You want to send currency abroad and you want to send it now. You have a smartphone or a table in your hand and are looking for the best app to transfer money internationally. Don’t worry, we’ve got you covered. Here’s our breakdown of the best currency exchange apps, so you can pick the perfect one for your money transfer needs.
5 best money transfer apps
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1. Wise (formerly TransferWise)
This company is an online money transfer service that offers a cheap and fast way to send money internationally.
The essay is best for …
Sending amounts under $ 7,500, via a simple, clear, fast, and secure money transfer service, although they can also offer fee discounts if you send large money transfers internationally.
App exchange rates and fees
Wise offers exchange rates identical to the base rate, which is the same or better than any other money transfer provider. Their fees are also extremely low, typically between 0.5 and 1% of the total transfer amount. Read our guide to Wise rates to find out more.
Transfer limitations
Wise has limits on how much you can send, depending on the countries and currencies you’re trading between. These limits are normally very generous and will meet the needs of most users.
Customer Ratings
On the Apple App Store, the Wise app has over 37,000 ratings with an average score of 4.8 out of 5
On the Google Play Store, the Wise app has over 88,000 ratings with an average score of 4.2 out of 5
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2. Revolut
Open a free account in minutes right from your phone and let your money go further. Revolut offers easy global transfers at great prices. Send and receive money in over 30 currencies with no hidden fees.
Revolut is best for …
Anyone who is comfortable doing everything on their phone. Although Revolut has a desktop version, their app is the best way to send money overseas. Their debit card is also useful for customers who spend their money overseas.
App exchange rates and fees
Exchange rates and app fees
Revolut has 3 tiers of multi-currency accounts with different features and fees. The standard plan is free, the premium plan costs $ 9.99 / month, and the metal costs $ 16.99 / month
Although Revolut offers free international transfers and very favorable exchange rates, it is important to know that there are monthly limits in some countries.
Transfer limitations
In the United States, for most currencies, there is no limit on the amount of the transfer. Some currencies may have limits set by our payment partners. You will always see the limit in the Revolut app before making the transfer.
Customer Ratings
Revolut has 18 million users and 1.1 million use the app every day
On the Apple App Store, the Revolut app has over 26,000 ratings with an average score of 4.7 out of 5
On the Google Play Store, the Revolut app has over 1,000,000 ratings with an average score of 4.6 out of 5
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3. Smartphone app for money transfer
This service is an online money transfer company that focuses on remittances. They are especially useful for instant transfers to regions such as Asia, Africa, and South America.
Remitly is best for …
Make money transfers quickly and easily through well-designed smartphone apps and websites. They are good for lower-value transfers as they have no minimum amounts. Consider them for sending $ 5,000 USD or less.
App exchange rates and fees
Remitly has competitive exchange rates and fees, although they may not be as low as other currency exchange providers.
Transfer limitations
While Remitly doesn’t have a lower limit for transactions, you typically can’t send more than $ 10,000 USD or equivalent, and the limitations may be lower on some currencies. They also do not provide support for commercial transactions.
Customer Ratings
On the Apple App Store, the Remitly app has over 29,000 ratings with an average score of 4.8 out of 5
On the Google Play Store, the WorldRemit app has over 130,000 ratings with a score
On the Google Play Store, the WorldRemit app has over 130,000 ratings with an average score of 4.8 out of 5
4. Western Union smartphone app for money transfer
This company is the largest money transfer provider in the world. They have over half a million agents around the world, although their commissions and exchange rates aren’t very competitive.
Western Union is best for …
They have cash collection points and their transfers can be instant.
Unfortunately, the fees charged by Western Union are not easy to understand or calculate. They are among the most expensive money transfer providers and their fees vary greatly based on the countries and currencies you send to.
App exchange rates and fees
Western Union provides limits on how much you can send, depending on the services you want to use. The maximum limits are typically between $ 500 and $ 2,500 USD, although they may vary by country, currency, and service.
