There is a lot to consider when choosing a money transfer app for your business. On this page, we break down the process of selecting the app that meets your requirements and offers the features to be competitive.  

We share some of the top money transfer apps for different categories to help you choose a company based on your priorities. By the end of this guide, you will have ideas on where to go next to begin sending money abroad from the convenience of a mobile app. 

Best money transfer apps for businesses in 2022

If you want to try out some mobile apps right now without reading further, then here is a list for you to consider. It is an overview of what you will find in the rest of our guide on the top money transfer apps for business. 

  • Overall Best Business Money Transfer App: XE
  • Best for International Transfers: WorldRemit
  • Best for Low Fees Transfers: TorFX
  • Best for Shared Bills: Wise
  • Best for Small Transfers: Azimo
  • Best for Bank to Bank Transfers: OFX
  • Best for Business Multi-Currency Accounts: Currencies Direct
  • Best for Domestic Transfers: Venmo
  • Best for Transfers Between Business and Personal Accounts: Instarem

Overall best business money transfer app: XE Money Transfers

XE offers money transfers to over 170 countries, and you can use over 65 currencies. This allows international businesses to complete transactions with partners from all over the world. Also, they offer competitive FX rates and a tool that enables you to see current deals.  

Additionally, international transfers are free, allowing businesses to cut costs when paying for supplies from abroad. Finally, the Xe money transfer app is easy to use. The minimalist user interface and intuitive design allow beginners to start from day 1. 

Pros
Proves access to over 170 countries
It can use 65 currencies, and most currency pairs match the mid-market rate
Easy-to-use platform
Cons
Limited pay-out options
Customers in Asia and Africa cannot sign up

We have chosen XE as the best overall money transfer app because it offers a wide range of countries and currencies. Also, the low cost of sending money means businesses will save vast sums of money. 

Alternatives: OFX, TorFX, and Wise

Best for International Transfers: WorldRemit

WorldRemit is an excellent choice because they offer transfers to over 130 countries and have a simple user interface. Therefore, businesses can send money to other businesses from around the world. Additionally, they offer multiple transfer options and currencies. 

The company has over 30,000 agent locations, which is great for cash pickups. In addition, the app has an excellent score on the Google Play and App Store. This indicates that the features work as expected, and the app is easy to use without significant glitches. 

Pros
Network of over 130 countries
Excellent mobile app score
Simple user interface
Cons
Transfer limits can be low
No live chat option

This is our pick for international transfers because WorldRemit has a far-reaching network of over 130 countries. Also, there are multiple delivery channels, which provide businesses with excellent flexibility. 

Alternatives: OFX, TorFX, and PayPal

Best for Low Fees Transfers: TorFX

TorFX charges no fees for transfers, so it is an affordable money transfer service for businesses. Their business models focus on charging a small markup percentage for currency conversions. Their mobile app is intuitive and is utilized by many business owners. 

Within the app, you can access advanced transfer options like forward contracts and mass payments. Also, they offer transfers in 60 currencies, which provides enough flexibility for international businesses. 

Pros
No fee for transfers
Advanced business payment features like forward contracts
Can send money in 60 currencies
Cons
Costly smaller transactions
Higher thresholds

TorFX was chosen as the service for low-cost business transfers because they do not charge a fee. This is a big contrast to bank transfers that would incur a relatively high fee. Compare the rate for yourself to see the savings you will make. 

Alternatives: OFX, WorldRemit, and Wise

Best for Shared Bills: Wise

Wise is a Financial-Conduct-Authority-regulated money transfer service that offers complete transparency. They show the fees and FX rates well ahead of completing the money transfer process. This enables businesses to compare rates with alternatives to find the best deal. 

Wise matches the mid-market rate to offer customers the best conversion rates. Also, they do not charge fees when executing balance transfers. This allows the shared bills to be settled without incurring extra fees. 

Pros
Regulated by the Financial Conduct Authority
No fee for balance transfers
Matches the mid-market rate
Cons
Limited to 65 countries
Limited withdrawal options

Wise was chosen as the money transfer service for shared bills because it allows for fast and free balance transfers. This enables users to send money to one another without the friction of high fees or waiting days for the money to arrive. 

Alternatives: PayPal, Venmo, and Zelle

Best for Small Transfers: Azimo 

Azimo is a trusted money transfer app highly rated by the user base on Google Play and the App Store. Moreover, it is excellent for international customers since they have a network of over 200 countries. 

Also, they have a fee structure that matches the amount you are sending. Smaller transfers incur a percentage-based fee, and larger transfers have a low fixed fee. This allows customers to save significant amounts of money compared to bank transfers with high fixed fees. 

