MoneyTransfers
/Sending Money/Money Transfer Apps

Top Money Transfer Apps to Move Funds Globally

Money transfer apps make transferring money easy and convenient, allowing you to transfer funds in just a few taps. We've looked into the fees, speed, and usability of all the most popular ones, to guide you to the best option.

Frank Day
Author 
Frank Day
9 minutes
January 18th, 2024
Disclosure
Money Transfer Comparison
Fill in the form and we’ll find you the best rates.
Send

Wise is the app that stands out for its versatility. It's an excellent choice for most users, thanks to its innovative and convenient multi-currency account.

Another service to consider is TorFX. This platform has great customer support and account managers are available to help you send and receive money.

For those handling large sums, XE is the go-to app. With a generous limit of $535,000 per transaction, it's our preferred choice for substantial transfers.

Continue reading for an in-depth look at the leading money transfer apps of 2024. We examine their services, fees, and special features to choose our top recommendations.

Best money transfer apps - Our recommendation

Wise
Wise

With transparent fees, fast speeds, and high transfer limits, Wise is the ideal app to send and receive money.

You can use the Wise app to open a multi-currency bank account that can hold nine currencies. This will help you manage your finances and transfer money easily - even when that involves different currencies.

A great plus of this app is that it leaves no room for surprises when it comes to fees. Through the app, you can always project how much you’ll be charged for your transfer before you start by using the in-app calculator.

Aside from our tests, the Wise app also received many positive reviews on both Google Play and the App Store, indicating a high level of user satisfaction. These reviews often highlight the app's ease of use, efficiency in processing transactions, and transparent fee structure, reinforcing its standing as a top choice.

  • Transparent fees and exchange rates

  • User-friendly interface

  • Faster small transfers than most competitors

  • High maximum transfer limits

XE
XE

Allowing you to send up to $535,000 per transfer*, the XE app is perfect if you are looking for a solution capable of handling large international transfers, such as buying property abroad. This feature makes it an ideal choice for significant financial transactions that require both reliability and a higher transfer limit.

No fees are charged for any transfer amounts above $500, making them highly competitive in the high-value remittance market.

While it doesn’t offer instant transfers, XE is also one of the fastest ways you can send larger amounts of money, with payments over $100,000 typically sent in less than 24 hours.

*Depending on the payment method you choose.

  • High transfer limits

  • No fees for transfers above $500

  • Faster transfers

TorFx
TorFx

What makes TorFX stand out is their personalized approach to international transfers. They give you a specialist account manager to help you manage your transfers, available through the app, via email, or by telephone. The account managers can assist with anything from helping you navigate the app to finding the best rates for your transfers, and you can receive money straight onto your bank account.

Consistently rated highly on review sites, the TorFx app has a Google Play rating of 4.3 out of 5.

With the TorFX app you can check live exchange rates, set alerts for when rates improve, and make on-the-go money transfers 24/7. TorFX also charges no fees for transferring, but adds a small markup to exchange rates to compensate.

  • Excellent customer service with a dedicated account manager

  • No fees

  • 24/7 transfers

Currencies Direct
Currencies Direct

Currencies Direct offers no-fee transfers at low exchange rates between 0.7% and 1.7%. This puts them top of the pile for cost and makes them one of our favorite ways to send money. They rate typically highly in customer reviews, with 4.7 stars on the App Store.

Their transfer limits are not the highest, capped at $50,000, and they only accept bank account transfers, credit card and debit card payments, making them less versatile than some competitors. There’s also no option to cancel your transfer once it’s confirmed, so make sure you check all details carefully before you transfer cash to the wrong person.

  • No fees

  • Low exchange rates

  • Over 120 countries serviced

Remitly
Remitly

With the Remitly app you can exchange over 100 currencies. They take payments by credit and debit card, or by bank transfer / wire transfer, and service over 170 countries.

The currency service is better than average, but their fees are more expensive. They charge 0.7% of your transfer as a fee, and add at least 1.5% to the exchange rate. Their transfer limits are also quite strict, with a $2,999 daily, $10,000 monthly, and $18,000 biannual limit.

  • Can exchange over 100 currencies

  • Over 170 countries serviced

  • Exchange rate lock-in available

WorldRemit
WorldRemit

If you need flexibility of payment type, the WorldRemit app has you covered. You can pay for your transfer by mobile money, cash pickup, airtime top up, or bank transfer. They service over 130 countries across the world, at faster speeds than many of their competitors.

Exchanges come with a small markup fee, depending on the currency of the transfer. You can calculate exactly how much your transfer should cost by using their calculator before submitting. The main downside of the service is that WorldRemit doesn’t allow you to send money to many countries in Europe, so check which countries are serviced below before opening an account.

  • Multiple payout options

  • User-friendly interface

  • Calculate fees before you send

Global66
Global66

With instant peer to peer transfers (P2P) to other app users, Global66 is the fastest transfer app on the market. Domestic P2P transfers with Global66 are free, while international payments come with a small fee.

