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Best money transfer apps

Most of us need to transfer money to another person at some point. You may have to send money to your child who is studying abroad or pay your share of the party bill. Unfortunately, international money transfers can be expensive, especially if you are making a transfer via your bank. Money transfer apps have sprung up to solve this problem, giving a cheaper and often more convenient alternative to international bank transfers.

Updated: 07/07/2022
Read time: 15 minutes
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Online banking via an app on your phone may be the norm nowadays, but when it comes to sending money between two people across borders, third-party money transfer apps really excel.

Whether you’re looking to send money back home as an expat or transferring money for international payment, money transfer apps have the ability to send your money across the world for a low fee and often in a matter of minutes, making the once expensive and stressful process of international payments now as painless as possible. 

The money transfer app space is constantly growing, and it can be hard to find the right service for your needs – which is why in this guide, we’re pointing you in the direction of some of the best money transfer apps on the market in 2022.

What are money transfer apps?

A money transfer app is a downloadable application that allows individuals to transfer funds to other people, friends and family, and businesses worldwide. These apps tend to be free and designed for use on smartphones, and apps can be downloaded for both iOS and Android.

Money transfer apps make sending money convenient and easy, often with 24/7 access, so you can make international transfers and track transactions anytime, anywhere. Most of these money transfer apps have multiple layers of security to keep your money safe and are quickly becoming the go-to option for quick and efficient transfers on the go.

What should I consider when choosing a money transfer app?

Money transfer apps have grown extremely popular over the years, and there are many options to choose from when you try to find the best money transfer apps, depending on which country you’re in and what currencies you want to send. There is no one-size-fits-all solution for money transfer apps or services. It would be best if you chose those apps to send money based on your specific needs, including what you are using the app for, where you are sending money and the amount you are transferring. Some points to keep in mind include:

  • Location: Not all money transfer apps are available in all countries. It is vital that the app you choose is available in your country and has comprehensive geographic coverage – including the country to which you wish to send funds. Make sure an app supports the currencies you want to transfer and enables transfers to your intended destinations before downloading.
  • Transfer cost: If you have ever made an international transfer, you might have already experienced the recipient getting less than you expected. This happens because the transfer fees and other costs eat into the amount originally sent. You can keep these costs to a minimum by comparing the total transfer costs and choosing the one that offers the lowest fees and best exchange rates.
  • Transfer speed: Not all money transfer apps offer the same transfer speeds. Some companies have sophisticated systems and local bank accounts that enable instant or same-day transfers. It’s crucial to find out how fast you can expect transfers to be, especially if having money arriving quickly is essential to you. If you want to send money online instantly, find out more here.

Is there an app to transfer money from one bank to another?

If you need to transfer money from one bank to another and would rather avoid the higher fees and longer transfer times often associated with using your bank directly, your best option is to use a money transfer app service.

These services will typically cater to either domestic transfers (within the US) or international transfers for people looking to send money overseas. 

Domestic transfer apps

There are several domestic money transfer apps for transferring money from different banks, offering numerous advantages over using your bank account to initiate a transfer. Some of the benefits of domestic money transfer apps include:

  • Free transfers
  • Transfers are often available in your recipient’s account instantly
  • Rather than needing your recipient’s bank details, all you need is their phone number, email address, or username

What are the best domestic transfer apps?

Many of the apps available for sending money between bank accounts are very similar, following a peer-to-peer sending structure that enables users to get their money to their recipient as quickly as possible.

In our guide to sending money within the United States, we’ve covered some of the top-rated domestic money transfer apps to get your money to friends and family, including PayPal, Venmo, and Zelle.

International money transfer apps

In the past couple of decades, numerous international money transfer companies have launched their services to offer cheaper, faster, and more efficient overseas transfers than ever. 

Indeed, international money transfer apps are often a far more cost-effective way of sending money abroad than a traditional financial institution. Likewise, these companies tend to emphasize digital modernization, with user-friendly apps designed to make sending money abroad as convenient as possible 24/7.

6 of the best money transfer apps

Here is the roundup of the six best money transfer apps available today.

Wise, formerly TransferWise, is one of the biggest and most well-known names in the international transfers space, and for good reason. Their platform lets you send money abroad quickly and easily, and places an emphasis on transparent rates with no hidden fees, which is very valuable when looking for international money transfer apps. The service lets you hold and send money in 50 currencies and all transfers occur at interbank rates-there is no mark-up on the exchange rate. With thousands of reviews and a reported 8 million customers, the Transferwise app enjoys a rating of 4.4 on the Google play store and 4.7 on the Apple app store. Read our full Transferwise review.

