Comparing Different Mobile Wallets: Choose Between Google Pay, Samsung Pay & Apple Pay
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Google Pay vs. Samsung Pay vs. Apple Pay

Updated on July 10, 2020 01:51 am
Apple pay

Mobile wallets are virtual wallets also known as "e-Wallets" that allow one party to make electronic payment transactions with another party bartering digital currency units for goods and services. 

It works like a regular physical wallet plus with add on benefits. The convenience of mobile wallets has been the dominant reason why many people opted for them before the Coronavirus pandemic. As the world quickly learned about the increasing health risk of being in close contact and contaminated surfaces, contactless payments have seen a sharp increase.

What is Google Pay? 

Google Pay is Google's mobile wallet. An online payment system developed by Google to power in-app, online payments, and tap-to-pay purchases on mobile devices. 

How does Google Pay work? 

  1. Download the Google Pay app
  2. Add the cards or PayPal details you want to use to fund payments
  3. Pay with just a tap from your electronic device: mobile, tablet, watches, etc

What is Samsung Pay? 

Samsung Pay is Samsung's mobile wallet. An online payment system developed by Samsung to power in-app, online payments, and tap-to-pay purchases on mobile devices.

How to use  Samsung Pay?

Samsung Pay works in a similar way to Google Pay. Here are the steps:

  1. First, download the app
  2. Confirm all your security details
  3. Add the cards and PayPal details to fund your payments
  4. You are ready to shop!

What is Android Pay?

Android Pay is the older version of Google's mobile wallet before it was renamed to Google Pay. Google Pay is a stronger suite created by bringing together Android Pay, primarily for in-app purchases and Google Wallet, primarily for in-store transactions and peer to peer transfers. Android Pay no longer exists as a service. Any Android Pay service offering would redirect you to Google Pay.

What is Apple Pay? 

Apple Pay is the mobile payment and digital wallet service by Apple Inc. Apple Pay works in a similar way to both Samsung Pay and Google Pay, making it easy to make contactless payments through their iOS apps and on the web supported on the iPhone, Apple Watch, iPad, and Mac.

How to set up Apple Pay on the Apple Watch?

Here are the steps to set up Apple Pay on Apple Watch: 

  • Open the Watch app on your iPhone
  • Go to My Watch tab
  • Scroll down to Wallet & Apple Pay
  • Tap Add Card and get it verified
  • You are ready to shop!

Google pay vs. Samsung Pay vs. Apple Pay

Mobile wallets

We are going to cover 4 main factors to make the comparison: Security, Limit, Availability, Money transfer

Security 

When it comes to security, neither of the companies have compromised. Google Pay, Samsung Pay, and Apple Pay are secure ways to make payments. One security technology that is a common denominator is encryption and tokenization. So, even though all the platforms have access to your financial information, it is never shared. 

Ensure that you do not share your card number or passcode with anyone or store anyone else's Face ID or fingerprint. Here are some more tips to protect yourself from financial scams.

Limits 

There are no pre-set limits for Google Pay, Samsung Pay, and Apple Pay. However, the merchants can set limits depending on their average unit price. 

The popular limitation of Google Pay vs Samsung Pay argument is that Samsung Pay has both magnetic secure transmission (MST) technology and near-field communication (NFC) technology whereas Google Pay only supports NFC technology.

NFC functionality is the technology that powers contactless payments and MST functionality is that of a card reader, which picks up the signal from a credit card's magnetic strip. This is an advantage for Samsung Pay because you can use your mobile wallet, wherever there is a credit card machine in the absence of a contactless card machine. The only limitation is that you need to own a Samsung device to be a Samsung pay user like only Apple users can be Apple Pay users. 

Availability 

Apple Pay: It is available in 60 countries. In China mainland, you can use Apple Pay on the web in Safari only on compatible models using iOS 11.2 or later. Learn more about the countries and the participating banks here.  

Samsung Pay: It is available in 24 countries. Although Samsung Pay can be used wherever payment cards are accepted, it will work only with cards from participating banks and compatible electronic payment terminals offering swipe-based or contactless payment.

Google Pay: It is available in close to 28 countries. There is no straightforward answer to this for Google because it depends on what kind of services you are looking to pay for. If it is for Google's products, it is available in all the countries it operates in. If it is to pay for travel by train and bus, the services of Google pay is limited to Canada, Japan, Russia, Ukraine, the United Kingdom, and the United States.

