Mobile Money Transfers
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Author: Mehdi Punjwani
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Table of Contents
In the age of smartphones and fast transactions, it’s no surprise that mobile money is growing the world over. Here’s our MoneyTransfers.com guide to how it works, what you can do with mobile money, and whether it’s better than the alternatives.
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What is mobile money?
Mobile money is a digital or electronic service you have on your smartphone or tablet, often linked to your mobile number or email address.
Mobile money services can function a little like bank accounts, letting you manage your finances through your mobile device rather than having to go to a physical bank.
"Over 15 million customers use Wise, mostly for their excellent mobile app, transparent fee structure & use of mid-market rates. Now increasingly used for larger transfers."
Please share your experience with Wise
Would you recommend Wise?
Russell Pinkes
I can’t send money to Belize
Katsiaryna
Once trying to open sire, was automatically blocked for no reason
Alan
Unable to transfer money from Philippines to any other country. Philippines Wise does not work
Anonymous
Retiro de dinero en transferencia
Uwe
great rates and service - unfortunately for some countries not yet available
Martin Premprakash Anantharaman
On the first transfer to a hospital in NY they were already screaming that this was a sure scam and the same on my next transfer to a fried in Nigeria. They then summarily closed my account TERMINATING THE RUNNING TRANSFER TO NIGERIA, claiming that, hold on, I was being scammed🤦♂️ Sure, I could have appealed but immediately found that I would have had to provide so much intrusive detail that I desisted.
Martin Premprakash Anantharaman
Setting up is a bit unwieldy if you want to make a one-off transfer, as you have to create an account with complete identification - but it works and the process as well as charges are great.
Anonymous
My brother wants to send me money from India to Nigeria but he's finding it difficult how can he do it
Mohammed
WARNING : Wise was Great until main office decided to ruin WISE By letting the TW India office control handling Random verifications and do what ever they want by insane replies and no replies etc. If you want to waste your time and enjoy a journey into Black Hole of Insane then go ahead and try WISE !
Anonymous
Can't receive money from php to idr so far
sudheir
They don't allow transfer to Brokerage firms from India
Anonymous
Good app to transfer money
Anonymous
I didn't find Cuba on your list.
Anonymous
cuba not work
Nina
I made a transfer to a Canadian company 1.5 months ago, and the funds have not yet been received. After multiple emails, Wise insists that the money was paid out. However, I have received an official statement from the recipient’s bank confirming that the money has not been received. Wise's complaints department sent me a final letter stating that, according to their records, the funds were paid out. Additionally, Wise states the following in their Customer Agreement regarding their responsibility for losses: Quote from Wise's Terms: "Our Customer Agreement also explains our responsibility for losses in Section 29: 29.1 Unforeseeable loss or damage. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your sign-up process. 29.9 We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay because of things which are outside our control." Despite these terms, Wise has not been able to resolve this issue, and the money has still not been delivered as promised. I find it irresponsible that Wise does not conduct any investigations into the matter. The Canadian bank associated with Wise is unable to provide any information, as everything goes through Wise. Wise must be capable of tracking the funds and providing precise details about where exactly the money is, who received it, and to which bank account it was deposited. I would advise everyone to be cautious when transferring large sums of money with Wise. They are not capable of executing a secure money transfer!
Shengjie Yin
good and perfect
Tristan
Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business I am sharing my experience with Wise to warn fellow business owners about the serious risks and unacceptable practices you may encounter if you choose to use their services. My business, is a legally registered travel agency in the UK, and I relied on Wise to manage payments for my photography and cultural tours, primarily in South America. Things took a turn for the worse when Wise froze my account and accused my business of violating their Acceptable Use Policy, citing my once-a-year humanitarian trip to Cuba. Despite explaining multiple times that: No Cuba-related transactions were ever processed through Wise (I use a separate European bank for this purpose), My tours comply with the “Support for Cuban People” category authorized by OFAC, designed to help Cuban citizens outside state control, Wise completely ignored the facts. Their customer support team responded with automated messages, refused to engage in any meaningful dialogue, and even lied, claiming they didn't monitor my emails—despite clear evidence to the contrary. After days of chasing them and providing thorough documentation, they chose to close my account without justification. The Consequences: Wise left my business in chaos, disrupting essential transactions and client arrangements. Their rigid policies align with sanctions widely condemned by the global community, and in doing so, they indirectly support humanitarian suffering. The Bottom Line: Wise is unreliable, unresponsive, and unethical. If your business has any complexity or humanitarian focus, beware: Wise will shut you down without notice or explanation, and customer support will abandon you. Their actions have serious real-world consequences. Avoid Wise if you value your business stability or require ethical and accountable financial services. There are far better alternatives out there that won’t put your livelihood at risk Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business
Anonymous
I have been a customer for a few years. Yes I love the instant deposits as I make around $1K. However as many non US entities Wise uses a bank out of New York. Therefore the TRANSFER and DEPOSIT from an account transfer can take 4 to 6 days. What this means is that you will not able to make another ACH transfer during this time. This is frustrating if you have to make a follow up transfer in a few days. All in all don't plan to make more than 4 transfer in a month because it may not fo through, Not sure if other transfer companies operate the same way but I am about to find out as I will try Revolute. Bottom linw will require you to use ANOTHER payment method like credit card or some other method. Understand this: YOU MAY HAVE THE MONEY IN YOUR ACCOUNT but they WILL NOT TRY TO VERIFY IT WITHIN THE THE PERIOD IT WILL TAKE THEM TO DEPOSIT IT IN YOUR ACCOUNT. To add insult to injury I called in and the agent siad that they can see that they got paid but the computer takes time to update/reconcille I guess! It is a slow system!
