Whether it's changing your currency to dollars, saving money, or making payments, these alternatives can work without depending on a bank .
We tell you which are the best apps to manage your money without depending on a bank. / Photo: Unsplash
LatinamericanPost| Juan Manuel Bacallado
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Leer en español: 3 apps móviles que sirven para guardar y usar tu dinero
In a world where technology has been involved in practically all aspects of life, finance does not escape it, there are currently mobile applications where users can save their money despite managing local currencies, spend this money on dollars, as well as making payments and transfers to other users or banks. It is always important to take into account two aspects of each app such as its security and commissions, since there are options with little travel and no support as well as high commissions that affect money management. 3 useful financial applications can be:
Cada día más personas realizan compras en línea y PayPal es una de las mejores plataformas que los usuarios pueden utilizar para hacer los pagos de sus compras en línea de manera segura.— Unidad Cibernética SSP Sonora (@cibersonora) February 17, 2020
Estas son las principales ventajas de utilizar @Paypal
Unión por la #SeguridadDeSonora pic.twitter.com/6t2scoplp5
Probably the best known around the world, it was founded in 1998 by a team in which Elon Musk participated, in 2002 it was sold to eBay and currently has more than 300 million active users according to Statista. In turn, PayPal claims to be present in more than 200 countries and to handle 25 different currencies. The main advantages offered by this service lie in its security when making payments since it has a "buyer protection", which consists in that the money does not fall into the seller's account until the delivery and status of the order are confirmed, product or service purchased, this payment must be confirmed by the buyer. It also offers a space for claims that after certain requirements will return the money.
To join PayPal, an email is required, this will be the only information necessary to transfer and make payments, you will also have to add a photo of your identity document. The money transferred falls directly as long as it meets the aforementioned buyer protection. Another service available is the possibility of registering and associating a debit or credit card as well as a bank account where you can spend the money saved in PayPal. In case of having a card registered, you must pay a commission of 1% of the money transferred, it is free if it is a bank account, likewise money can be passed from the bank to PayPal.
As for commissions, to move money within the same platform, PayPal discounts a commission of 5.4% plus 30 cents, so for example if one person sends 50 dollars, the other user will receive 47 dollars, among users in the United States this commission does not occur, this platform does not charge commissions for "maintenance" or anything similar. PayPal has a system to create personal accounts and business accounts, the latter has extra tools.
This application created by three Mexicans has as its main argument to protect your savings from devaluation, so it is mainly intended for countries with economic problems, theoretically it is possible to use it in all countries -according to its CEO they have operations in 125 countries- although it's strong in Latin America. The main advantage of AirTM according to DineroBits is its function as "money exchange" since it allows money to be transferred from a local account and converted into dollars through the app. It is also possible to do the opposite and sell those dollars, the exchange rate is averaged according to the purchase and sale transactions on AirTM, other platforms such as PayPal or cryptocurrencies can also be used to change them to other currencies.
To register you need email and country, there is a personal account option and a business one, there are no maintenance fees and to save money in the app there are various modalities such as bank transfers, cash, cryptocurrencies among many other options. Everything will depend on the "cashier" who in this case refers to another AirTM user who agrees that the modality used and the time to wait will be according to the agreement. For example, if you want to import $ 20 to pesos from PayPal, the person must search for a “cashier”, when they find it, they must enter PayPal and make the transfer of $ 20 according to the data provided, then the person will send the weights to AirTM. Not everyone can be an ATM, it must be verified by the app after registering their identity document and having carried out 10 operations with a minimum of 4 stars.
As for the commissions, this will depend on the platform used, what is certain is that it discounts 30 cents on any one, in addition to deposit to AirTM through certain platforms, a minimum amount is necessary. For example, if you want to transfer money from PayPal to AirTM it must be a minimum amount of $ 5.30. There are websites that calculate these amounts such as ExchangeMonitor, it should be noted that AirTM is surely one of the platforms with the highest commissions.
Airtm es muy fácil de utilizar la experiencia es buena, pero las comisiones No son atractivas, muy altas en mi humilde opinión, 20% o más si usas Paypal por ejemplo, eso me desmotiva a utilizarlo más seguido.— Igor Hereira (@igorhereira) June 7, 2020
Available since 2005 when they started their headquarters in New York, Payoneer has more than 4 million users and 21 global offices, currently operating in more than 200 countries . For registration, you need an email, a residential address and an identity document. It is also possible to link a bank account that may be from the country where you reside. To receive money is a more rigorous process, since it is necessary to fill out a form with information about the money to be received - maximum 2000 dollars per form - the reason, and some details of the person who sent it, the same when sending payments between accounts from Payoneer.
Payoneer (USA): una plataforma de pagos pensada especialmente en trabajos en línea. Orientada a freelancers, startups y pequeñas y medianas empresas. Uno de sus principales atractivos es que otorgan una TDC MasterCard prepagada luego de haber recibido más de 30 USD en la cuenta. pic.twitter.com/cp7BQC6UsH— Giorgio Emiliani (@giomiliani) June 6, 2020
This platform basically makes and receives payments between Payoneer accounts, mainly between dollars and euros, although other currencies are allowed according to Gananci. They can also associate with other platforms to make payments such as Netflix, Airbnb, iTunes, among others, as well as websites or physical stores that accept Payoneer. Unlike the other wallets, Payoneer does not charge any kind of commission when receiving or making payments, it only charges 30 dollars per year that run from the first transaction made.
The strong point of Payoneer is the possibility of having a physical MasterCard, it must be requested and paid, in addition to charging monthly maintenance fees according to the number of transactions made that month. This card can be used to withdraw money at ATMs and pay at points of sale. It should be noted that unless the ATM has the option to withdraw in dollars, this card will do the conversion according to the MasterCard rate, so if you have dollars in Payoneer and withdraw money in an ATM in Colombia, it will do the conversion and you will receive cash in Colombian pesos, the same process occurs at points of sale, cross-border fees also apply if withdrawn at an ATM in another country where the card was issued, this is usually 3.5%.