In terms of availability, Apple Pay is a clear winner. And for an Android device user, Google Pay is a better alternative. 

Money Transfer 

We will further divide this into Peer-to-peer payments and International money transfer.

Peer-to-peer- payments 

Apple Pay and Google Pay are the only two services that let you make peer-to-peer payments to send money to your friends and family domestically. Samsung Pay does not currently have a peer-to-peer option yet. 

Apple Pay services to send and receive money provided by Green Dot Bank and you must be at least 18 years old and a resident of the United States. Google's money transfer option is limited to the US and India.

International Money transfer 

Samsung Pay is the only Mobile Payment company that offers international payment service. It lets you send an international money transfer from within your Samsung Pay app using your personal debit card or credit card linked to your digital wallet, and delivers the money to your recipient's bank account or to cash pick up locations in nearly 50 countries including the top remittance-receiving countries such as; India, Mexico, and the Philippines. 

You can use the International Money transfer service of Samsung Pay if you fulfill the following conditions:

  • You are a U.S resident or citizen
  • You have a valid Social Security Number (SSN)
  • You have a valid U.S address

While Samsung has a clear advantage if you want your mobile wallet to be your one-stop-shop for all your digital payments and you are someone who needs to make international money transfers regularly. However, there are many convenient and online alternatives to international money transfer that offer high exchange rates, low transfer fees, and fast speed of transfer provided by companies whose purpose of existence is to make international money transfer easier, cheaper and faster. 

The international money transfer service of Samsung Pay rides on another remittance service provider called Travelex. The capabilities and limitations of Travelex will apply for Samsung Pay's International Money transfer service. So, we recommend comparing the top money transfer service providers for free next to each other on CompareRemit before making an international money transfer online. 

In conclusion, All mobile wallets essentially do the same thing, which is to enable contactless payments by building a bridge between your banking service provider and merchants. While your choice amongst the three most popular mobile wallets depends on the devices you own and your lifestyle needs. If you already own a particular device that limits your option, we do not see the need to make an additional investment just for a mobile wallet.

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How to: Cheap Money Transfers to India from USA