Anonymous
There is a lot of advice on RECEIVING INHERITANCE in the UK from overseas but nothing on the rules for SENDING money gifts to grandchildren living OVERSEAS and the rules on Inheritance Tax in that case.
Anonymous
The service is decent, nothing more. I have had security issues that are not quickly resolved. Call center personnel are average. The app is not, in general, user friendly. You should definitely do research on a variety of service providers before making a choice. Do not take the reviews at face value. I chose Wise based on positive reviews but now regret not doing more research on other companies.
Anonymous
So far so good
Daniel
I checked to see if Wise even sends money to Colombia. Colombia is not even in their list of countries. Why is it even advertising for Colombia?
Bill Sanders
I have used Wise for several years. They once rejected a large transfer because it was to a coal company. Apparently, they are a woke company! But they refused to tell me why. More recently, they required verification of my identity using a smart phone. I am 69 and never owned a cell phone because I don't need one. But they forced me to buy one, which I did last week. Getting the phone updates ate up all my data, so i got 1 GB more. I took 12 different pics of my passport and another 12 of my face for them. They rejected them - and are holding up my transfer. Now my phone ate up that gig of data and I must buy another gig (thru Tracfone) just to use the phone. What a hassle. This is not a photo studio! They know who i am already. Note: This comment has been edited by the MoneyTransfers.com team to align with our content guidelines.
Ziggy Meilus
It used to be always instant, now it may come right away or it can take 5 even 7 days to get the money.
Anonymous
i've heard of people having issues with accounts being locked/restricted, but i think that was mostly for business accounts, maybe they were locked for good reason. for me, i've had no issue with my account though i've only used it for small transfers and not very often, over the past 5+ years
What can you do with mobile money?
Most mobile money services allow receiving and sending money to peers, as well storing it in a virtual wallet on your device or withdrawing and depositing at authorised agents. Your wallet can be used to purchase goods and services online or in-store, pay bills, and most other things you can use a debit or credit card for.
A mobile money transfer is a way to send money via mobile money app or service, either to their mobile phone or another receiving method like a bank deposit or cash pickup.
How long do mobile money transfers take?
One of the biggest benefits of mobile money transfers is that they are often instant - but this often comes at a steep cost. Here’s how long it takes with some of the biggest mobile money providers:
Provider | Transfer speed |
|---|---|
PayPal | Instantly available in balance |
Cash App | Instantly available in balance |
WorldRemit | Within minutes |
Remitly | Minutes with Express transfers, 3-5 days for Economy transfer |
How much do mobile money transfers cost?
The downside with many mobile money networks is that they can charge higher fees than alternatives like money transfer providers. Here are the fees for some of the biggest mobile money companies:
Provider | Transfer fees |
|---|---|
PayPal | 5% of transfer fee (Min $0.99 max $4.99) |
Cash App | No fees but only transfers between US and UK |
WorldRemit | Between $1.99 and $3.99 |
Remitly | Depends on country and currency |
Is mobile money safe?
Mobile money providers are subject to the same local financial regulations as banks and other financial institutions. Users are required to undergo identity checks, like with money transfer providers, and all transactions are recorded and stored safely.
Providers employ strict data protection measures to keep your money and data secure. You may have to go through extra security steps on your first money transfer as part of extra security protocols before you can start sending money.
How do mobile payments work?