But, the P2P instant transfer service is limited to users in Chile, Peru, Argentina, Brazil, Ecuador, and Mexico, meaning users elsewhere will need to send money directly to their recipient’s bank account. The setup process for Global66 can also be a bit more difficult than average, so it’s a good idea to sign up in advance of your transfer to avoid any delays.

  • Fast P2P transfers in certain countries

  • Mid-market exchange rate offered

  • Helpful user interface

Instarem
Instarem

Instarem is one of the most popular money transfer apps for business payments. As well as a streamlined P2P payment system, its features include multi-user access and mass payment capabilities to help manage your business expenses.

Instarem for Business has a high annual limit on transfers of $2.5 million, while the limit on personal accounts is smaller. Both the individual transfer limit, and monthly limit are $250,000, depending on your payment method.

  • Multi-user access for easy business payments

  • Mass payment capabilities for business owners

  • High transfer limits for businesses

CurrencyFair
CurrencyFair

The Currencyfair app displays your transfer information clearly before you complete it. This includes full fee details. It’s ideal if simplicity and reliability are your main priorities, as well as their no-limit policy.

There are limitations when it comes to service, though. Currencyfair only accepts bank transfers, and only exchanges around 20 major currencies.

  • Easy to use app with a clear user interface

  • No maximum transfer limits

  • 150+ countries serviced

OFX
OFX

OFX services lots of countries, matching Remnitly’s record of over 170. But OFX takes the lead with its transparent fee structure, exchange rate alerts, and the lack of a maximum transfer limit.

OFX also offers a lenient cancellation policy, but the higher than average exchange rates can make transfers expensive.

  • Over 170 countries serviced

  • No maximum transfer limits

  • Optional alerts when exchange rates improve

  • Lenient cancellation policy

How do money transfer apps work?

Money transfer apps allow you to transfer money electronically. You can do this by moving money between bank accounts, transferring a card payment, or using an online wallet to send and receive money.

Some of the best money transfer apps on the market, like Wise and WorldRemit, can send money internationally. Others, like Venmo and Zelle can only be used for domestic payments. They usually work differently.

Wise, our top pick in the remittance market, allows you to make both domestic and international transfers.

International money transfer apps

International money transfer companies have bank accounts in many different countries around the world. When you send money via an international money transfer app, the company can credit the amount to their local account, and send the equivalent - minus any fees and markups - to the recipient via the local account in their country.

This is what makes transfer apps so much faster than traditional bank transfers. The money itself doesn’t cross international borders, the amount is simply sent from the local account.

Are payment wallets the same as money transfer apps?

Payment wallets are different to money transfer apps, but some transfer providers offer digital wallets as well.

A payment wallet is a digital wallet held on your phone. It stores your payment card information so you can make contactless payments. A money transfer app is used to send money from one bank account to another, often internationally.

Some apps offer money transfer services and digital wallets. With PayPal, for example, you can send money directly from your PayPal balance to somebody else’s linked bank account.

Domestic money transfer apps

Domestic transfers are generally easier to manage than international transfers, but they can be slow and expensive.

Domestic money transfer apps allow you to send money quickly without paying a large fee. These are usually peer-to-peer (P2P) payment apps like Venmo, Cash App, and Zelle, which allow you to add a linked bank account.

To receive your transfer, the recipient may need their own app account. Wise, however, is a name that stands out from the crowd here - since they also offer direct domestic transfers to local bank accounts.

Cash App

While Cash App is widely considered a domestic P2P payment app, you can also use it to send money between US and UK accounts.

How long does it take to transfer money through an app?

Sending money through a transfer app is generally faster than an ACH transfer, but different things can affect the speed of your transfer. These include:

  • The currency you’re sending

  • The country you’re sending money to

  • The method of payment

  • The amount you’re sending

Currency

Exchanging currency generally takes longer than transferring the same currency. Some currencies are subjected to more checks than others, for example, most transfers from US dollars into Mexican pesos can be completed in minutes, while transfers between US and Canadian dollars can take over a day.

Destination country

It takes longer to send money to some countries than others. This can happen due to currency exchanges, regulations in the receiving country, or economic sanctions.

Some countries are categorized as ‘slow-to-pay’ because of their fiscal policy and infrastructure that may require additional checks on payments. For example, sending money from the US to the UK should take seconds, but sending money to Guatemala will take around two days to complete*.

*Figures taken from Wise.

Here are some of the countries on the ‘slow-to-pay’ list:

'Slow to pay' list

Payment method

Some payment methods are faster than others, although you should keep in mind that faster speeds often equals higher fees. Wire transfers and card transactions are often the fastest methods of payment, but they also come with higher fees than other methods. However, some providers can transfer money between banks quickly, depending on the currency and destination.

Often, larger transfers take longer than smaller ones, but some providers like XE specialize in larger transfers and can complete them quicker.

Alternatives to money transfer apps

You can transfer money without using a money transfer app, but there are some drawbacks. The main alternatives are:

  • ACH bank transfers

  • Wire transfers

  • Mobile payment service

  • Money orders

  • Sending cash

ACH bank transfers

ACH bank transfers are becoming more and more accessible, with lots of providers offering ACH transfers free of charge. However, they take at least 3 working days to clear. You can only make ACH transfers within the US.f you need to transfer money overseas, use a different method.

