Mobile money transfer apps allow users to send and receive money electronically via their smartphone.
These apps are safe and convenient to send money to your loved ones abroad without any extra hassle.
They often save a lot of time spent on manual checks, depositing cash into bank accounts and visiting banks for international money transfers.
In this article, we’ll briefly review money transfer apps and explain which ones are the most popular for international money transfers.
What are money transfer apps?
Money transfer apps allow you to send and receive money to and from a person or business quickly and securely. These apps make money transactions easy and you don’t have to go to the bank in person to manage an account.
Typically, money transfer apps provide a digital wallet linked to your bank account or credit card where you can store money and use it for online bill payments.
Most money transfer apps are designed to be used within the country’s local borders. However, there are some money transfer apps that allow international payments, pay international bills, and offer digital wallets.
International money transfer apps usually have built-in currency conversion services that allow you to send money in your local currency and it will be automatically converted to the recipient’s local currency. The apps charge a small fee for processing conversions and international money transfers in particular.
Let’s start exploring the list of the best money transfer apps.
Remitly
Wire Transfer is a fast and secure money transfer app that allows money transfers to over 3000 banks and over 350,000 cash pickup locations around the world. Trusted bank names include Bancoppel, BDO, Banreservas, GT Bank, Bank Alfalah, Polaris Bank, ICICI, MCB and more.
You can use your bank account, credit card, or debit card to send money worldwide. With Remitly, you get guaranteed delivery times and real-time transfer updates, and recipients can collect the cash without paying a fee.
Remitly has an average rating of 4.9 stars in the Apple App Store due to its customer support, no hidden fees, and offers. A dedicated customer support team in English and Spanish is available 24/7 on the platform.
Characteristics:
- Multiple layers of security
- No fees for receiving money
- Network coverage of over 150 countries
- 24/7 customer support
- It works on:
- iOS
- Android
OFX
OFX is an Australia-based financial services company that provides users with international money transfers. The app is used by more than a million users and allows transfers to more than 170 countries.
It is available both as an online platform and in the form of a mobile app. OFX offers competitive exchange rates and lower fees, making it a lucrative option for individuals to send money across countries.
In addition, it also offers features such as futures contracts, market commentary, price alerts, price charts, and limit orders. OFX is subject to a regulatory framework and follows advanced security protocols and end-to-end encryption techniques to protect customers’ transactions.
Characteristics:
- Supports more than 55 currencies
- Transfer network from over 190 countries
- Easy transfer tracking
- Lower fees compared to banks
- 24/7 global customer support
- It works on:
- iOS
- Android
Wise
Weise is a fintech company that has gained popularity for its low-cost international money transfer services. It supports 50+ currencies and you can send money to 170+ countries with the Wise app by paying a minimal exchange rate fee.
Signing up with Wise is easy. You can register online on the website or use the free Wise app. To send money, you’ll need to enter the recipient’s bank account details and pay via ACH, wire transfer, or debit/credit card. Once the funds transfer has been initiated, the recipient can track the payment via the Wise payment transfer link.
Aside from the standard money transfer service, Wise also offers Borderless accounts where users can store funds. The feature is particularly useful for entrepreneurs who deal with multiple currencies or pay their employees in different countries. It adheres to anti-money laundering rules to ensure safe customer transactions.
Characteristics:
- 50 supported currencies
- Transfer network from over 170 countries
- Two-Factor Authentication
- Integration with Amazon , Stripe and Xero
- It works on:
- iOS
- Android
WorldRemit
WorldRemit offers international money transfer services including mobile wallet transfers, bank deposits and cash pickup centers. The app supports 70+ currencies and covers 130+ countries where you can send money almost instantly.
To get started, you need to download the WorldRemit app and register an account with your email address. Next, you can start sending and receiving money internationally. You can pay for the money transferred using your debit/credit card or through a bank account.
With WorldRemit you can send money directly from your bank account to the recipient’s bank account. The platform also has a mobile money feature that allows you to store money on your mobile phone. It’s a safe and easy way to transfer money, pay bills and fees, and make payments for your online purchases.
Characteristics:
- Feature to top up mobile airtime
- Support for money transfer networks in 150 countries
- Cheap transfer fee
- 24/7, 365 days customer support
- It works on:
- iOS
- Android
PayPal
PayPal is one of the most widely used payment transfer apps, trusted by over 400 million users. You can find it in most checkout processes in online shopping apps or when paying bills online. With PayPal’s anti-money laundering and know-your-customer compliance, international money transfers are secure.
With PayPal, getting started with transferring money is easy. You need to sign up for a PayPal account on the official website and add a funding source such as a bank account or credit card. Once online verification is complete, you can send and receive money across international borders.
When sending money internationally, PayPal automatically converts the amount from your currency to the recipient’s currency using the current exchange rate. There is also a currency conversion fee and a money transfer fee. Sometimes there can be discrepancies between the exchange rate and the current market rate.
