Best app for foreign money transfers?

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texasdiver
Posts: 3256
Joined: Thu Jun 25, 2009 12:50 am
Location: Vancouver WA

Best app for foreign money transfers?

Post by texasdiver » Wed Feb 06, 2019 10:57 pm

We have a lot of family and friends in Chile and on occasion have need to send money back and forth.

I'm wondering if there is a simple and easy to use app that works like the CashApp or Venmo for doing foreign money transfers. Something that my 85 year old Chilean mother-in-law can figure out on her iPhone. Any recommendations? When I google up foreign money tranfer apps a whole bunch of links pop up but I don't want to have to experiment with each one.

I'm guessing there are many folks here who have occasion to send money internationally and who have figured out the easiest method. We have tried doing actual bank to bank money transfers and that turned out to be a massive headache so I'm hoping there is an app to avoid dealing directly with banks.

bluquark
Posts: 887
Joined: Mon Oct 22, 2018 2:30 pm

Re: Best app for foreign money transfers?

Post by bluquark » Wed Feb 06, 2019 11:30 pm

When I was sending remittances to my parents in Canada, I used XE.com. I linked it to my US bank account on my end and then typed in the target Canadian bank account number at sending time in XE (no special link step needed on that side of it).

I found this to be a good balance between easy and low fees/spreads. Some of the apps probably are easier but also probably charge more, since they’re for consumers whereas XE is more for businesses or currency traders who are wiser to fair exchange rates.

Skiandswim
Posts: 119
Joined: Tue Dec 21, 2010 3:24 pm

Re: Best app for foreign money transfers?

Post by Skiandswim » Thu Feb 07, 2019 4:34 am

The "best" app or service for foreign money transfers seem to vary by county. I use Circle Pay for US to Euro, but I see they do not support Chile.
https://support.circle.com/hc/en-us/art ... -Countries

Friends have recommend TransferWise, but I do not have personal experience. Maybe someone else can comment.
https://transferwise.com/us/

German Expat
Posts: 650
Joined: Fri Oct 16, 2009 10:49 pm

Re: Best app for foreign money transfers?

Post by German Expat » Thu Feb 07, 2019 8:53 am

I used transferwise and it worked out well. Already used it a couple of times with no issues. Their exchange rates are very competitive and their fees are ok. You can see it on their web site. It also depends a bit on the amount you transfer since their fees are not always linear. Try to check for 100,1000 etc.
I did not use them myself yet but also heard good things about ofx but it seems like they don't transfer to CLP.

There are also various web sites that help you compare, e.g. here (no personal experience):

https://www.monito.com/send-money/unite ... tion_page=

zuma
Posts: 474
Joined: Thu Dec 29, 2016 12:15 pm

Re: Best app for foreign money transfers?

Post by zuma » Thu Feb 07, 2019 9:04 am

I use Transferwise for USD to EUR transfers. No complaints. They have been reliable and fast, and they have iOS/Android apps.

cholan
Posts: 125
Joined: Sun Sep 30, 2007 10:29 pm
Location: new york

Re: Best app for foreign money transfers?

Post by cholan » Thu Feb 07, 2019 9:08 am

+1 for TransferWise. 5 transfers without problems so far.
...leaving not a rack behind.

iracks
Posts: 37
Joined: Wed Aug 30, 2017 3:34 pm

Re: Best app for foreign money transfers?

Post by iracks » Thu Feb 07, 2019 9:18 am

I tried xoom.com and it works fine to me.

Off topic : if you want to look at which portal offers better rate : try accessing compareremit.com

Econberkeley
Posts: 56
Joined: Thu Jan 16, 2014 6:51 pm

Re: Best app for foreign money transfers?

Post by Econberkeley » Fri Feb 08, 2019 9:53 am

fidelity offers free international wire transfer. you can do it online. you have to pay around $20 for the intermediary bank though.

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