Today we would like to discuss the best 20 mobile banking online apps set as free money fund transfer to your friends and family without hidden charges fee from your wallet.
First, let’s talk about the average of how many users of online money fund transfer apps in the whole world? According to Dataprot, mobile banking statistics, the average users worldwide in 2019 reached to 6.93%. Most of them are millennials who used mobile banking using different types of apps to make easy money fund transfer to his friends, family, or even business partners.
Detaprot said Bank of America continues to an industry leader with 25 million mobile active users. They stated, by 2021, there will be roughly 7 billion mobile users in the whole world. Just imagine, banking app adoption rises, according to Juniper Research, the report also notes that nearly 100% of the banks analyzed had some sort of mobile (SMS, Browser, and App-based) and online banking offering, with almost every bank having apps available for at least 1 smartphone OS. Banking apps are ranked highly amongst the most downloaded financial apps in different app stores, with banks reporting a high number of average logins per month per user.
In the year 2020, the average of the total value payments made using mobile devices will amount to $503 billion in 2020. The average of 6.79% of smartphone owners worldwide has used their devices for online purchase in the past six months.
According to Dataprot mobile banking UK statistics reveal that this country is the European leader in mobile payments, with 74% of its population using mobile devices to manage their finances. Mobile banking usage statistics in the UK show that 74% of the country’s residents use smartphone devices and mobile banking apps to manage their finances.
Here are 20 Best International Money Fund Transfer Apps for iOS and Android Users.
- TransferWise – Known for its upfront fees and real exchange rate, TransferWise lets you send money directly to local bank accounts in India from 59 countries. According to Transferwise, over 5 million users, TransferWise is one of the most popular apps to send money to India. It has an award-winning app that can let you send money on the go to friends, family, or merchants. TransferWise doesn’t always guarantee to be the cheapest there is on the market for your particular transfer, but its price comparison tool will let you know that upfront.
- PayPal – One of the leaders in starting online global e-wallets, PayPal lets you send money instantly if your friends or family have an account too. Whether you are sending or receiving funds, you would require an account with PayPal. Plus there are transfer fees, like the currency fixed fee for sending money, a funding fee, and a transaction fee². PayPal’s wallet system can seem like a long and expensive process when trying to send money quickly. But it can be a secure option, although one with fees if you and your recipient have PayPal, accounts already set up.
- Remit2India – Remit2India has been providing money transfer services specifically for NRIs for the past 16 years. You can send money directly to bank accounts in India with no hidden fees and a guaranteed or indicative exchange rate. Remit2India is an attractive option for sending large amounts to India if you are not in a hurry. You can send up to $50,000 using ACH and up to $200,000 with a wire transfer, both of which can take 2 or more days, without a transfer fee³. They also offer Instant Transfer for up to 200,000 INR for a fee. Remit2India lets you choose from two different exchange rates they offer, one is a guaranteed exchange rate at the time of your payment, while the second is an indicative exchange rate which is the rate at the time your transaction is converted to rupees.
- InstaReM – InstaReM is a modern money transfer service that uses the real mid-market exchange rate for transactions. They then charge a percentage of your transfer amount as a fee, instead of a flat fee. Like TransferWise, InstaReM provides transparent pricing on all of their transfers. So you get the real mid-market exchange rate and an upfront transfer fee on every transaction. And most transactions arrive within 1-2 days. You can transfer money to InstaReM through Electronic Funds Transfer (EFT) / Bank Transfers / Wire Transfers in all countries. You can also send money through POLI (in Australia), Debit Card (in EU), FPX (in Malaysia), and ACH Pull or Bank Transfer method (in USA)⁵. InstaReM has differing minimums and maximums you can send depending on the originating country.
