Top Money Transfer apps in the European market

By Megha Bhattacharya

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 way that is simple, easy, and pain-free. New FinTechs offer online-only services that deliver straight to local bank accounts around the world.

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

Here are the top money transfer apps in Europe –

1. Transferwise

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

German cloud banking platform, Mambu also entered into a partnership with FinTech TransferWise to allow its customers to access the latter’s technology infrastructure directly through Mambu’s platform. The partnership is expected to facilitate the provision of transparent international money transfers at the real-exchange rate.

Recently, TransferWise announced that its annual revenue grew by 70% in the last financial year to £302.6 million. The company’s audited results showed a net profit after tax of £21.3 million for the fiscal year ending March 2020. The business has consistently reported a profit since 2017.

2. Azimo

Azimo is an online remittance service headquartered in Amsterdam, The Netherlands, with offices in Kraków, Poland.

The UK-based global money transfer service Azimo announced that it is offering free remittances to migrant workers following the United Nations’ call for a “zero-fee” remittance day. Azimo stated that it would provide a fee-free transfer to all customers on June 16th, which is the UN’s International Day of Family Remittances.

Azimo also entered into a €20 million debt agreement with the European Investment Bank (EIB) in a bid to accelerate the company’ R&D and facilitate in the scaling up of its payments platform. The financing for the venture debt deal was supported by the European Fund for Strategic Investments (EFSI).

3. WorldRemit

WorldRemit is an online money transfer business that provides international money transfer services in more than 50 countries. It was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe.

Recently, inwi money, a subsidiary of inwi and global telecommunications operator in mobile money services has announced an expansion of its offering with the launch of an international money transfer service for its customers. The new service is a result of a strategic collaboration between inwi money and WorldRemit, the global online money transfer service provider, as well as MFS Africa, a leading Pan-African FinTech which operates one among the biggest e-payment platforms in Africa.

WorldRemit also agreed to acquire Sendwave, a fast-growing app-based remittance company, in a cash and stock transaction. The transaction is subject to licensing and regulatory approvals and is expected to close in Q4 2020.

4. Skrill

Skrill is an e-commerce business that allows payments and money transfers to be made through the Internet, with a focus on low-cost international money transfers.

Skrill recently announced a four-year partnership with AC Milan, thus becoming the prefered payments partner for the latter’s merchandise sales and will also work as a live payments option on its international online store.

London based Paysafe, a provider of end-to-end payment solutions also announced the U.S. launch of its Skrill Money Transfer service. Existing and new Skrill customers in the United States can now use the solution to transfer money to friends and family for free in Mexico, India and 16 other Asian and European countries, with others available shortly.

Skrill enables free account creation, does not charge fees or any foreign exchange (FX) mark-up on senders to send money from the United States. To use Skrill Money Transfer, consumers can pay with their personal bank account (via instant ACH), or their debit or credit card, to fund transfers from their Skrill account.