If you are in search of cheap money transfer options to send money to India from the US, you have come to the right blog!With countless options available in the money transfer marketplace, it is important to know how to navigate the labyrinth of international money transfer services to find the most affordable and secure solution.This blog is your guide to achieve just that-affordable, cheap, and secure money transfers to India from the USA.Say goodbye to hidden fees and unfavorable exchange rates as we uncover tips, and services that will empower you to make your international money transfers a breeze.Understanding International Money Transfer CostsAn international money transfer's cost depends on a few key factors:Exchange RatesIf you want to send money in a different currency, it is crucial to understand the intricacies of currency exchange rates.When you send money internationally, the financial institution or service provider handling your transaction will convert your USD to INR. 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These platforms are available 24x7 so you can place an order at any time, at your convenience.Cheapest Ways to Send Money to India from the USBefore you decide on which service is best for transfers to India from the US, it is important to know that the cheapest method will depend on your specific requirements such as the transfer size, the transfer speed, the payment method, and the delivery method.Also, note that the cheapest method may not be the best method for your needs.Here are a few tips to help you choose the right service:Consider the reliability of the option you are choosing.Take into account the exchange rate, hidden fees, customer ratings, and time taken to do the transfer as well.Another very important feature is convenience.Now let's get to the main topic of the blog which is the cheapest ways to transfer money to India from US.WiseWise is one of the cheapest online money transfer services to send money anywhere in the world. 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Users rate Wise’s iOS and Android mobile apps 4.3 out of 5 stars.Fast Transfer Speed: 50%+ of payments are instant, 90%+ arrive in 24 hoursDownsides:Not Always the Best Deal for Larger Transfers. Some providers don't charge any fees and can offer competitive rate markups, which can make some transfers cheaper than Wise.XE Money TransferWith over 25 years of experience, XE is a reputable authority in the currency world. Businesses and individuals alike rely on XE to facilitate comprehensive money transfers and provide competitive rates and foreign exchange risk management solutions.Upsides:Competitive Exchange Rates: XE Money Transfers typically provides favorable exchange rates that are close to the interbank rates.No Transfer Fees: They often do not charge any transfer fees.Cheaper for Large Transfers: It offers the cheapest rates for large transfers ($4000 and above). A good pick for large bank-to-bank transfers.Transparent Pricing: XE offers clear and detailed information about the exchange rates and any potential fees, ensuring you know exactly how much your recipient will receive.Market Updates and Tools: You have access to valuable market insights, currency conversion tools, and historical exchange rate data, helping you make informed decisions when transferring money.Downsides:Limited Delivery Option: Only offers bank-to-bank transfers.Complex Fee Structure: The fees of XE can be somewhat complex and may not be the cheapest out there. Additionally, the recipient's bank may impose additional fees for receiving international transfers, and these fees are beyond the control of XE money transfers.SkrillSkrill is a trusted e-wallet platform that enables international money transfers over 40 currencies. Though it is originally associated with the gambling industry, it is a safe and secure platform. It was founded in the UK and it is regulated by the Financial Conduct Authority.Upsides:Zero Transfer Fees: If you have a Skrill account, you can send money to an international bank account with zero transfer fee. There are also no transfer fees for receiving the money to your Skrill account or when paying a merchant directly from your Skrill wallet.Prepaid Mastercard: Skrill offers a prepaid Mastercard linked to your account that can be used to withdraw money from ATMs and make in-person purchases.Multi-Currency Wallet: You can hold and manage multiple currencies within your Skrill account, enabling you to make exchanges and send money in different currencies with ease.Downsides:Verification Process: Some users have found the verification process for Skrill accounts to be cumbersome and time-consuming.Fees: Skrill may charge fees for certain transactions, including currency conversions and withdrawals, which can make it less cost-effective for some people.Inactivity Fees: Skrill may charge inactivity fees for accounts that remain dormant for an extended period, which can be a concern if you do not use the service frequently.Withdrawal Restrictions: There may be limits on the amount of money you can withdraw from your Skrill account, which can be restrictive if you have larger transfer needs.RemitlyRemitly