- Remitly – has a strong reputation for offering fast, easy, and low-cost transfers directly to Indian bank accounts. Remitly is an online-only remittance service provider with a large nationwide coverage with over 130 banks across India. There are no transfer fees if you are sending more than $1,000 USD with either option. Remitly also sets their own exchange rate which is less than the mid-market rate- the rate used by the banks themselves. This small difference can really add up with ongoing transfers. However, Remitly remains a strong option to transfer money abroad with their one-time fee and especially for amounts greater than $1,000 USD.
- MoneyGram – MoneyGram is well known in the money transfer business especially for their cash pickup, but if you are paying by credit or debit card, their fees can be pricey. MoneyGram provides online and offline money transfers and is found to be fairly quick compared to other service providers. Depending on how the recipient wants to receive the money, it is ready anywhere from 3 hours to 3-4 days if paid by bank account⁸. They have a transfer fee that varies depending on if you are paying by credit/debit card or online bank account, and if it is a direct to a bank account or cash pick up.
- WorldRemit – WorldRemit is a fast and secure way to send money to India and is well-reviewed on Apple’s AppStore and Google Play. With WorldRemit you can transfer money directly to an Indian business or individual bank account or add mobile credit to prepaid phones in India. The sender is charged a transfer fee that you see upfront, as well as a WorldRemit set exchange rate. Make sure to check the amount you might be losing against the exchange rate you see on Reuters or Google to know what the transfer is really costing you.
- Ria Money Transfers – Ria has been in the money transfer game since the late 1980s and with their 377,000 locations worldwide¹⁰, Ria has an advantage for cash pickups in India. It is free to sign up for Ria Money Transfer and your recipient doesn’t need to have an account to either receive the money in their account or pick up the cash. The exact fees charged on your transaction will differ based on the amount you are sending and the payment method and are not clearly listed without signing up. In some cases, Ria may not charge any transaction fees but will still take a cut by marking up the exchange rate.
- OFX – OFX lets you deposit money directly into recipients’ bank accounts, and is most attractive when moving amounts larger than $10,000 AUD. Using OFX, you can send money directly to any bank account in India. The minimum transfer amount is $250 AUD¹³, so if you are looking to send anything smaller than that you may need another option. If you are sending over $10,000 AUD, OFX does waive the transfer fee and it can be an attractive option for sending money.
- Xoom – This PayPal owned company offers international payments to India from Europe, the UK, and the US, but paying by debit/credit card may be costly. Xoom offers fast and safe international payments directly into bank accounts. You can send bank deposits typically in minutes to HDFC, Axis Bank, Yes Bank, and Punjab National Bank (PNB). Bank account payments are cheaper, but there is a substantial fee when paying by debit or credit card. If you are making transactions that are less than $1,000 USD, you may want to look at options that are low cost and with a transparent exchange rate.
- Google Pay Send – previously known as Google Wallet, was a peer-to-peer payment service developed by Google before its merger into Google Pay. It allowed people to send and receive money from a mobile device or desktop computer. In 2018, Android Pay and Google Wallet were unified into a single-payer system called Google Pay. Google Pay Send, a feature included inside Google Pay, has replaced the Google Wallet service.
- Cash App – (formerly known as Square Cash) is a mobile payment service developed by Square, Inc., allowing users to transfer money to one another using a mobile phone app. As of February 18, 2018, the service recorded 7 million active users.
- Chase QuickPay – Chase Bank, one of the nation’s largest brick-and-mortar banks, is an early adopter of mobile payment practices. They offer their customers Chase QuickPay, at no additional cost. In order to use the service (which is provided through the Chase mobile app), at least one person in the transaction must have a Chase checking account. If you are sent funds but are not a Chase customer, you’ll need to create a Chase QuickPay profile and link it to your non-Chase bank account. Unlike Square Cash which deposits funds directly into your bank account, Chase QuickPay requires users to “accept” funds.
- Venmo – allows users to transfer money to anyone with an email address or mobile phone number. Like Google Wallet, you can hold money in your Venmo account or deposit funds into your bank account. This type of transfer takes one to two business days, depending on when the transaction was initiated. Transfers from your Venmo balance, bank account, or debit card are free as long as accounts are from a major U.S. bank. Credit cards and non-major debit cards, however, are charged a 3% transaction fee.