ACH transfers

While ACH transfers can only be made within the US, some money transfer providers accept them. They then credit the equivalent to the recipient via bank transfer.

Wire transfers

Most banks in the US offer wire transfers at a fee, but they’re often not quite as fast as the best money transfer apps, and considerably more expensive. Wire transfers average about $15, with international wire transfers reaching amounts as high as $30. Turnaround times are typically within a day, but can be up to 3 business days.

Should I use my online banking app to send money internationally?

Online banking apps can be used to send money internationally, but these will still incur the same fees as standard ACH or wire transfers. Money transfer apps are also faster, so these may be a better option.

Mobile payment service

Mobile payment apps like PayPal, Cash App, Google Pay, and Apple Pay are most useful for domestic payments. While their money transfer service is good, their international payments are usually more expensive.

You can transfer money instantly with PayPal and Cash App online. Google Pay and Apple Pay let you pay with your phone instead of a card.

They also allow you to pay for goods online, making instant transfers electronically. However, since they use your payment cards, you still have to pay transaction fees, like high bank exchange rates.

Money orders

Money orders let you securely send up to $1,000, but they come with a fee. Most banks and credit unions will be able to give you a money order, as well as the US Post Office and some supermarkets. They allow the recipient to benefit from the security of a check, without the risk that they may ‘bounce’ - i.e. that the money won’t be deposited.

If you need to send more than $1,000, a money order isn’t the best option for you. Money orders have a limit of $1,000 and they cost more than most international money transfers.

How to find the best money transfer apps in 2024

The best app for you will depend on your top priorities, as each has different benefits and flaws. The key things to consider are:

  • Cost: Don’t just consider fees here. Some providers charge a markup on their exchange rate, so an app offering ‘no fees’ might end up costing more than one with no markup.

  • Speed: Generally, the faster the transfer, the more expensive it is, but there are exceptions. Find the fastest ways to send money.

  • Amount you want to send: To send a large amount, use an app with high transfer limits. .

  • Payment method you want to use: Some providers only accept digital transfers to other app users. Others can process a variety of payment methods, including ACH transfers, card payments, and P2P payments.

  • Destination of the transfer: This includes whether you’re sending money domestically or internationally. If it’s an international payment, you also need to consider which country you’re making the payment to. Some apps only work domestically, and other money transfer apps don’t service many countries.

  • Currency you’re transferring to and from: Some apps only deal in the local currency, while others allow you to hold multiple currencies in one bank account. Check your desired currency is supported before choosing an app.

Our methodology

The money transfer apps reviewed in this article have been selected based on cost, speed, transfer limits, and customer service record. These have then been weighted by importance in order to provide an overall score.

Are money transfer apps safe to use?

Money transfer apps are some of the most secure means of sending money overseas. They come with robust security features to ensure your money goes to the intended recipient.

Despite this, it’s vital you check the details of all transfers you make within your transfer app. If you accidentally send money to the wrong recipient by inputting incorrect information, you’re unlikely to get your money back. This is why most apps ask you to confirm the information you’ve entered before making the transfer.

Check your provider is regulated

You should only ever use regulated providers to transfer money. If a provider is not regulated, it’s likely to be a scam.

Remember: We will only ever recommend regulated financial institutions.

Save money and time with a money transfer app

Money transfer apps are easier and cheaper to use for money transfer than traditional methods of transferring money. This applies whether you’re sending money to an account at home or overseas. With apps like Wise, you can make an instant money transfer to lots of different countries from your cell phone, without the fuss.

FAQs

What’s the best app for transferring money internationally?
Do money transfer apps use encryption?
What’s the most reliable money transfer app?
What’s the best money transfer app to send funds to Africa?

Related content

Related Content

Not all money transfers are taxed, but you should be aware of the circumstances where you may need to pay tax and report your money transfer to remain in compliance with the law. It will often depend on the following factors:
August 7th, 2023
The best way to send money internationally is to use a money transfer provider, such as Wise, XE or WorldRemit. These companies usually offer the fastest and cheapest transfers abroad. When you compare providers with MoneyTransfers.com, we’ll show you the best deals available for the transfer you want to make - so you know you’re getting your money’s worth.
January 16th, 2024
Yes, you can send money online using your credit card, however there may be some limitations. If you’re using a money transfer provider, remember not all providers accept credit card payments.
January 16th, 2024
Most good money transfer services will get your money to where it needs to go. But the best ones will do it quickly and with much lower fees compared to banks.
February 26th, 2024
Sending money through banks is an accessible method that many people use today. However, there are different forms of payment, which can get confusing for some banking customers. In this guide, we outline the differences between a wire transfer and a direct deposit.
January 16th, 2024

Contributors

Frank Day
Author
Frank Day
Based in London, Frank is a dedicated writer and editor specializing in personal finance, boasting over five years of experience in the field. Frank's professional journey began in the pensions industry, where he developed a keen expertise in this area. He has crafted content for notable organizations like the Teachers’ Pension Scheme, the Environment Agency, and Direct Line.