6 Top Money Transfer Apps in Asia
If you’re looking for the best way to transfer money to friends and relatives in Asia, here are 6 of the most widely used money transfer apps.
Most popular money transfer apps in Asia
Many developing countries rely heavily on money remittances sent by their overseas workers. Millions of citizens of many poor countries work in foreign lands to support their families financially back home. They bring home the bacon by regularly sending their families money transfers.
The region with the largest volume of such remittances in Asia. Based on a recent report from the United Nations (UN), Asia is the recipient of 55% of the world’s overall remittances. This is not surprising because Asia boasts young and highly skilled workers.
In decades past, migrant workers had to rely on expensive and snail-paced money transfer service. These days there are faster and less expensive money service providers that also provide smartphone apps to make transactions convenient and fast. Here are the top 6 money transfer apps in Asia.
1. TransferWise – is a European-based money transfer service company that has expanded its reach to the Asian market. It is a peer-to-peer money transfer platform that has 750 routes worldwide. Its service fee is 5 times cheaper than that charged by most banks.
2. OrbitRemit – is a New Zealand-based company that caters to the money remittance needs of those living in Australia, New Zealand, and the U.K. Funds are transferred to over 40 countries worldwide and a flat rate is charged for its service.
3. TransferGo – is a U.K.-based company that can transfer funds anywhere in Europe, India, Hong Kong, and the Philippines. It charges a fixed fee for the transfer service plus an additional fee for currency conversion.
4. Coins.ph – is based in the Philippines. Aside from money remittance, it offers services that include bill payments, online shopping, and mobile load wallet transfer to any country in Southeast Asia. Using blockchain technology, it provides fast and secure service at low cost.
5. Toast – is a Singapore-based company that also has a peer-to-peer money transfer app which allows people in Hong Kong and Singapore to send money to the Philippines. Its service fee is 81% cheaper than what banks charge. Funds can be remitted in as fast as 2 minutes. There are two ways to receive funds: recipients can get cash from 7,000 locations or they can choose to have the funds transferred directly to their bank accounts. It also has a service that allows migrants to pay bills in the Philippines directly while overseas.
6. i-Account—is a duly registered multi-function money platform solution that allows people to transfer money worldwide and receive remittances as well. It offers a reloadable debit card solution that supports dozens of local currencies, which are ideal for frequent travelers abroad.
Money transfer apps have become handy tools used by a great majority of the working population. When choosing a money transfer app, some people prefer to use a solution that supports several currencies so they can conveniently withdraw funds even while on vacation abroad.