Pros
It has a far-reaching global network of over 200 countries
Offer a variable rate fee structure
Excellent mobile app reviews
Cons
No telephone support
Delays in verifications

We chose Azimo as the best app for small transfers because they have a friendly fee structure. It enables customers to save money. Also, they have an extensive international network of 200+ countries.

Alternatives: PayPal, Venmo, and Zelle

Best Bank to Bank Transfers: OFX

OFX is a trusted money transfer app that provides bank transfers. Businesses love the app because there is no fee for sending money internationally. Also, there is a wide range of currencies, and the company strives to offer excellent value when converting them. The FX rates can be locked-in for 24 hours. A feature that empowers businesses to manage their finances. 

The 24/7 customer support is ideal for users that need assistance when using the mobile app. You can get help straight from the app to guide you through challenges. They can be contacted via live chat, phone, and email. 

Pros
Wide range of currencies
24/7 customer support
You can lock in the FX rates
Cons
Limited pay-out options
Higher transfer thresholds

We chose OFX as the go-to app for bank transfers because there is no charge for the transaction. Also, they offer business-orientated features that enable users to send money in a way that matches their operations. 

Alternatives: Wise, Venmo, and Zelle

Best for Business Multi-Currency Accounts: Currencies Direct

Currencies Direct offers customers a multi-currency account that allows for the use of over 60 currencies. This equips international businesses to save money when dealing with partners worldwide. 

The company does not charge fees for transfers, which is one of the most significant selling points of Currencies Direct. Also, the flexible payment solutions allow businesses to set up recurring payments, execute mass transfers and create forward contracts

Pros
Multi-currency accounts with up to 60 currencies
Business-friendly features like recurring payments
Fee-free transfers
Cons
Limited pay-out options
Limited African currencies

We chose Currencies Direct for multi-currency accounts because it is offered for free to every customer. Also, there are more than 60 currencies to choose from when sending money internationally.  

Alternatives: OFX, WorldRemit, and Wise

Best for Domestic Transfers: Venmo

Venmo is a PayPal-owned money transfer app that allows customers to send money without fees or waiting times. The app is linked to US bank accounts, so it is unavailable internationally. However, the high rating of the app on Google Play and the App Store indicates that it is a fan favorite. 

Venmo also has a social element to the money transfer process. Customers can attach messages and emojis, which adds a personal touch to doing business. The simple and minimalist user interface of Venom is another selling point for the app. 

Pros
No transfer feesNo transfer fees
Instant processing times
Easy-to-use mobile app
Cons
Only with US banks accounts
Popular with scammers

Venmo was chosen as the domestic money transfer app because it offers an excellent mobile app that charges no fees. Also, transfers are processed instantly, allowing businesses to improve cash flow.

Alternatives: PayPal, Wise, and Zelle

Best for Transfers Between Business and Personal Accounts: Instarem

Instarem is an excellent app for sending money between business and personal accounts. Their simple user interface ensures that you will like using the platform daily for business and personal transactions alike. 

The dedicated customer support team offers help around the clock. Also, they are available via online chat, mobile phone, or email. The platform’s transparency ensures that users can figure out the fees without incurring hidden charges. 

Pros
Transparent service with a good reputation
24/7 customer service
Matches the mid-market rate and offers low fees
Cons
Longer account activation
Limited coverage

We chose Instarem because it is a safe and easy platform for sending money between the business and personal accounts. In addition, the low fees and industry-leading currency conversion rates mean it is a top choice for many business owners. 

Alternatives: OFX, WorldRemit, and Wise

What are the benefits of business money transfer apps over personal transfer apps?

We understand that you might be on the fence about using business money transfer apps if they are a new concept to you. Therefore, in this section, we present some of the most popular benefits for why they are worth using. 

  • Convenience: using apps to send and receive money or view transaction histories is convenient. You can be out of the office and complete transactions without having to run back and turn on the desktop. This reduces the friction associated with doing business. 
  • Cost: most money transfer apps are cheaper than bank transfers. The savings will be huge for your business over time, and that is a benefit you cannot ignore. For example, services like OFX, TorFX, and Currencies Direct do not charge a fee for money transfers. 
  • Access: most money transfer apps are easy to download and install. You will need to visit Google Play or the App Store based on the operating system of your smartphone. Also, you can register for a new account straight from the app, which takes under 5 minutes in most cases. 
  • FX rates: money transfer apps like Wise match the mid-market rate for most currency pairs. This ensures that businesses can save significant sums of money when transferring funds internationally. In contrast, banks charge a markup percentage of up to 5% for some currency transactions. 
  • Transfer speed: the myriad of options some apps provide enables you to enjoy faster transfer speeds. For example, balance transfers are processed instantly, which improves business processes and can lead to better cash flow. 
  • Security: the security protocols used with money transfer apps are solid and add an extra layer of protection. The log-in mechanisms are protected by security tools like a fingerprint scanner, biometrics, PIN, and 2-factor authentication. 