Mobile payments are simple and straightforward, often taking minutes to complete:
How to send money abroad with my mobile
To transfer money abroad via your mobile, you’ll just need to do the following:
Sign up
Register your details with a mobile payment service. You’ll usually need to give your name, address, phone number and email, as well as verifying your identity
Link bank account
You will then likely need to link your mobile wallet to a bank account, then you’ll be ready to start sending money
Send money
Click on the option if available to send money to another user or person
Add recipient details
You’ll need their email, phone number or username if sending to another mobile wallet, or bank details for a bank account, or an agent location for a cash pickup
Confirm details
Confirm all the details of your transfer are accurate and finalize your transfer
How to receive a mobile money payment
To receive money to your mobile wallet, you’ll need to do the following:
Sign up
Register with your chosen provider with your name, address, phone number and email, and verify your identity
Link bank account
To withdraw money from your mobile wallet you’ll need to link an account with your bank
Give sender your details
Ensure the sender has your username, email or phone number correct so they can send you money
Withdraw money
Once you receive the money into your mobile wallet, withdraw it either into your bank account or as a cash pickup
What countries accept mobile money payments?
Many countries in Africa and Asia have mobile network providers that have partnerships with money transfer services, as well as some places in the Americas and Oceania. In these places many people have mobile money accounts that allow them to send money directly to their mobile phone. As such it’s common to find mobile money transfers from the USA to Nigeria or from the USA to Ghana.
Mobile wallets that partner with money transfer providers aren’t especially common in Europe or the Middle East. However in these locations you can get money to a mobile phone via money transfer providers like Wise.
Who are the most common mobile money providers
Some of the most common mobile money providers include:
Vodafone
Orange Money
Google Wallet
Samsung Pay
Apple Pay
Walmart Pay
There are also many region-specific mobile providers that operate in either one or a few select countries, such as:
Name | Country | Name | Country |
|---|---|---|---|
Airtel | India | helloCash | Ethiopia |
bKash | Bangladesh | JazzCash | Pakistan |
Coins.ph | Philippines | Link Aja | Indonesia |
Dana | Indonesia | M-Pesa | Kenya, expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan and South Africa |
DaviPlata | Colombia | Movii | Colombia |
EasyPaisa | Pakistan | MTN Mobile Money | Ghana and much of Africa |
Equitel Money | Kenya | Paga | Nigeria |
eSewa | Nepal | PayMaya | Philippines |
EZ Cash | Sri Lanka | ShopeePay | Thailand |
GCash | Philippines | Tigo | Colombia and much of South America |
Gopay | Indonesia | UPaisa | Pakistan |
GrabPay | Singapore | UPay | Bangladesh |
What money transfer providers let you send money to mobile wallets?
Provider | Countries |
|---|---|
Asia: Bangladesh, Indonesia, Nepal, Pakistan, Philippines, Sri Lanka Europe: Armenia Américas: Ecuador, El Salvador, Guatemala Africa: Burundi, Cameroon, Congo DRC, Ghana, Kenya, Lesotho, Malawi, Rwanda, Somalia, Somaliland, Tanzania, Uganda, Zambia, Zimbabwe Australia and Oceania: Fiji, Samoa, Tonga | |
Ghana, Kenya, Senegal, Bangladesh, India, Philippines and Colombia | |
Supports sending money to mobile providers in over forty countries but weren’t able to provide a complete list | |
Allows transfer to digital wallets in over thirty countries around the world, from over forty countries | |
From the US to digital wallets in Bangladesh, Cambodia, El Salvador, Gabon, Guinea, Ivory Coast, Malawi, Mozambique, Senegal, Tonga, Zambia, Botswana, Cameroon, Ethiopia, Ghana, Guinea-Bissau, Kenya, Mali, Philippines, Sierra Leone, Uganda, Zimbabwe, Burundi, China, Fiji, Guatemala, Indonesia, Madagascar, Mongolia, Samoa, Tanzania and Vietnam |
Benefits and drawbacks of mobile money
It’s important to consider the pros and cons of using a mobile money app or service before deciding which, if any, is right for you:
The benefits include:
Convenience: Having money available 24/7 on a device without having to carry around cash or visit a physical branch is useful, especially in rural communities or areas without a developed banking infrastructure
Speed: Mobile money payments are often instant and take a few minutes at the most to clear, much quicker than bank transfers
Security: Mobile providers use advanced security protocols to ensure your personal data and information is all kept safe and protected
No bank details: To send and receive money you’ll often only need to give an email address or phone number, rather than bank account details
The drawbacks include:
Transfer fees: Mobile money apps like PayPal have high fees for international money transfers, compared to providers like XE and WorldRemit
Withdrawal fees: You often have to pay an extra fee to withdraw money from your mobile wallet to your actual bank account or as cash
Limited range: Not all places or countries accept mobile wallets, so they’re more often than not only useful locally
Vulnerable to tech issues: Like with any mobile or electronic service these apps can be vulnerable to tech issues and bugs that can leave you without access to money
Types of mobile money
Mobile money is a term that can be used to describe a range of services, such as:
Digital wallets (Apple Pay, Amazon Pay, Samsung Pay, Google Pay)
Digital wallets are apps that store your debit and credit card information virtually, and you can use them in the same way - to make payments and purchase goods and services. Some even let you send money to other users - but these services aren’t available in all locations.