- Popmoney – is integrated into many financial institutions’ mobile payment systems, such as TD Bank, Bank of America, and Wells Fargo. You can log into your bank’s mobile app to send money directly from your bank account to someone else. Not a customer of Popmoney’s bank network? You can also sign up for a Popmoney account online. There is a $0.95 fee associated with sending and requesting money, as well as limits for certain types of transactions; however, there is no fee imposed if your payment request was not paid. If you are using Popmoney through your financial institution, check to see if there are additional fees your bank charges to use the service. In order to send or receive money, users must have a Popmoney account, but money is debited and credited directly into bank accounts with no intermediary accounts like Venmo, PayPal, and Google Wallet.
- ecoPayz – ecoPayz is an online platform with an e-wallet that lets you send money instantly and for free to your recipient as long as they have an ecoPayz wallet as well. While ecoPayz advertises instant money transfers, it does require you and your recipient to both sign up for the service and create an ecoPayz wallet. Once that is complete, the transfer is completed instantly between wallets, with a 1.50% money transfer fee starting at the Silver level. As you move up to the next levels on ecoPayz, the fees can be reduced. If you are not using the money on the ecoPayz platform, you will need to withdraw it to your bank account. This can usually take at least 3 days and you are charged between 5.90-10.00 EUR for the withdrawal depending on your bank and the international transfer fees.
- Skrill – is a digital wallet platform based in London to help individuals and businesses with e-commerce, money transfers, cryptocurrencies, and gaming or betting. Skrill is a wide-ranging marketplace and platform that lets you transfer money directly to a bank account from your Skrill digital wallet. There are no fees to receive money into your bank account or to sign up. However, there is a processing fee of 5.50 EUR (or currency equivalent) to transfer money from your Skrill wallet into your bank account. Plus, Skrill adds a 3.99% fee to the exchange rate for currency conversions. Skrill may not be the fastest or cheapest process, so take it into account when you are making a decision, and see if any purer money-transfer options are better for you.
- TransferGo – Like many modern money transfer providers, TransferGo uses a local account that you pay into, and then they use their own accounts to pay out in the recipient’s country to make speedy transfers. Using TransferGo, you can send the money directly to a local Indian bank account. Your recipient does not need to have a TransferGo account to receive money directly into their bank. The time it takes to receive the money depends on the delivery time that the sender chooses. Taking the longest delivery process is free, while the faster payouts have a fixed delivery fee plus a currency conversion percentage.
- Transfast – is a completely online and mobile money transfer service for residents of the United States and Canada to send money to India with the flexibility to choose the delivery speed but with low transfer limits. Transfast Fastrack gets the money there within 24 hours but has a higher exchange rate and a fee starting at 4.99 USD. The Value+ option will take anywhere from 3-5 business days but will eliminate the transfer fee if paying by bank account, rather than debit or credit. The transfer fee is waived for transfers that are $10,000 USD or more, but that also hits the maximum of how much you can send within 30 days.
- Azimo – This online-only Eurozone money transfer provider can have attractive offers for sending money to India, but it may not be the cheapest. With Azimo you can send money directly to your recipient’s bank account and for cash pickup. Your recipient won’t pay any fees to receive the money, nor do they need to be signed up for. With its benefits and attractive sign-up deals, Azimo can feel like a good partner for transferring money to India- but for the long term, you may want a service with more transparency and clear pricing.
Why Do People Use Mobile Banking?
According to Statista, it offers flexibility and convenience to bank consumers, who wish to carry out financial transactions outside of traditional bank branch hours and from any location. In a 2018 survey, 90 percent of the respondents started using mobile banking apps to view their account balance.
Advantages and Disadvantages of Mobile Banking?