is among the most affordable and popular international money transfer providers for sending money to India from the US. Founded in 2011, millions of people have used Remitly to send money to friends and family overseas.Upsides:Competitive Exchange Rates: Remitly offers competitive USD to INR exchange ratesBest Option of In-person Cash Pick-up: Opt for cash pick-up at 100,000+ locations in India.Multiple Transfer Options: Provides different delivery options, including bank deposits, cash pickup, mobile money, and airtime top-up.Promotional Offers: Remitly occasionally offers promotional rates and discounts for new users. You can also earn rewards when you refer your friends and family and use an offer code to redeem an offer.Express and Economy Services: Offers both express and economy transfer services, allowing users to choose the speed of their transactions, with corresponding fee differences.Transparent Fee Structure: Provides clear information on transfer fees and exchange rates.Downsides:Fees for Express Transfers: While Remitly may offer lower fees for economy transfers, the fees for express transfers can be relatively high due to its faster delivery speed.Inconsistent Transfer Fees: Transfer Fees vary depending on the country and quantity transferred.Limits on Transfer Amounts: There may be limits on the amount of money you can send or receive which can be a concern for users with larger transfer needs.InstaremBased out of Singapore since 2014, Instarem makes money transfers easy, quick, and reliable for everyone who needs to send or receive money. One of the top picks for those looking to transfer money from the US to India at an affordable rate.Upsides:Competitive Exchange Rates: They offer competitive exchange rates, which means you get more money in your recipient's currency compared to other providers.Low Fees: They charge low fees for their services, which can save you money on your international transfers. (Anywhere between 0.25% to 1% in fees).No Hidden Charges: Unlike some of its competitors, Instarem has no hidden fees or charges, so you can be sure of the total cost of your transfer upfront.Fast Transfer Times: Offers fast transfer times, with some transfers arriving within minutes or hours, depending on the recipient country and payment method.Reward Points: You earn 25 InstaPoints when you sign up. Earn an additional 100 InstaPoints when you complete your e-verification in the first 36 hours after you sign up. You can redeem these points in your next transfer.Downsides:Only Allow Bank-to-Bank Transfers: Instarem supports only bank-to-bank transfers, and alternative methods such as bill payments, cash-pickup, and mobile top-up options are not available.Transfer Limits: There may be limits on the amount of money you can send or receive, which may be not ideal for larger transfers.SBICSBIC or State Bank of India-California is a branch of the State Bank of India (SBI) located in California, USA. It provides various banking and financial services to individuals, businesses, and the Indian community in California.Upsides:Indian Diaspora Services: SBIC caters to the needs of the Indian diaspora in the US, offering services and solutions tailored to this community, such as NRI accounts and remittances.Fee-Free Online Bank Transfers: With SBIC’s remittance service, you can transfer directly to any bank in India online at zero costs within a few hours.Competitive USD to INR Exchange Rates: The exchange rates are subject to change and can vary based on the transfer amount and transfer method. 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Set up recurring transfers or schedule a transfer for the future, minimizing your hassle.Downsides:Complex Transfer Fee Structure: There isn’t a way to estimate your transfer fee until right before you confirm your transfer. Not Ideal for Small Transfers: The less money you transfer, the poorer the exchange rate you get in comparison to if you are sending a large sum of money. WorldRemitWorldRemit is a leading digital money transfer provider that lets you send money to all states and Union territories in India from the U.S.WorldRemit is a low-cost alternative to other high-street bank transfers. It is also one of the fastest ways to send money abroad.Upsides:Multiple Sending Options: Users can choose from various sending options, including bank transfers, cash pickup, mobile money, airtime top-ups, and more. 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With the right approach and using the various options available for cheap money transfers, you can save both time and money when you send money to India from USA.Whether you're supporting your family back in India, making investments, or simply need to transfer funds for any reason, the key is to stay informed, explore your options, and choose the one that best suits your needs.You can make your international money transfers more affordable and efficient by comparing exchange rates and fees and considering digital remittance service providers.To find the best dollar-to-rupee rate, use CompareRemit for real-time USD to INR exchange rates from the best remittance providers to send money to India today!

