Most of us need to transfer money to someone else at some point. You may need to send money to your son who is studying abroad or pay her portion of a party bill. Unfortunately, international money transfers can be expensive, especially if you make a transfer through your bank. Money transfer apps have emerged that solve this problem, offering a cheaper and often more convenient alternative to international bank transfers.
The best money transfer apps at a glance…
– Domestic transfer applications
– What are the best domestic transfer apps?
– International money transfer apps
– Wise, formerly TransferWise
– WorldRemit
– Unleavened
– XE
– Western Union
– PayPal
– ApplePay
– GooglePay
Top 6 Money Transfer Apps
Here is the roundup of the six best money transfer apps available today.
Wise, formerly TransferWise
Wise is one of the biggest and most well-known names in the world of money transfers, and for good reason. Their platform allows you to send money abroad quickly and easily, and emphasizes transparent rates with no hidden fees. The service allows you to hold and send money in 50 currencies and all transfers are made at interbank exchange rates; there is no markup on the exchange rate. With thousands of reviews and 8 million reported customers, the Transferwise app enjoys a 4.4 rating on the Google Play Store and 4.7 on the Apple App Store. Read our full Transferwise review.
pros
– Very transparent fee structure with no hidden costs
– It allows you to set up local business accounts in over 40 countries, even if you don’t have a local address.
– Instant transfers available
– Provides the option to set a rate for a period of 24 to 48 hours.
– Support a variety of payment methods
– Very easy to use and the registration process is very simple
– Offers transfers at the mid-market rate
Cons
– The application does not facilitate the collection at the window: it is possible to make bank transfers
– Large transfers are more limited
– A heavy online focus can make it difficult to quickly resolve issues
– Some users complain that the verification process leads to longer transfer times.
WorldRemit
WorldRemit is an extremely popular money transfer service known for being a trusted brand with thoughtful security measures. WorldRemit allows senders from 56 countries to send money in 90 currencies to more than 150 countries around the world. It supports a wide variety of payment and delivery methods, all of which can be accessed through its mobile app. You can send money to bank accounts, arrange cash pickups/home delivery, deliver to mobile wallets, or even do mobile top-ups. To finance your transfer, you can use bank transfer, credit/debit card, Google Pay, Apple Pay and many other electronic wallets. The WorldRemit app has a rating of 4.2 on the Google Play Store and 4.8 on the Apple App Store. Read our full WorldRemit review.
pros
– Global presence that allows you to send money to more than 150 countries
– A variety of payment and delivery options, including cash pickup
– Fast transfer times available
– Exchange rates and competitive fares on commonly used routes
– A large number of currencies are supported
Cons
– Complex fee structure that can sometimes be more expensive than other providers
– Large transfer limits on some routes
Unleavened
Azimo is a fantastic money transfer app known for its elegant interface and great user reviews. Azimo currently has the ability to provide transfers from 24 European countries to more than 195 countries around the world. With their highly regarded mobile app, you can send money to any bank account, over 300,000 cash pickup locations, and mobile wallets. With a 4.5 rating on the Google Play Store and 4.7 on the Apple App Store, Azimo is a popular choice among migrants and expats looking to send money to relatives back home. Read our full Azimo review.
pros
– Supports a variety of payment and delivery methods
– Provides real-time updates on your money transfer.
– No credit/debit card fees
– Touch ID and Face ID security to keep your personal data safe
– In-app customer support in 10 languages
– No minimum shipping amount
Cons
– Available only in 25 European countries
– No phone support, just email
XE
XE allows money transfers from Europe to more than 120 countries in 60 currencies. The service does not charge any transfer fees, only a margin on the exchange rate, making XE one of the most reasonable money transfer services. Even without fees, the exchange rate spreads you can access through the XE app are much lower than the rates offered by banks and some other financial institutions, making it a great option for users who want to save money on their transfers. The XE app has solid ratings of 4.5 on the Google Play Store and 4.6 on the Apple App Store. Read our revie
pros
– No transfer fees on international transactions
– Comprehensive coverage. Allows you to send money in 60 currencies to more than 160 countries
– Competitive exchange rates, making it one of the most profitable money transfer providers out there
– User-friendly and feature-rich app
– Highly regarded company in the money transfer industry
– Fast transfer times (typically same day)
Cons
– Available only in Europe
– No pick-up option
Western Union
Western Union is among the best known names in the world of international money transfers and has been in business for over 145(!) years, so it’s fair to assume they know what they’re doing. The Western Union app allows you to transfer money on the go through a variety of payment methods: using a debit/credit card, directly from your bank account, or using Apple Pay. In case you want to pay in cash, you can visit one of the thousands of agent offices around the world. Western Union has one of the largest disbursement networks of any provider, allowing users to send money to more than 500,000 agent locations in more than 200 countries. The company’s app has a 4.8 rating on the Apple App Store and 4.5 on the Google Play Store. Read our full Western Union review.
pros
– One of the most established names in the industry.
– Has a large network of over 500,000 agent locations worldwide
– Fast transfers, many of them instant
– Supports a variety of payment and delivery methods
– Covers more than 200 countries
– Wide range of currencies to choose from
Cons
– High fees compared to other providers
– High exchange rate margins (around 5%) make Western Union’s rates more in line with traditional banks than more affordable transfer providers.
– $2,999 maximum limit on transfers made with the app and online
PayPal
PayPal is an extremely popular company for sending money and buying items online, but it also offers international transfers as a service. With the Paypal app, you can send money online, request money, or even collect money from people all over the world. With a wide geographical presence around the world and a huge user base, it is among the most popular and well-known money transfer providers. Alongside this, PayPal is integrated as a payment method in many stores and service providers, allowing you to keep all your financial activity in one place. Paypal money transfer app has impressive ratings of 4.8 on the Apple App Store and 4.4 on the Google Play Store.
pros
– Extensive presence around the world and enjoys high credibility
– User-friendly app with a variety of features
– Supports a variety of payment and delivery methods
– Most transfers happen instantly
Used by many people and therefore often a seamless process when transferring funds.
Cons
– High fees for international money transfers
– Lack of transparency on exchange rates
– Poor exchange rates compared to other transfer providers
Go cashless with apps
The introduction of Apple Pay and Google Pay has made it easier than ever to go cashless – and even without a wallet! Today, payments can be made online, in person and to others using just your smartphone, with contactless and BlueTooth options further reducing the amount of detail required for transfers.
ApplePay
Introduced in 2017, Apple Pay allows you to send money to your contacts within the messaging app itself. The only requirement is that the sender has a debit or credit card synced with Apple Pay, from which the payment will be taken.
To receive a payment with Apple Pay, the money will be sent to the recipient’s Apple Pay Cash card within the Wallet app. This can be transferred to a bank account or used to make Apple Pay purchases online or in stores.
GooglePay
This feature is similarly available to Android users with Google Pay, although sending money to friends or family is only available to US customers at this time.
Money can be transferred to a contact using their phone number or email address within the Google Pay app, with a limit of $10,000 USD in single transactions.