In addition to facilitating local mobile to bank and mobile to mobile transfers, these apps have also linked up with internal money transfer services to facilitate cross border transfers. Applications such as M-Pesa in Kenya, bKash and Rocket in Bangladesh, and Paga in Nigeria are some of popular mobile money transfer solutions. Mobile money applications can be integrated as an extension of either of money transfer companies’ platforms or banks or can also be designed as standalone money transfer solutions. Service providers may charge either a service fee or an exchange rate margin or both – but these fees and margins tend to be considerably lower than when making a money transfer with a bank. Users can initiate and pay for their transfers using debit cards, credit cards, bank accounts or even cash deposits in the case of MoneyGram, Western Union, and Ria.ĭepending on the transfer company, beneficiaries can receive their money through their respective bank accounts, at cash pickup locations, through their mobile wallets or as direct deposits in their cards. These transfer platforms can be accessed online, and many are also available in-branch and on mobile applications. You can use our top 10 list of money transfer companies - which is updated regularly - to find the best provider for your needs. Some of the companies such as Zelle and Venmo have specialised in domestic transfers while others are exclusively targeting cross border transfers. Wire transfers can cost upwards of $25 and in the case of international funds transfers, and deliveries can take up to 3 working days.Ĭompanies such as Wise, Ria, WorldRemit and OFX have come up in recent years to help individuals and businesses to send money to designated beneficiaries. Wire transfers: Users can transfer funds from one bank to another either domestically or across borders using wire transfers.
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These transfers are either free or may cost up to $3 and can generally only be used for domestic transfers. Here are the most common types of bank transfers:ĪCH transfers: Here, transfers are pushed or pulled electronically from one bank account to another through the Automated Clearing House network. Through worldwide banking networks, users can transfer money within the same bank, or to other banks locally and internationally, with the knowledge that their money will reach its destination safely and securely. Bank transferīanks are the most well known and historic presences in the money transfer space, having been around from as early as the 15th century. Here’s a quick summary of some of the most popular. When transferring money either within the same country or across borders, there are several options available to you. South Georgia and the South Sandwich Islands.
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