These are the Pros and Cons of mobile banking, Lets talk about the advantages and disadvantages of mobile banking. Major benefits of mobile banking, you can easily monitor your bank account and make transactions from your cell phone. Essentially, mobile banking empowers you to take care of financial chores and saves you time in completing the tasks. Your bank, credit union, or fintech company will let you sign into an app so that you can deposit checks, stay current on your bank balance, get alerts, find nearby ATMs, and more from your phone. So these are the advantages of mobile banking.
Mobile Banking Advantages.
- Paying IOUs.
- Good security.
Disadvantages of Mobile Banking.
- Mobile Malware.
- ControlPoor App Design, Configuration or Corrupt Apps.
- Unsecure Wi-Fi Networks.
- Mobile Device ID Vulnerabilities.
- Remote Deposit Capture Fraud.
- Fund Transfer is only available on high-end phones.
- Regular use of Mobile Banking may lead to extra charges.
!!!!!Before Using Mobile Banking Please Read This.
Therefore concluded security is the biggest problem for those who want to make regular mobile payments. Fraud in mobile banking comes heightened threat levels. Hackers track cashless and seamless payments, which means the security of your data – and your money – ultimately depends on the level of defense your bank employs. According to Dataprot, mobile app fraud soared between 2015 and 2018. A study by RSA showed that mobile apps were the source of 39% of fraudulent online transactions in 2018, up from 5% in 2015.
Mobile banking US statistics reveal that 16% of all digital fraud originates from Trojan horses or financial malware accounts. Trojans remain the most dangerous and most common threat. Fraudsters use fake websites and spam emails in an attempt to steal users’ personal details. Unfortunately, these methods are still incredibly successful.
Online and mobile banking statistics show that fraud originating from malware accounts for 16% of attacks. Even though it’s showing some signs of decline, financial malware continues to evolve, with strategies like ransomware proving disturbingly successful. This means fraudsters who fail to steal your credentials might instead encrypt them and demand a ransom.
In 34% of cases, fraud takes place on a confirmed account on the user’s own device, indicating that physically stealing devices is a common way for hackers to penetrate victims’ defenses.
5 Most Used Mobile Banking and Credit Unions Apps for Android and Apple users.
These are the high rated mobile bank apps most used by million users worldwide.
- Chase: The big bank lets you do the basics, like send money to someone else and monitor your account. It also shows you highlights of your spending and saving patterns on a non-ledger interface.
- Chime: The challenger bank that partners with The Bancorp Bank to hold your deposits gives you daily balance alerts and allows you to block your card in-app. More impressively, it lets you set up rules to automatically save money and potentially get your payday up to two days early.
- Bank of America: Among the standouts of the big bank’s app is Erica, a virtual assistant that can answer a wide range of financial questions. You can also use the app to book an appointment with an in-person banker.
- Ally Bank: The online-only bank offers the staples (find nearby ATMs, transfer money) and provides extra touches. You can use Ally Assist, a virtual assistant who can answer questions you have. You can also set up controls for your cards.
- Current: The challenger bank’s app provides the biggies, like the ability to deposit checks. It also lets direct deposit customers get early paydays and provides insights into their spending patterns.
Most Popular Mobile Banking Apps in the U.S.
This statistic shows the most popular mobile banking apps in the United States, by current installs and active users. Chase Mobile had the highest number of current installs at 6.71 percent of all Android users.
Steps to improve safety when banking with mobile.
Therefore, make sure that you do not open a link through your email that is unknown. By doing so, you are making yourself more vulnerable to mobile banking frauds. Also do not access your mobile banking from a wifi spot. This can be extremely dangerous. If you have your own data card that should be good enough. Another mobile banking safety tip that you must adopt is to ensure that you do not use easy passwords. That can be extremely dangerous and full of risks. For online mobile banking users who really need to know the real exchange rates, you compare at transferwise.
Articles Credit Source: Transferwise, Wikipedia, Dataprot, JuniperResearch, Securityintelligence, Secured Touch, Arizent, Bankrate, Statista, and Goodreturns.