For example, you can only use Google Pay in the US to send money to India and Singapore.
Mobile money apps (Cash App, PayPal, Venmo, Zelle)
Mobile money apps are more of a universal application, that allow you to send money to peers, and have a built-in digital wallet as part of the service. PayPal even lets you send money across international borders to other PayPal users, though it comes with a steep transaction fee. Cash App only operates between the US and the UK, allowing domestic and international payments between the two.
Keep in mind that when using one of these providers, you will likely have to pay an extra fee to withdraw the money back into your actual bank account.
Money transfer providers (WorldRemit, Wise)
Money transfer providers are a modern solution to international money transfers, and many of them are available on convenient and easy-to-use apps. For example, Wise lets you send money at low rates and fast speeds, while also offering a multi-currency wallet in which you can keep money.
Many providers also allow sending money via digital wallet to recipients all over the world. They can then receive the money in a bank account, for a cash pickup, or if available a deposit to their own mobile wallet.
Airtime top up
Mobile money can also refer to airtime transfers, where you send money to the recipient in the form of airtime. This is usually either talk time i.e. minutes for phone calls, or mobile data for internet browsing.
SMS mobile pay
While not prevalent in the US, many parts of the world have the ability to pay for goods and services by SMS or text message from their mobile phone. Examples of providers who offer this are M-Pesa and Orange Money.
Mobile banking
Many traditional banks have developed mobile banking services that let you access your account and most products via your mobile phone. However domestic wire transfers can cost around $25 and international around $30-50 for sending money, and $15 for any kind of incoming transfer.
These high charges are still present in mobile banking, which is why many in the US still prefer to use apps like Zelle and Venmo.
Bank | Mobile international transfers | International transfer fee | Transfer time |
|---|---|---|---|
Bank of America | Yes | $45 for outgoing US dollar transfers | 3-5 days |
Wells Fargo | No | Undisclosed | 1-3 days |
Chase | Yes | $40 | 3-5 days |
PNC | Yes | $40 | 2-3 days |
What’s the difference between mobile money and a digital wallet?
Mobile money is a bigger term that refers to all kinds of mobile finance technology. Digital wallets are more specifically like virtual wallets with your credit or debit card details.
Can I send money abroad with PayPal?
You can send money abroad with PayPal, but fees are usually quite high at 5% of your transfer (from $1.99 to $4.99) plus an exchange rate markup and extra fees for using a card. You’ll be better off using a money transfer provider as they offer better rates and lower fees.
Can you transfer mobile money to a bank account?
Many mobile providers will also let you send money directly to a bank account - you’ll just need to enter the relevant bank details for your recipient when prompted.
Are there business mobile money services?
Companies like PayPal and Venmo offer business services, as do other providers like PayTM, Google Pay and Gopay.
Are mobile money transfers free?
Mobile money transfer services are rarely free, as there is often a fee for transferring money - especially when sending money abroad. Domestic transfers may be free, but it will depend on the provider and country you’re in.
Is mobile money transfer instant?
Mobile money transfers can be instant or at least completed in a few minutes. However withdrawing the money into a bank account may take longer.
Can you make mobile to mobile transfers?
You can make mobile-to-mobile transfers if your provider offers this service. It can be done via digital wallet accounts or directly via SMS transfers.
The Best International Money Transfer Companies
Using your bank for international wire transfers is expensive due to poor exchange rates and high fees.
Best Money Transfer Apps in India
Below, I’ll go over these in a bit more detail.
Transfer Money From Overseas to Australia: Tax Implications
In general, if you receive any income from abroad while in Australia and fall within the AU tax brackets, you will need to pay tax.
Sending Money Abroad
Ideal for sending money internationally, money transfer services have made huge strides in the past couple of decades to make sending your money abroad cheaper, faster, and easier than ever.
Send money with a debit card
Opting to send money online with a debit card is usually good for:
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