SBIC Diwali 2023
Send Money Home this Diwali with SBIC's Amazing New Offer

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USD-PHP
How to Get the Best US Dollar to Philippine Peso Exchange Rate?

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You can check the current exchange rate on financial news websites, currency converter apps, or by contacting your local bank.Keep in mind that different financial institutions may offer slightly different rates due to fees and commissions.The dollar to Philippine peso exchange rate on 9th September traded at 56.66. Over the last four weeks, USD/PHP lost 0.61%. Over the last 12 months, its price fell by 0.25%.As per Trading Economics' prediction, the US dollar to Philippine Peso is expected to trade at 57.17 by the end of this quarter and at 59.15 in one year.US Dollar to Philippine Peso HistoryReviewing the historical trends of the US Dollar to Philippine Peso (USD to PHP) exchange rate can be a valuable tool for anyone looking to make informed decisions about currency exchange.This historical data provides a window into how the exchange rate has behaved over time, which in turn can help you assess whether the current rate is favorable or not.You can find historical exchange rate data on financial websites and use it to identify patterns and trends.Once you've obtained historical data, take the time to analyze it. Look for trends, anomalies, and any factors that might have influenced rate fluctuations.Armed with this knowledge, you can make more informed decisions about when to exchange your US dollars for Philippine pesos, increasing your chances of getting a favorable rate.Why it is Important to be aware of the Exchange Rate Margins?To avoid paying high money transfer fees, it's important to be aware of the exchange rate margins imposed by banks and money transfer providers.While these entities use the mid-market rate (real exchange rate) when trading amongst themselves, they apply a markup to this rate when offering their services to customers. This markup, known as the exchange rate margin, represents the difference between the mid-market rate and the rate provided to consumers.Banks and money transfer providers generate revenue through this marked-up exchange rate and by charging transfer fees. Even a slight variation in the rate can result in significant costs when sending substantial sums of money.Depending on the chosen money transfer service and the amount of money being sent, these exchange rate margins can vary widely, ranging from as low as 0.01% to as high as 10% or more.To avoid these costs, you should seek providers with competitive exchange rates and transparent fee structures, ultimately ensuring that you get the most value when transferring money.Tips to Get the Best USD to PHP Exchange RateFind out the Real Exchange RatesStart by searching for the mid-market rate on Google or Reuters for the currency pairing you intend to use. Utilize any online currency conversion tool to convert US dollars to Philippine pesos.Understanding the mid-market rate will help you gauge the fairness of the exchange rate offered by your chosen service provider. The closer you are to the mid-market rate, the more funds your recipient will receive.Stay InformedKeep yourself updated with the latest financial news and events that might affect the exchange rate. Economic reports, political developments, and global market trends can all impact the value of the US dollar against the Philippine peso.Stay alert for fluctuations in the USD/PHP exchange rate. One advantage of the weaker PHP against the USD is that you can send more pesos to your family in the Philippines in exchange for your US dollars.Choose the Right TimeTiming is crucial when exchanging currency. While you can't predict market movements with certainty, you can track historical trends to identify periods of relative strength or weakness for the US dollar. Consider exchanging your money during favorable market conditions.Shop AroundExchange rates and fees offered by different banks and currency exchange providers can vary significantly. Don't hesitate to shop around and compare rates to find the best deal. Online currency converters and rate comparison tools such as CompareRemit can be especially helpful.Consider Online TransfersIf you're sending money to the Philippines, consider using online money transfer services. These platforms often offer competitive exchange rates and lower fees compared to traditional banks. Some popular options include Wise, Remitly, Instarem, and PandaRemit.Use Forward ContractsIf you have a specific future date for your currency exchange, consider using a forward contract. This allows you to lock in a favorable exchange rate in advance, protecting your money from future rate fluctuations.Avoid Airport KiosksAirport currency exchange kiosks are notorious for offering unfavorable rates. Try to avoid exchanging money at airports unless it's absolutely necessary.Best Way to Send Money to the PhilippinesSending money to the Philippines can be done through various methods, but choosing the best way involves considering factors like speed, cost, and convenience.Some popular ways to send money to the Philippines are:Bank Transfers: Many banks in the US offer international wire transfers to the Philippines, but they can be expensive due to fees and less competitive exchange rates. They may be ideal if you are sending a large sum of money.Cash Pickup: Money Transfer companies such as Western Union, Moneygram, and Ria offer cash pickups as a delivery option. Cash pickups stand out as the optimal choice during unexpected financial emergencies, ensuring quick access to needed funds. If your recipient prefers cash, consider services that allow for cash pickup at local agents in the Philippines.Online Money Transfer Services: Online money transfer services like Wise, Remitly, and other similar service providers offer competitive rates, lower fees, and fast transfers. They are often the preferred choice for sending money to the Philippines.Mobile wallet: Mobile wallets have become increasingly popular for sending money to the Philippines, with Gcash leading the way as a prime example. The mobile wallet option not only offers speed and ease but often comes with competitive currency exchange rates and low fees, making it a cheap and efficient choice for sending money to the Philippines.Cryptocurrency: Some people use cryptocurrencies like Bitcoin to send money internationally, as it can provide fast and potentially lower-cost transfers. However, this option may not be suitable for everyone due to its volatility and complexity.Frequently Asked QuestionsHow much is 1 dollar to Philippine peso?The exchange rate between the US dollar (USD) and the Philippine peso (PHP) can fluctuate daily based on market conditions. To find the current exchange rates, you can check financial news websites, use currency converter apps, or contact your local bank. As of 9th September, 1 USD equals 56.66 PHP.How to convert PHP to USD?To convert Philippine pesos (PHP) to US dollars (USD), you can visit a currency exchange service, a local bank, or use an online currency converter tool. Simply enter the amount in PHP, and it will provide you with the equivalent in USD.How to send money to the Philippines?There are several ways to send money to the Philippines: bank transfers, money transfer services, mobile wallets, etc. Refer to the blog for the details.What is the cheapest way to send money to the Philippines?The cheapest way to send money to the Philippines can vary depending on factors such as the amount you're sending, the exchange rate offered, and the fees involved.Generally, online money transfer services like Wise often offer competitive rates and lower fees compared to traditional banks and other transfer options. However, it's essential to compare rates and fees to find the cheapest option for your specific needs.How much does it cost to send money to the Philippines?The cost of sending money to the Philippines can vary widely depending on the service provider, the amount being sent, and the method of transfer.Some providers may charge a flat fee, while others may have a percentage-based fee. Additionally, exchange rate margins can impact the overall cost.To find out the exact cost, you should check with the specific service provider you plan to use, as fees and rates can change over time.ConclusionMaximizing the US dollar to Philippine peso currency exchange rates involves knowing how exchange rates work, staying informed, timing your currency exchange carefully, and selecting the right money transfer service. By following these tips and monitoring historical trends, you can enhance the value of your currency conversion.Keep in mind that exchange rates fluctuate, so adjusting your approach to current market conditions is essential. Whether sending money to family or handling international transactions, informed choices can lead to long-term savings.If you're looking for the best USD to PHP today, use CompareRemit to discover top remittance providers and the best dollar-to-Philippine pesos exchange rate!

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