What to look for in a business money transfers app?

We understand that it can be overwhelming to choose a business money transfer app that matches your requirements. Therefore, in this section, we cover the significant factors you should be paying attention to decide. 

  • Cost: find a business money transfer app that has a fee structure that matches the amounts you send. For instance, low transfer amounts benefit from a percentage-based fee, and larger transfers are better when there is a low fixed fee. Azimo is an example of an app that charges both fee types based on the amount you send. 
  • Transfer speed: quick money transfer processing times are essential for businesses that want to optimize cash flow. Therefore, find an app that provides instant balance transfers. Enjoying fast transfer times is not a luxury nowadays but necessary to be competitive in the modern business landscape. 
  • Security: check out the security features used by a money transfer app. Ideally, there will be a choice of features that protect the log-in process for the account. This could be a mix of 2-factor authentication, PIN, biometrics, and fingerprint scanner. Also, security checks should be made when confirming a transaction to ensure money is not sent by users that get hold of your smartphone. 
  • Integrations: money transfer apps that have a large number of integrations are great for improving business processes. It means that the app can be integrated with the current platforms you are using. Also, it can improve the efficiency of processes like invoicing and retrieving transactions for tax purposes. 
  • Support: businesses require support to ensure that problems are overcome as they arise. Therefore, look for a company that offers 24/7 customer service and is quick to respond. Also, the available contact methods should include live chat, phone, and email. 
  • Transfers between accounts: the money transfer apps must provide the functionality to transfer money between personal and business accounts. This enables you to pay yourself a salary, withdraw dividends and fund the business with personal funds for growth. 
  • Payment types: you should have the payment type options available that match your preferences. These can include credit cards, cash, gift cards, bank transfers, balance transfer, and more. Choose an app that facilitates flexible options for you to choose from.
  • Deposit options: the method used to fund your account should be inspected before opening an account. You must ensure that you can put money into the money transfer app without friction. Many provide the choice of bank transfer or credit/debit card, which should be a good match for most business owners. 
  • Devices: check the list of devices that the app can run on. In most cases, they are compatible with smartphones, tablets, web browsers, and desktops. Look for an app that matches the way you would like to interact with it. 
  • Monthly cost and processing fees: check to see if an app charges costs, which could be a monthly subscription cost or added processing fees. Choosing a transparent money transfer app that is open about its fee structure is the kind of service that you should be using for your business. 
  • International support: businesses that need to send and receive money globally should pick an app that offers an extensive network of countries. For instance, Xe provides access to over 170 countries, which is more than enough for most businesses. Also, check the limitations of dealing with each country. For example, there might be limits on the currencies you can send or the transfer amount. 

How Do Money Transfer Apps Work?

To send money with a money transfer app, you need to create an account using the app or sign in with the account information you already have. Next, you will need to select the money transfer method you wish to use for transferring funds. This might be a balance transfer, bank transfer, or credit card. 

You will be prompted to enter the recipient details and the amount you want to send. Some apps allow you to save trusted recipients and even remove security verification steps to increase the speed of future transfers. Mobile apps like Wise offer this feature and provide an overall fast money transfer process because of their user-friendly interface. 

Are Money Transfer Apps Safe to Use?

Money transfer apps are a safe and secure method of sending money. That is because the companies that provide them are regulated by organizations like the Financial Conduct Authority. Also, they utilize many security features like a fingerprint scanner, biometrics, PIN, and 2-factor authentication. This ensures you have to verify transactions before they are confirmed. 

Also, you can do background research on a money transfer app before using them. Visit review portals like Google Reviews and TrustPilot to find a company with glowing reviews. Wise and Xe are examples of money transfer services that have an excellent reputation. 

How Long Does It Take to Transfer Money With an App?

The transfer speed of a transaction on an app depends on the method used. Balance transfers are the fastest and are typically processed within just a few seconds. Credit and debit card transfers are also fast, but they come with additional processing fees. Bank transfers are the longest, at around two business days. 

The best apps provide multiple ways of sending money, so you can pick one that matches the transfer time you are looking for. Quick processing speeds are essential in a business context to ensure that cash flow is optimized. 

Summary: Best money transfer apps for business

To conclude, the money transfer app industry is booming with many options for all kinds of customers. We discovered that Xe is the best overall money transfer app, but you also cannot go wrong with alternatives like OFX, Wise, and TorFX. Some of these come with business-friendly features, low fees, fast processing times, and currency conversions that match the mid-market rate. 

We encourage you to continue learning about international business transfers by checking out the other guides on our website. For example, you can start with Guide to Forward Contracts and Guide to Business Currency Exchange for International Transfers. These guides will help you figure out the best way of transferring funds internationally for your business.