We sometimes stay from away from home and think of ways to send money home. Various platforms allow for money remittance but your choice of preference plays an important role in the amount you can save. Some money transfer platforms are instant while others may take hours or days before money reflects on recipient’s account.
Sending money to Africa and Arabic countries is now easy and more convenient. Mobile money remittance platforms compete with already established platforms. Previously, banks charged high fees but with mobile money, people have migrated. Their services are not only pocket-friendly but also fast.
You will notice many websites in the business of money transfer. The choice of your platform depends on various factors. Sometimes, it may be the only choice available in the recipients’ country. However, we advocate that if there are more choices, research and go for the most economical option available.
Approximately, $500 billion are transferred annually. Africa enjoys the largest share of the transfer and it continues to increase. Experts, therefore, attribute the increase in growth to the growth of mobile usage.
Many startups allow for money transfer on their platforms, we shall give you a review of available platforms here.
Ismail Ahmed established WorldRemit in 2010. The platform allows money transfer using laptop, smartphone, and tablets. They also charge relatively low transaction fees and their services are available in various countries.
These two companies have set a wide base in money transfer. However, they have been accused of opaque charging schemes. They charge a standard rate of $10 from the senders. The recipients incur no transaction fees and the money reflects in the recipients account within a few minutes.
The startup offers a user-friendly platform for safe transaction. Besides,CurrencyFair provides better exchange rates. The registration process for new customers is simple.
Their services are available in over 195 countries globally. They allow for instant transfer in Nigeria. Azimo charges no fees for transfers from Finland, France, Ireland and Portugal. Their services are also fast and reliable.
Sendwave services are popular in East Africa and Ethiopia. Their services are also free for senders from the US and Canada. You only need the recipient’s phone number to make transfers.
The platform limits transfer to a maximum of $1,000 daily. Before the introduction of Equitel, M-Pesa dominated the market. Many potential customers can access M-Pesa agents hence making it a reliable option.
Entrepreneur Richard Branson forms the foundation of this platform. However, TransferWise charges high transaction fees hence not recommended in the African market.
The Xendpay platform allows for affordable money transfer without charging hidden or compulsory fees from the senders. Besides, over 215 countries enjoy Xendpay services including Seychelles. The platform does not allow mobile phone payments. However, one can use debit or credit cards for bank transfer.
Ooredoo mainly operates in the Middle East countries. It also partners with Moneygram to reach 200 countries. They allow for mobile phone transfers and bank transfers to Sri, Kenya, and Philippines.
The World First platform only operates in 121 countries and has a minimum transfer of £1,000. The main users for the platform come from Australia, Singapore, the US, UK and European countries.
Simbapay operates in Kenya and Nigeria without charging transaction fees. Other parts of the globe, they charge low fees on bank transfers. The startup mainly uses wallet services such as Airtel, M-Pesa, and Paga.