Transferring money across borders has become easier than ever, but with so many apps available, how do you choose the right one? While some excel in global transfers, others offer lower transfer fee or faster transaction speeds. With so many factors at play, it's tough to pick the best app for your requirements. So here is a comprehensive guide on some of the best money transfer apps to help you decide which one will work best for you.
When selecting an international money transfer app, consider the following factors: fees and exchange rates, speed of transfer, security and compliance, transfer limits, and ease of use.
Some apps may include hidden costs or may not offer the best exchange rate, so it is important to examine those closely. Speed matters too, especially when sending money in an emergency.
On the security front, the best apps usually provide bank-level encryption, multi-factor authentication, and fraud monitoring and protection systems.
Lastly, transfer limits and ease of use should also be considered, as different apps have different transfer limits and interfaces.
Here are some of the widely used money transfer apps, each with its own set of features, pros, and cons.
Wise international money transfer app helps you to send money to the recipient’s bank account in over 70 countries across the world. It uses the mid-market rate, which is better than the rates offered by many firms.
Ideal for: Wise is an ideal app for those looking for transparency and cost-effectiveness.
Trustpilot Rating: 4.3
Remitly can be used to transfer money to 170+ countries, including the Philippines, India, Mexico, and over 40 African countries. It allows quick and convenient transfers.
Ideal for: Remitly is ideal for those looking for flexibility because it offers Express and Economy options.
Trustpilot Rating: 4.6
Revolut is more than just a money transfer app. It's a comprehensive financial platform. It supports bank transfers, card transfers, transfers to other Revolut accounts, and to mobile wallets.
Ideal for: It is ideal for those wanting to spend in multiple currencies without incurring additional transaction fees.
Trustpilot Rating: 4.1
MoneyGram is well-known in the money transfer space, especially for cash pickup services. However, fees can be high if you pay with a credit or debit card. It is available across 200+ countries and territories, and you can make transactions in 135+ currencies and numerous cryptocurrencies.
Ideal for: Users who are looking for cash pick-up services
Trustpilot Rating: 4.4
Western Union is known for its extensive network and cash pickup options.
Ideal for: Users looking for a higher reach as they can send money to over 200 countries and territories worldwide
Trustpilot Rating: 4.3
Instarem is a modern money transfer service that offers real mid-market exchange rates. You can send money to over 60 countries, including Australia, Singapore, Hong Kong, Malaysia, Eurozone countries, the UK, India, and the US. It has zero-margin exchange rates.
Ideal for: Users looking for a good exchange rate and transparency
Trustpilot Rating: 4.4
Xe is known for its competitive exchange rates and extensive currency tools. It covers 190+ countries and supports 130+ currencies.
Not suitable for those looking for domestic money transfers
Ideal for: Individuals and businesses who frequently send money internationally and those looking for competitive exchange rates and transparent fees
Trustpilot Rating: 4.3
Unplex stands for its groundbreaking integration with WhatsApp. What sets it apart from competitors is its seamless incorporation of financial services within the widely used messaging platform.
Ideal for: Individuals, particularly those in the USA or Canada, who frequently send money to friends and family in India or the Philippines. It simplifies international money transfers through WhatsApp.
Trustpilot Rating: 4.7
There are various international money transfer apps in the market, and you can use this guide to decide which one to use as per your requirements. Remember to check for the criteria that matter most to you—be it transfer fees, clean user interface, or speed of transfer.
If you prioritize transparency and cost-effectiveness, Wise might be your best bet. For those who need cash pickup options, Western Union is a solid choice. Remitly offers flexibility with its Express and Economy options, while Xe Money Transfer excels in competitive exchange rates.
You can also use CompareRemit’s comparison tool today to find the best rates, lowest fees and fastest turnaround times for your specific destination and transfer amount. Also stay updated on the latest coupons and offers by various money transfer service providers.
Yes, you can use Google Pay to send money internationally, but not directly in all cases. You can send money to India using Google Pay, and for other countries, you'll need to use a third-party service like Wise. Google Pay itself does not charge fees for international transfers, but the third-party service might. Always check the fees and exchange rates of the third-party service before making a transfer.
Bank transfers are usually the cheapest option when it comes to international money transfers. While they can be slower than using debit or credit cards, they usually offer the best value for your money.
Many US banks charge less for online wire transfers, as these payments don't cost as much to process. Try sending your transfer via online banking or your bank's mobile app. For example, providers like Citibank or Wells Fargo waive their outgoing transfer fee for online wires in a foreign currency.
Wise generally provides more transparency and lower fees compared to PayPal, especially for international transfers. They use mid-market exchange rates and a small fixed fee, while PayPal fees vary depending on multiple factors, like country and currency. PayPal also charges a currency conversion fee.