Characteristics:
- Supports ACH payments and eCheck processing
- Secured two-factor authentication
- Compliance with CountryPCI regulation
- Ecommerce Management
- Option for recurring billing over multiple periods
- It works on:
- iOS
- Android
Venmo
Venmo is a social payment app that allows users to send and receive money. With it, you can split bills, make payments for utilities, and transfer money to your friends and family anywhere in the world.
One of Venmo’s standout features is the social feed aspect. It allows users to view and comment on their friends’ transactions based on privacy settings. The social feed and descriptions add a social networking element to this payment app.
This easy-to-use interface and social networking features make it a popular money transfer app among young people.
Venmo also offers a physical debit card that users can use like regular bank debit cards. For security reasons, it uses end-to-end encryption and advanced anti-fraud measures like two-factor authentication .
Characteristics:
- ACH payment processing
- partial payment function
- Offers Venmo debit and credit cards
- Free money transfer compared to credit cards
- It works on:
- iOS
- Android
MoneyGram
Moneygram provides money transfer services and other financial services around the globe through both its digital platforms and its retail locations. It allows users to send money across borders and pay international bills at favorable exchange rates.
MoneyGram has apps that make it easy to transfer money. It offers a feature to calculate estimated transfer fees before making any money transfer transactions.
The app has a total list of over 13,000 companies to pay your bills with. You can also set automatic recurring money transfers if needed. MoneyGram’s newly launched feature allows you to buy, sell and hold cryptocurrencies through the app.
Characteristics:
- Money transfer services in over 200 countries
- Dedicated iOS and Android app
- Security for 24/7 online activity monitoring
- Biometric Login
- It works on:
- iOS
- Android
Revolut
Revolut is a financial services app founded in 2015 to simplify complex financial processes. The app offers a range of financial services including online merchant payments, investment options like crypto, stock trading, insurance, and money-related tools.
Revolut has an international money transfer feature that allows you to send money to trusted bank accounts abroad through the app. It has competitive exchange rates and also offers the option to choose between Standard and Express transfer speeds.
Characteristics:
- Intelligent budgeting functions
- Integrated stock trading function
- Low fees for international transfers
- Clean UI
- It works on:
- iOS
- Android
Zelle
Cell is a money transfer app typically used for sending money through US bank accounts. It’s a simple app, and if your bank or credit union integrates Zelle, there’s a good chance it’ll be available on your mobile banking app.
After registering with the Zelle app, you can send or receive money using your US cell phone number or the recipient’s email address. The app can be used by private customers and small business owners for everyday transactions. It’s free and there are no fees for sending and receiving money over cell.
Cell is primarily designed for domestic transfers within the United States. The app is gaining popularity due to its fast payment processing and is being adopted by major institutions, making it easier for individuals to transfer money securely.
Characteristics:
- Split Payments
- Widespread availability in the United States
- Integrations with many banks
- Free and safe
- It works on:
- iOS
- Android
Meta Pay
Meta Pay is Facebook’s payment platform, formerly known as Facebook Pay. It’s an easy and secure way to make payments through Facebook, Instagram and WhatsApp Messenger.
Setting up and using Meta Pay is easy. All you have to do is add your preferred payment on Facebook for the first time, and then you can connect it to Instagram without having to re-enter the checkout details. The platform can use its anti-fraud technology to detect unauthorized activity, increasing security.
A standout feature of Meta Pay is that you can pay from Instagram without leaving the platform.
Characteristics:
- Integrated payment through the social media platform
- Anti-fraud security technology
- Biometric Login
- Fast customer support
You can even contribute to the fundraiser by sending donation stickers on Instagram Stories.
Frequently Asked Questions (FAQs)
1. How do money transfer apps work?
Most money transfer apps require you to create an account and verify your identity. Once verified, you can start sending and receiving money across borders to your friends, family or co-workers. You can pay the transfer amount either by bank account, direct debit or credit card.
2. How Much Do Money Transfer Apps Charge?
Money transfer apps usually charge a fee per transaction. This fee depends on a number of factors, e.g. E.g. the country you are sending money to, the transfer amount, the currency involved, the market rate, etc. Some apps charge a fixed amount or a certain percentage of the transfer amount.
3. Are money transfer apps safe?
Money transfer apps follow international rules and regulations for safe global money transfers. Most of these apps also have fraud detection security features that make it difficult for cyber attackers to access your funds.
Author’s note
Now that we’ve got an overview of the most widely used international money transfer apps, it’s hard to decide which is the best.
And the absolute answer depends on your requirements, e.g. B. where you want to transfer money, the exchange rates and the applicable fees.
In addition to the above points, it is also important to check if the apps comply with the rules and regulations to make international payments safe.
In conclusion, I would like to say that Revolut charges the cheapest transfer fee, Wise is also a cost-effective solution, and PayPal due to its wide range of integrations.
Next, check out the best PayPal alternatives for freelancers to receive payments.