Finding a way to transfer money internationally is never easy.
Banks are often expensive and their apps are not designed specifically for overseas transfers.
Sending money internationally online through a money transfer app is a viable alternative,especially if you can get cheaper money transfers in the process.
Which money transfer app should I choose?
Is the process easy for newcomers?
Am I actually saving money by using them?
Top 3 Money Transfer Apps:
The best apps for sending money internationally are available on the two main mobile platforms: Apple and Android.
Based on my testing, it’s fair to say the quality and functionality of apps is pretty similar between the two platforms.
The most recommended apps are:
Fully functional, enabling you to transfer money internationally ✅
Transparent and showing exactly what rate you will receive ✅
Cheaper than banks and other apps on the market* ✅
Have received great feedback from users ✅
Handle a number of different currencies ✅
Allow you to receive money from abroad ✅
Enable you to fund transfers through a bank transfer or debit card ✅
Each app and money transfer service as a whole has different selling points.
Take a look at them below:
- Min Transfer: £/€/$ 50
- Currencies Supported: 140
- Offices : UK, EU, USA, Australia, NZ and Canada.
- No Fees on Any Transfers from Anywhere, Excellent Rates for All Amounts
Wide Global Reach with Local and Friendly Support in Many Countries
96% Customer Satisfaction, Very High Rating on Google and Apple Stores
- Min Transfer: None
- Currencies Supported: 44
- Offices : UK, EU, Australia, USA, Japan, UAE, Ukraine, Brazil, Malaysia and Singapore .
- Smoothest Online System
Public Company with Millions of Customers
Very Transparent Fees Visible Prior to Signing Up
- Min Transfer: £/€/$ 100
- Currencies Supported: 39
- Offices : UK, EU, USA, India, South Africa.
- Large Transfer Specialists - Get Guidance by Currency Dealers
No Fees from Anywhere and Competitive Rates
Advanced Business Functions (Hedging, Rate Alerts, Etc.)
* Exchange rates and fees may vary based on inquiry size and currencies involved.
Additional Known International Payment Apps
Comparing Money Transfer Apps Side by Side
I compared the top 10 most popular money transfer apps based on my findings.
Based on downloads and reviews, Wise, Revolut Xoom and Remitly are a lot more popular than the rest of the bunch.
What is the reason for that?
First off, they are just a lot more successful than other companies in this space.
They are “new school” providers who have been very well funded and offer cheaper-than-before rates, alongside a smoother-than-before experience.
They are great examples of mobile apps built to transfer money fast.
In the case of Wise and Revolut, their apps provide even more functionality. Take their multi currency accounts, you can easily receive, pay and hold money in any number of currencies. All easily managed through their apps and running alongside a multi currency debit card.
But, are these popular money transfer apps necessarily the best?
It heavily depends on your needs and inquiry size.
I put OFX at #1 and Currencies Direct at #3 alongside Wise because…
Both OFX and Currencies Direct have a similar trading system to the one offered by Wise and Revolut.
But they offer something extra – a tailored service for those looking to make a large transfer.
With that being said, their apps are slightly less smooth, and they don’t offer multi-currency accounts (for private clients), nor debit cards, so they are strictly bank-to-bank.
The bottom line is that I would recommend going for a “fintech” app like Wise for smaller inquiries, or if you are travelling. And with brokers like Currencies Direct or OFX if you are transferring large sums.
Most Popular Apps
|Money Transfer App||Verdict||Android App||iPhone App||# Reviews Google app||Rating Google||# Reviews App Store||Rating App Store||Company Rating %|
|OFX||🏆 Best Overall||Yes||Yes||3,700+||4.5||2,400+||4.9||90.4|
|Currencies Direct||🏆Best editorial rating||Yes||Yes||500+||3.6||100+||4.2||97.8|
|Tor FX||🏆Best phone support||Yes||Yes||250+||4.0||75+||4.4||93.4|
|Azimo||❌ Discontinued, Used to be great||Yes||Yes||28,821||4.6||22,734||4.7||77.0|
|Revolut||🏆Best bank-like functionality||Yes||Yes||2.4m+||4.5||600,000+||4.9||76.0|
|Currencyfair||🏆Best rates through P2P system||Yes||Yes||900+||2.7||80+||4.3||89.1|
|Wise||🏆Best customer reviews||Yes||Yes||500,000+||4.7||29,000+||4.6||86.8|
|Moneycorp||🏆Best for businesses||Yes||Yes||150+||1.4||100+||2.1||92.8|
Tips on Making Mobile Payments Internationally
Generally, when you talk about “mobile payments”, in the broader sense of the word, they are very easy to do.
To make a mobile payment at the corner shop, all you need to do is leverage the NFR technology of your mobile.
To pay someone online via PayPal, all you really need is their email and name.
In China, they even have Palm Payments, not requiring you to carry a mobile or use any particular app.
But, using a money transfer app could prove more difficult.
Most people who use an app for international payments are looking to make a payment into a bank account.
And bank accounts are cumbersome to input, consisting of multiple fields like SWIFT Code and/or IBAN and/or Account Number, etc.
This insertion of account details is prone to errors, and even more so on mobile devices.
That’s why I would personally recommend against inserting payment details for a new payee on mobile.
If you’ve already paid a person before and they’re on your contact list, by all means make that payment from wherever you want.
But, if you are looking to add someone’s bank details, it might be less error prone to do so from a tablet, laptop or desktop computer.
What does the future hold for mobile money transfer apps?
Based on my observations from the last decade or so in the industry,and reading statistics about the unbelievable mobile adoption of mobile payments,
I have no doubt that, sooner or later, the overwhelming majority of payments will be made via mobile. Whether it’s for paying friends, paying for things in shops or paying for things online, mobile payment apps are making things faster and easier.
I am also speculating that the associated fees will keep dropping, and that fewer people will use legacy services like banks or expensive remittance providers.
Developing countries are also in prime position to leverage the fast growing number of citizens who have access to a mobile. Countries like Kenya have even completely skipped the online banking phase and moved straight to mobile, with the popular M-Pesa used by over 95% of households.