Wise Logo
Very transparent fee structure with no hidden costs
Lets you set up local business accounts in over 40 countries even if you don’t have a local address
Instant transfers available
Provides the option of a rate lock-in for a period of 24-48 hours
Supports a variety of payment methods
Very user-friendly and registration process is very straightforward
Offers transfers at the mid-market rate
The app not facilitate cash pickup – bank transfers are possible
Large transfers are more limited
Big online focus can make quick troubleshooting difficult
Some users complain that the verification process leads to longer transfer times

What you can do through the Wise app

The Wise app gives you access to almost every feature on the web platform, including allowing you to:

  • Send money to anyone abroad
  • Pay bills or mortgage in another country
  • Hold and manage money in over 50 currencies
  • Get paid in AUD, GBP, USD and EUR without fees
  • Invite friends to Transferwise
  • Setup money transfers with previously used recipients and details
  • Pay via Google Pay and Apple Pay

WorldRemit. WorldRemit is an extremely popular money transfer service and well-known for being a reliable brand with prudent security measures. World Remit enables senders in 56 countries to send money in 90 currencies to over 150 countries across the world. It supports a wide variety of payment and delivery methods, and these can all be accessed through its mobile app. You can send money to bank accounts, arrange cash pickups/home delivery, deliver to mobile wallets, or even carry out mobile top-ups. To fund your transfer, you can use bank transfer, credit/debit card, Google Pay, Apple Pay, and many other e-wallets. The WorldRemit app has a rating of 4.2 on Google play store and 4.8 on Apple app store. Read our full WorldRemit review.

WorldRemit Money Transfer App logo
Global presence allowing your to send money to over 150 countries
A variety of payment and delivery options, including cash pick up
Quick transfer times available
Competitive exchange rates and fees on commonly used routes
Large number of currencies supported
Complex fee structure which can be more expensive than other providers at times
Limits on large transfers on some routes

What can you do through the WorldRemit app?

The WorldRemit app gives you access to a wide range of features on the go, such as:

  • Send money to over 150 countries in 90 currencies
  • Track your international transfers
  • Check real-time exchange rates
  • Send mobile top-up
  • Add payee information
  • See your transfer history

Azimo. Azimo is a fantastic money transfer app well known for its sleek interface and excellent user reviews. Azimo currently has the capacity to provide transfers from 24 European countries to over 195 countries around the world. Using their excellently-regarded mobile app, you can send money to any bank account, to more than 300,000 cash pick-up locations, and to mobile wallets. With a rating of 4.5 on Google play store and 4.7 on Apple app store, Azimo is a popular choice with migrants and expats looking to send money to family back home. Read our full Azimo review.

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 secure
In-app customer support in 10 languages
No minimum send amount
Available only in 25 European countries
No telephone support – email only

What you can do through the Azimo app

The Azimo app provides instant, easy access to money transfer services so you can manage your accounts any time of the day when you need to initiate a transfer. The multi-lingual support makes this a popular choice if you frequently send money to family members who may want to familiarise themselves with the app. On the app, you can:

  • Send money to your family and friends
  • Pay bills abroad
  • Top-up phones worldwide
  • Send and request money using a mobile number
  • Get rate alerts
  • Track a transfer

XE. XE enables money transfers from Europe to over 120 countries in 60 currencies. The service does not charge any transfer fee, only a margin on the exchange rate, making XE one of the most reasonable money transfer services around. Even with no fees, the exchange rate margins 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 choice 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 Apple app store. Read our full XE review.

XE Money Transfer App logo
No transfer fees on international transfers
Wide coverage. Lets you send money in 60 currencies to over 160 countries
Competitive exchange rates, making it one of the most cost effective money transfer providers out there
User friendly, feature-rich app
Very well-regarded company in the money transfers industry
Fast transfer times (typically same day)
Available only in Europe
No option of cash pickup

What can you do through the XE app?

The XE app provides access to a wide range of features, as you would expect from a company as trusted as XE. Through the app, users can:

  • Transfer money in 60 currencies to over 160 countries worldwide
  • Check historical charts for any currency pair in the world
  • Track up to 10 currencies at any time
  • Set rate alerts and receive notifications
  • Access live rates
  •  Compare prices using the currency converter

Western Union. Western Union is among the best-known names in the world of international money transfers and has been operating 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 via a variety of payment methods: using a debit/credit card, directly from your bank account, or via Apple Pay. In case you wish to pay cash, you can visit one of the thousands of agent locations spread worldwide. Western Union has one of the widest disbursing networks of any provider, allowing users to send money to more than 500,000 agent locations in over 200 countries. The company’s app has a rating of 4.8 on the Apple app store and 4.5 on Google play store. Read our full Western Union review.

WesternUnion Money Transfer App logo
One of the most established names in the industry
Have a huge network of over 500,000 agent locations across the world
Quick transfers, with many being instant
Supports a variety of payment and delivery methods
Covers over 200 countries
Large range of currencies to choose from
High fees compared with other providers
High exchange rate margins (around 5%) make Western Union's rates more inline with traditional banks than more affordable transfer providers
Maximum limit of $2,999 on transfers made with the app and online

What can you do through the Western Union app?

Western Union’s app gives you access to a range of Western Union’s services easily through your phone. If you want to transact in cash, you’ll still have to visit an agent location, but with the app, you can:

  • Transfer money to over 200 countries
  • Check currency exchange rates
  • Initiate a money transfer on the Western Union app and pay in cash at one of the agent locations
  • Send cash to more than 500,000 international agent locations
  • Scan your debit/credit cards for quick and error-free setup 
  • Track your transfers
  • Setup repeat transfers
  • Look up agent locations around you

PayPal.  PayPal is an extremely popular company for sending money and purchasing 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 around the world. With a wide geographic presence across the world and a huge user-base, it is among the most popular and best-known money transfer providers. Alongside this, PayPal is integrated as a payment method with many shops and service providers, enabling you to keep all your financial activity in one place. The PayPal money transfer app has impressive ratings of 4.8 on Apple app store and 4.4 on Google play store.

