Money transfer apps have succeeded over the past decade and their number is constantly growing, and they offer the ability to send money around the world using different currencies in a simple, easy and painless way. New fintech companies only offer online services that are delivered directly to local bank accounts around the world.
Security remains a key precondition for money transfer applications, ensuring that customer transactions are protected with a combination of security features that must include strong encryption between devices.
Here are the best money transfer apps in Europe –
TransferWise is a London-based online money transfer service founded in January 2011 by Estonians Christo Käärmann and Taavet Hinrikus. The company supports over 750 currency routes worldwide, including Pounds Sterling, US Dollars, Euros, Australian Dollars and Canadian Dollars, and provides multi-currency accounts.
Wise recently announced that its annual revenues for the last fiscal year rose 70% to £ 302.6 million. The company’s audited results showed a net income after tax of £ 21.3 million for the fiscal year ended March 2020. The company has consistently reported earnings since 2017.
TransferWise announced that it will change its name to Wise on February 22nd. The rebranding follows reports that FinTech has appointed banks to spearhead a proposed initial public offering (IPO) this year.
Azimo is an online money transfer service headquartered in Amsterdam, the Netherlands with offices in Krakow, Poland.
Azimo, a UK-based global money transfer service, has announced that it is offering free money transfers to migrant workers following a UN call for a zero-fee remittance day. Azimo said it will provide free transfers to all customers on June 16, UN International Family Money Transfer Day.
Azimo also entered into a € 20 million loan agreement with the European Investment Bank (EIB) in an effort to accelerate the company’s research and development and help expand its payment platform. Funding for the venture debt deal was supported by the European Fund for Strategic Investment (EFSI).
WorldRemit is an online money transfer system that provides international money transfer services in more than 50 countries. It was founded in 2010 by Ismail Ahmed, Catherine Vines and Richard Aygo.
WorldRemit recently announced that it is providing a US dollar payout option for Nigeria customers. Customers can now receive money transfers in foreign currencies (US dollars) through cash providers.
WorldRemit also announced that the company is deepening its existing partnership with Mukuru, one of the leading remittance providers in Africa, to further expand remittance services to southern Africa. Having formed an initial alliance in Zimbabwe, the two firms are looking to expand their remittance cooperation to Zambia, Malawi, South Africa, Mozambique and Botswana. The expansion of the alliance is the latest step for companies to improve the delivery of financial services to clients by combining their strengths and leveraging their capabilities and resources.
Skrill is an e-commerce business that allows payments and money transfers over the Internet, with a focus on low-cost international money transfers.
London-based end-to-end payment solutions provider Paysafe also announced the launch of Skrill money transfer service in the United States. Existing and new Skrill customers in the United States can now use the solution to transfer money free of charge to friends and family in Mexico, India and 16 other countries in Asia and Europe, with more coming soon.
Paysafe announced that Skrill USA digital wallet has introduced a virtual version of its existing prepaid Skrill Visa card.
Skrill is free to create accounts and does not charge any commissions or foreign currency (FX) markups from senders for sending money from the United States. To use Skrill Money Transfer, consumers can pay for transfers from their Skrill account from their personal bank account (via instant ACH), debit or credit card.