4 Money Transfer apps in Europe

By Joy Dumasia

FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency and Blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with AI and machine learning and will make FinTech products an integral part of our digitalised life.

Money transfer apps have excelled in the past decade, with an increasing number of them offering the ability to send money across the world using different currencies in a simple, easy, and pain-free way. New FinTechs offer online-only services that deliver straight to local bank accounts worldwide.

Security remains a key provision with money transfer apps, ensuring that customers’ transactions are protected through a combination of features to keep them safe, including strong encryption between devices.

The following are 4 Money Transfer apps in Europe:

• Wise

Wise is a London-based online money transfer service founded in January 2011. The company supports more than 750 currency routes across the world, including GBP, USD, EUR, AUD and CAD, and provides multi-currency accounts.

IBS Intelligence reported that Wise, the global technology company building the best way to move and manage money worldwide, launched seven partnerships in Q4 2021; as the business continues to grow, Wise Platform, its API offer for banks and non-banks alike. The range of new partners is a testament to Wise Platform’s flexibility and ease of integration and its relevance to businesses from across industries.

• Azimo

Azimo is an online remittance service headquartered in Amsterdam, The Netherlands, with offices in Kraków, Poland. Azimo was founded in 2012 with a strong social purpose to make it cheaper and easier for people to transfer money online.

Recently, IBS Intelligence reported that Papaya Global, the global people management platform for the remote working era, announced that it has agreed to acquire Azimo, the international digital cross-border payments service, making it possible to pay employees almost instantly regardless of geography and typical payroll limitations.

• WorldRemit

WorldRemit is an online money transfer business that provides international money transfer services in more than 50 countries, it was founded in 2010. 

IBS Intelligence also reported that Yugabyte, the leader in open-source distributed SQL databases, announced a new EMEA customer, with global digital money transfer service leader WorldRemit.

The London-based payments firm has agreed to take a software subscription for Yugabyte’s high-performance distributed SQL database and full global 24×7 support. Yugabyte will help this fast-growing FinTech improve service resilience via transparent two-way failover, boost internal regulatory compliance procedures, and reduce operational costs.

• Skrill

Skrill is an eCommerce business that allows payments and money transfers to be made through the Internet, focusing on low-cost international money transfers; headquartered in London and with offices throughout Europe and the US.

In August 2015, Optimal Payments acquired Skrill Group, creating the Paysafe Group. Paysafe Group is a global provider of payment solutions, trusted by businesses and consumers in over 200 countries and territories to move and manage billions of dollars each year.

IBS Intelligence reported that Paysafe, a leading specialised payments platform, today launched a new program for its Skrill USA digital wallet that caters to the wagering preferences of high-stakes American online gamblers. Building on the recent Skrill USA product upgrade, the new program, first rolled out with the PlayUp USA sportsbook, provides enrolled players with the U.S. iGaming industry’s highest limits for instantly funding a deposit.

ALSO READ: Global Payments Vendors and Landscape Report Q4 2021