between nations and continents in search of better opportunities for employment, education, and business. This is causing a rise in the demand for instant international money transfers.

In India, there are a lot of mediums through which we can transfer money internationally. However, it can be difficult to decide which of these is best. But don't worry, to make things easier for you, we have chosen the best apps for your international money transfer.

Best International Money Transfer App in India

The definition of "best" may vary from person to person according to their needs. Some people might need quick transactions regardless of higher transaction fees, while others might only want to pay the bare minimum. So, with these factors in mind, here is a list of the suitable apps for you.

International Money Transfer Apps in India

1: Wise (formerly TransferWise)

Rating :

4.3 out of 5 stars on the Google Play Store and 4.8 out of 5 stars on App Store.

Active users :

Around 13 million People and businesses use Wise to send and receive money internationally.

Sends to:

Over 40 nations, including the US, Australia, Singapore, the UK, and the United Arab Emirates and supports more than 50 currencies .

Wise Charges :

Account Opening: No charges ( or minimal charges for full feature access)

Sending money: fees vary by currency, typically around 0.45%.

Receiving USD wise payments : USD 4.14

Ease of account opening:

To open your Wise account, you just need to get verified, usually with some photo ID, proof of address, and/or a picture of you holding that ID. It usually takes about 2 working days to get verified, and then you are done.

2: PayPal

Rating:

3.8 out of 5 on Google play store and 4.8 out of 5 on Apple app store

Active users:

Around 429 Million People use PayPal to send and receive money internationally.

Sends to:

Over 200 countries and supports more than 25 currencies .

PayPal Charges :

Account Opening : No charges

Sending money: The transfer fee is about 5% of the transfer amount with minimum charges also.

Receiving money : The charges vary with amount and currency , generally 3.2% of receiving amount plus fixed fee based on the currency

Ease of account opening:

Opening an account with PayPal is simple; all you need is your personal information and a credit or debit card. After linking your one of the card, you are set for the transactions.

3: Payoneer

Rating :

3.5 out of 5 on Google Play Store and 4.5 out of 5 on Apple Store.

Active users :

About 4 million people use Payoneer to send and receive money international

Sends to :

Over 200 countries and supports only 7 currencies .

Payoneer Charges :

Account Opening : No charges

Sending money: The transfer fee varies from 2 to 3.5% of transaction charges with currency conversion fees.

Receiving money :The charges vary with amount and currency , generally 2% of receiving amount plus fixed fee based on the currency.

Ease of account opening :

You must provide personal information and a valid form of identification in order to sign up with Payoneer. Once you have done so, it could take a few days for Payoneer to review your application.

Which is the Best International Money Transfer App in India?

Wise may be the best option if you want a quick and inexpensive transaction. But, Payoneer would be better if your transactions are business-related or e-commerce-related and PayPal can prove best if you want both in one app regardless of fees.

So, the next time you think of sending money to a near-one abroad, remember to checkout the best international money transfer app in India.

Tagged With: international transaction apponline transaction appbest online payment appsmoney transfer appbest money transfer app
Categories: Finance
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (0)
Related FAQs
Is Paytm Money Safe and reliable Broker for Stock Trading & Investing?

Yes, it is completely safe to invest your money in the stock market using Paytm money App. In fact, PayTm has come up with stock broking services recently and trying to establish itself in the said field. And, to give tough fight to top existing players it has to keep its services up to the mark. Paytm Money made a big name in mutual fund investment industry and now it's time to see its performance in the stock brokers' world.

What are types of bank accounts in India?

There are mainly 5 types of bank accounts in India. These include Savings account, Current account ,Fixed deposit account, Recurring deposit account and NRI accounts.

Which bank is safest in India?

You can choose any bank in India to open an account in, be it a private-sector bank or a public-sector bank. By the market share SBI, HDFC, and ICICI Bank are the three top banks that can be considered when looking at the largest banks in India.

How to add money to Zerodha using UPI?

Adding money to Zerodha using UPI is the most commonly used method and is the most popular among the other methods. It is totally free and can be done with the help of any UPI application like Google Pay or BHIM UPI. This process can be done seamlessly with the help of Zerodha's web application as well as the mobile application- "KITE".

How to close my Paytm Money Demat Account online? I want to discontinue it immediately. Where can I get the Account closure form?

You can download the account closure form the given link - Demat Account Closure Form and post it to the address mentioned in the form.

What is PPF or Public Provident Fund in India?

Public Provident Fund Scheme is a saving scheme that comes with tax benefits. Ministry of Finance introduced this scheme in the year 1968. The main objective of PPF is to encourage general people to mobilize their small savings. The interest offered on these schemes are not taxable. Precisely, PPF is an investment with non-taxable returns.

Who is the Mutual Fund Regulator in India?

Mutual funds are regulated by SEBI ( Securities and Exchange Board of India). SEBI regulates mutual funds as 1996 Mutual fund regulation. SEBI is also the regulator for wider capital and securities market in India. SEBI was formed in 1988 as a statutory body and drives it powers from SEBI act 1992.

Which is the Best Broker in India for Option Trading?

Zerodha is the best broker for options trading in India because of the minimal per-order charges, advanced tools for technical analysis, features for placing a stop loss, bracket orders, and many more.

What are features of India Post Payments Bank (IPPB)? Branches

India Post Payments Bank or IPPB, a Government of India owned payment bank was launched on 1st September 2018 offering doorstep banking especially in rural areas of India. The features include 4% Internet on savings banks accounts, easy money deposit, withdrawals, doorstep banking facilities, micro-ATM facilities and much more.

How to Open a Trading & Demat Account with Paytm Money?

To open a Paytm Demat Account you do not need to make a lot of efforts. You can simply do it online which spares you from standing in a long waiting queue in the branch of the broker house. These days online and offline account opening has become all the more easy.