Paypal Money Transfer App logo
Wide presence across the world and enjoys great credibility
User-friendly app with a range of features
Supports variety of payment and delivery methods
Most transfers happen instantly
Used by many people and therefore often a seamless process when transferring funds
High fees for international money transfers
Lack of transparency about exchange rates
Poor exchange rates compared to other transfer providers

What can you do through the Paypal app?

PayPal’s app has been helping people to manage their accounts and make payments on the go for years. Here are some of the things users can do through the app:

  • Send or receive payments globally
  • Track all your account activity at a glance
  • Deposit to a bank account or another Paypal account
  • Send cash for pickup or home delivery
  • Pay for goods and services
  • Send money to family and friends within the US for free

How much do money transfer apps cost?

Money transfer apps are always free to download (if you discover one that isn’t, you can find a free app that is just as good!). The real answer to this question is found in the fees charged by the money transfer services they allow you to use. These are the costs usually involved when using a money transfer service:

  • Transfer fee: Many money transfer apps charge a fixed fee for transferring your money to someone overseas. Some companies charge a lower fee for larger transactions and vice versa. This fee could range from $2-$30 or upwards, depending on factors such as the countries and currencies involved in the transaction, the amount being transferred, and the payment and delivery method used. 
  • Exchange rate margin: You will often pay a mark-up on the exchange rate when using a money transfer service. This means that the exchange rate that you see on Google before you initiate the transaction may not be the rate you get because companies typically charge between an extra margin of 1%-5% on this.
  • Other costs: There could be additional costs involved depending on the service or payment method you are using. If you are using your credit card to fund your transfer, you may have to pay an additional 2%-3% in cash advance fees. If you choose cash pickup as the delivery method, it will often come at an added cost. The recipient may also have to pay a receiving and withdrawal fee to their bank when sending to a bank account. Always check what fees you will be charged for a transfer before confirming it.

Are money transfer apps available on all operating systems?

Yes, money transfer apps are available on all major operating systems such as iOS and Android. Outside of this, Google Pay and Apple Pay are regularly supported. 

Is it essential that a money transfer provider has an app?

While all significant international money transfer companies have an app, not every provider needs to have one. Providers that don’t have apps will usually at least have a mobile-optimized web platform you can use on the go. However, many people like the convenience of having an app on their phones to handle their money transfer needs.

Money transfer app pros:

✔ 24/7 access to your account and transfersr✔ You can initiate a transfer even on the gor✔ Makes transfers quick, easy, and convenientr✔ Secure verification processes to keep your money safe

Going cashless with apps

The introduction of Apple Pay and Google Pay has made it easier than ever to go cashless – and even wallet-less! Nowadays, it’s possible to make payments online, in person, and to other people using just your smartphone, with contactless and BlueTooth options reducing the number of details needed for transfers even more.

Apple Pay

Introduced in 2017, Apple Pay makes it possible to send money to your contacts within the Messaging app itself. The one requirement is for the sender to have a debit or credit card synced to 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-store.

Google Pay

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 the moment.

Money can be transferred to a contact using their phone number or email address within the Google Pay app, with a $10,000 USD limit on single transactions.

How do I get started with a money transfer app?

Once you have chosen the suitable money transfer app for your needs, you can download the app from the Google Play store or the Apple app store, depending on the device you are using. 

You will be asked to register and set up an account by providing your personal and payment details (you may have already done this step online, in which case you can log into your account on the app). You will also need to verify your details by providing a Government-approved ID such as a driver’s license or passport. These requirements may vary depending on the regulations in your country and on the app you’re using.

After this has been approved, you can link one of the payment methods accepted by the provider and start using the app to transfer funds and manage your account.

Summary: Best Money Transfer App

Money transfer apps provide a convenient and efficient way to transfer money worldwide, giving you instant access to some of the best-known names in the money transfer industry directly through your phone. There are many IOS and Android apps money transfer apps available, and choosing the right one for your needs can be challenging to navigate. That’s why we always strongly recommend doing your research and comparing providers before downloading to ensure you get the best deal for your transfers. 

Before choosing the best money transfer app, check the fees and exchange rate margins applied to the transfer you want to make, whether it supports your country/currencies, and how fast the transfer speeds it offers are. Reading some overall reviews to ensure the app you are looking at is highly rated and secure is also a good idea.

Each provider listed in this review has an excellent reputation for providing industry-leading services to their users, but there’s no one-size-fits-all solution to money transfers. Every provider has its own features and pros and cons, and you can choose the one that best meets your money transfer needs.

Just because one app works best in one situation doesn’t mean it’ll be the best option in another. By comparing your options, you can ensure that ultimately, you make the right choice for the best money transfer app and your transfer needs every time.

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Jonathan Merry

Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com

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