What you must know about international money transfer apps

Aspirants prefer abroad education to develop a global outlook, gain better learning experiences, and explore global job avenues. As an international student, you should get easy access to funds to meet both planned and unplanned expenses without hassle. Fortunately, there are multiple ways to send and receive money in a foreign country, and international money transfer apps are popular platforms for such transactions. So, let’s take a quick look at different ways of sending and receiving money internationally, the benefits of using money transfer apps, and more.

Key Highlights

• Some popular ways to transfer money internationally
• Forex card
• Money transfer app
• Benefits of using an international money transfer app
• Popular apps for international money transfer
• Factors to consider before choosing the right wire transfer app
• Currency exchange rates
• Transfer fees
• Processing times

Some popular ways to transfer money internationally

• Forex Card: A forex card is like a debit card that is easy to use at multiple international destinations. It is a multi-purpose prepaid card that helps withdraw local currency from ATMs to pay tuition fees, grocery, shopping or restaurant bills, etc. You can pay all these expenses in the local currency of your host country.
• Money Transfer App: A money transfer is an electronic fund transfer that occurs via a network of financial institutions or transfer agencies around the globe. You can carry out these transactions using platforms such as money transfer apps. Funds from your home country are transferred into the local currency of your host country. A money transfer is also known as a wire transfer.

Amongst these two methods, money transfer apps are the most popular for sending and receiving money internationally.

Benefits of using an international money transfer app

• It is a fast and convenient way to pay tuition fees, living expenses, accommodation and other expenses at your study abroad destination.
• It transfers money safely and securely.
• It supports multiple currencies and transfers a large amount of money at low transfer fees.
• It gives the flexibility to transfer money at any time and from anywhere.

If you choose Avanse Financial Services as your education loan partner, we can help you in multiple ways. As a student-centric organisation, we have partnered with money transfer platforms such as EbixCash, Zenith, MoneyHop and RBL to assist you on your academic journey.

Popular apps for international money transfer

These popular forex apps - EbixCash, Zenith, MoneyHop and RBL facilitate safe, secure and quick money transfers at several international destinations. These popular apps come with student-friendly fees for transferring a large amount of money. Sending money internationally 24*7, supporting multiple currencies, getting instant notifications, and easy-to-use interface are some features that make these apps an excellent choice for international currency transfers.

Factors to consider while choosing the right wire transfer app

Due to the numerous benefits and services extended by international money transfer apps, deciding which app is best can be challenging. You can determine the right international money transfer app by weighing these factors:

• Currency exchange rates: The currency exchange rate is the rate at which one currency is exchanged into another currency. The currency exchange rate can fluctuate constantly. Thus, choose a provider that offers competitive exchange rates to avoid paying high fees to transfer money.
• Transfer fees: This is the fee charged by a money transfer operator for facilitating an international transfer. This is a recurrent cost as you need to pay transfer fees on every transaction. Hence, choosing a service provider that charges nominal transfer fees, is advised.
• Processing time: International money transfer services take one to five days to process your money. The time will vary based on the location, transaction and the service provider you choose.

Kindly remember that the exchange rate, transfer fee and processing time will vary between service providers. Moreover, these factors will also affect the amount you will receive at your foreign destination in the local currency. Therefore, compare these aforementioned factors carefully to find the international money transfer app that suits your financial requirement.

If you are looking for financial assistance in your academic journey, Avanse Financial Services is there to assist you. We offer an education loan for study abroad courses with benefits like 100% finance, quick sanctions, and flexible repayment options. To know more, contact us today!