[ad_1]
Managing your money abroad is more than just keeping track of different currencies and exchange rates. The simple act of sending and receiving money electronically is not so simple across borders. In the US, bank accounts are identified by a routing number and an account number. Europe uses International Bank Account Numbers (IBANs), but each IBAN has a different prefix. FR in France, DE in Germany, IT in Italy, and so on. Australia, on the other hand, uses the BSB code.
See the list: GOBankingRates’ Best Banks of 2023
Tip: How to use mobile banking apps safely
Find out: Too much money in your checking account?
If you plan to travel abroad for living, study or vacation, have a plan for managing your money, not just the cash in your fanny pack. The top app for making and converting cash.
Wait until you go abroad, then plan how you will handle your finances once you get there.
wise
Formerly TransferWise, Wise is known for its fast and cheap transactions from anywhere. It is available in 170 countries and supports 50 currencies.
For a $1,000 test transfer, Wise is cheaper than banks like Chase and Wells Fargo, wire transfer services like WesternUnion and OFX, and payment facilitators like PayPal. This is because we use real mid-market exchange rates for all our transactions. There are no caps or caps on transfers, and Wise charges only one transparent fee.
Nearly 400,000 businesses use Wise, and travelers, students, and expats use Wise to move money across borders, from sending money to friends to paying mortgages in other countries. .
money transfer
Wise’s own $1,000 test transfer showed Remitly to be the cheapest of all major international money transfer services, including Wise itself. Remitly supports his 75+ currencies and has no hidden fees.
Send and receive money in over 145 countries, including 40 African countries, Mexico, India, and the Philippines.
It stands out for its many shipping options for recipients. You can receive cash as bank deposits, mobile transfers to your cell phone, cash pickup from thousands of locations, and even delivery to the recipient’s home.
Take our survey: How much signup bonus do you need to change banks?
PayPal
PayPal is one of the oldest, most popular and most trusted names in payment facilitation, but its familiarity is just one reason why international users flock to it. You can send money through PayPal in over 200 countries in almost every country on earth.
The downside is that pricing and fees are vague and confusing, while PayPal’s service menu is difficult to match. International users can send and receive money, donate and donate, deposit checks, sell goods, and pay with QR codes.
money transfer service
Like PayPal, MoneyGram is available in over 200 countries.
And like PayPal, it has a well-established history in the industry, but in that category the two aren’t even in the same ballpark. PayPal was founded in the late 1990s, in the early days of the Internet, the Wild West. MoneyGram, on the other hand, has a history of over 80 years, dating back to the days of the Travelers’ Express during World War II.
The app is available for iOS and Android, and can be used for online money transfers, face-to-face money transfers, or both, outside of the many countries the app supports.
OFX
Like all services on our list, OFX is better than the rates banks offer for international transfers. The app supports over 50 currencies in over 190 countries, and OFX offers unmatched security. As a listed company on the Australian Securities Exchange, we are monitored by over 50 regulatory bodies around the world.
The app allows you to check rates before sending money and monitor money transfers in progress. OFX also offers advanced features such as locking his FX rate 12 months in advance for future remittances. Registration takes less than 5 minutes and OFX has a strong reputation for customer service. Unlike many other services that require you to navigate time zone differences to get a representative on the phone, you can talk to real, live people 24/7.
Learn more about GOBankingRates
This article originally appeared on GOBankingRates.com: 5 Best Apps for International Banking Needs
[ad_2]
Source link