Transfer limitations
Western Union has limits on how much you can send, depending on the countries and currencies you’re trading between. These limits are normally very generous and will meet the needs of most users.
Customer Ratings
On the Apple App Store, the Western Union app has over 150,000 ratings with an average score of 4.8 out of 5
On the Google Play Store, the Western Union app has over 179,000 ratings with an average score of 4.5 out of 5
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5. Smartphone app for OFX money transfer
This company is a specialized foreign exchange provider and offers personalized support to get the most out of your currency exchange.
OFX is best for …
Transfers of larger amounts, typically equivalent to $ 7,500 USD or more.
App exchange rates and fees
OFX becomes a better value choice the more you send. For smaller amounts, their exchange rates and fees make them more expensive than other providers. If you send larger amounts, their exchange rates become very competitive and their commissions remain low.
Transfer limitations
OFX has a minimum transfer limit of $ 1,000 USD or equivalent. For most currencies, OFX does not provide a maximum limit on how much you can send. A maximum limit will apply to the currencies of some countries.
Customer Ratings
On the Apple App Store, the OFX app has around 1,900 ratings with an average score of 4.8 out of 5
On the Google Play Store, the OFX app has over 2,500 ratings with an average score of 4.4 out of 5
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What are the best international money transfer apps?
Our recommendations for the best money transfer smartphone apps where your money will go the furthest are:
- Wise or Revolut for lower amounts.
- OFX if you are sending more.
So, it’s time to download these apps, try them out, and send money internationally while on the go!
Learn more about Wise: Go to the Site
Learn more about OFX: Go to the Site
Apple Pay
It is accessible in many countries and stands out for its smart and simple user interface (UI) and design. However, the P2P (peer-to-peer) payment method can only be used in the United States. For a P2P payment, you need to know the recipient’s phone number and email address in order to send an Apple message.
Google Pay
Depending on the type of transaction, Google Pay is available in different countries and territories. Compatible with Android and iOS, Google Pay can also be used in your browser. Google Pay works through your Google Account, so you’ll need to exchange emails to set up payments. You will also need a personal account as a workspace or company account will not work.
Venmo
Setting up Venmo, which is only accessible in the US, is easy. You can send money to your friends using their usernames without their phone numbers or email addresses. One of the perks is that all of your friends’ transactions on Venmo are public by default, so anyone can see them on the app’s public feed. This means that the first thing you should do is set these settings to private when using this app.
PayPal
As long as it’s linked to a bank account, PayPal is free (or you have a PayPal Cash bank account). There’s a 2.9% fee, plus $0.30 per transaction when you make a transaction with a credit card. With a standard transfer, it can take one to three days for the amount to appear in your account. If you want to receive the money instantly, a 1% transaction fee will be charged.
What are the key points to consider when choosing a money transfer app?
There is no one-size-fits-all when it comes to money transfer apps. Your choice mainly depends on your location, frequency, currencies, and volume of your transactions. Some important points that we should consider are:
country
Some money transfer apps have limited geography of operations. Make sure the app you choose is available in your jurisdiction and allows you to make international transfers to the places you need to send money. Don’t forget to also check out the supported currencies and conversion rates.
fees
If you have any prior international money transfer experience, you are probably familiar with some absurdly high transaction fees and charges. Watch out for apps that offer suspiciously high exchange rate margins and numerous fees that add up to a significant sum.
speed
In the 21st century, we often take the speed of service for granted. But contrary to what you might have expected, not all providers offer the same transaction speeds. Before you create an account with a provider, find out how quickly you can expect to get the transfers to the recipient.
security
The last thing you want is to fall victim to a scheme or lose your money because you aren’t careful enough. We encourage you to scan the provider’s website/app description before entrusting them with your funds and sensitive information. Make sure your money is held in a segregated account with an established financial institution and your transactions are protected with technologies like 2FA and 3D Secure.
