Top 5 Best International Money Transfer Apps

Want to transfer money internationally without any boundaries? then in this guide are outlined the best international money transfer Apps you can use
Ketcha Brandon
Best International Money Transfer Apps

The U.S and many other Advanced developed countries counts millions of immigrants whose figure constantly increases every year. As an immigrant who has settled in the US or any other country, you will surely be looking for ways, services or Apps to transfer money internationally so as to send money to your home country for several purpose.

Since the advancement of money transfer Apps, transferring money to and from any part of the world has become far more easier. The good part of it is that getting started with these international money transfer apps is very easy as you will have to do is to download the official App, sign up for an account and complete some little verifications in order to secure your funds with the App.

Some individuals which are new with international money transfer Apps often wonder how international money transfer apps work?

Well its easy and very convenient. Like for example, Wise, which is a popular money transfer App that offers competitive transfer fees, is a service that lets you transfer money internationally from the U.S, the UK and Europe to more than 80 countries. All you will have to in order to get started with Wise is to download the Wise App, signup for an account and complete some few verifications and then start transferring money with ease and convenience.

It is necessary you have in mind that Wise transfers is mostly suitable within European countries where currency conversion within between countries is not much needed.

So this means that you will have to choose the international money transfer App based on the country to which they send money without much fees taken into consideration.

Want to transfer money internationally without any boundaries? then continue reading this guide as I will show you the best international money transfer Apps that you can make use of to transfer money to any part of the world.

What is An International Money Transfer App?

Money transfer Apps or Money transfer services, are those Apps that allow you to send money quickly, easily, affordably and securely from one individual or entity to another.

International money transfer Apps make payments easier and also give you the chance to link your bank or credit card account to a digital wallet.

How Do International Money Transfer Apps Work?

International Money transfer Apps work in such a way that you are able to quickly and easily transfer money to any other country that you want as long the country features as accepted countries in the App. Other Apps transfer your money from one bank to another while others hold it. Some money transfer Apps cater specifically to the needs of the user.

5 Best International Money Transfer Apps

There are many international money transfer Apps out there, but the best are those that permit you to send and receive money to many countries, support multiple currencies, offer competitive trasfer and conversion fees.

Though most international money transfer Apps allow you to send money to only few countries, others will let you transfer money to many other countries and also support numerous currencies.

So below is a list of the best international money transfer Apps that will let you transfer money internationally.

  1. Remitly - Overall Best App to send Money internationally.
  2. Wise - Best Cheapest App for International Money Transfer.
  3. World Remit - Best International Money Transfer App With No Minimum Amount.
  4. OFX - Best International Money Transfer App For Higher Amounts.
  5. Xoom by PayPal - Cheap International Money Transfer App.
  6. Western Union - Popular International Money Transfer App With Uncompetitive Rates.
  7. MoneyGram - Popular International Money Transfer App.

1. Remitly - Overall Best App to Send Money Internationally

Remitly is obviously one of the best Apps to send money internationally. It was established in the year 2011 and eases international money transfers to more than 100 countries from the U.S and 16 other countries, primarily from the developed world.

Due to his difficulties with international money transfers while workong for Barclays in Kenya, the Apps co-founder Matt Oppenheimer placed a special emphasis on including small African nations like Cote d'Ivoire Liberia.

With Remitly, you can enjoy transfers to mobile wallets and bank accounts, which are of course less expensive as compared to transfer to banks.

In accordance with the accessibility of the receiving nation it also provides Cash pickup and delivery. This platform has an extensive coverage for mobile wallets and most significant banks.

Remitly's foreign exchange rates to convert US dollars were, on average 2% less than the real time rates on CNBC's dashboard over 3 days in mid- July 2021 when 5 different currencies were tries. This simply means that as compared to exchange markets, the App offers you slightly less value for each dollar spent.

Like for example, Remitly would only make an offer of $729.30 if 1$ in these markets was worth $743 Chilean pesos.

Remitly's transfer fees are most often under 5% of the transferred amount, but they can vary depending on the currency and whether you use a card or your bank account.

Also your selected transferred method will also count a lot to determine the time taken by your money to reach its destination. It varies from some few minutes to 1 business day.

2. Wise - Cheapest Best App For International Money Transfer

Wise, Previously known as TransferWise and has been put in place since the year 2010. Wise today features about 10 million users globally.

Via this platform, you can send money internationally to more than 80 countries, most of which are in Eastern Europe, from the US and the UK.

If you regularly keep an eye on exchange markets, one essential feature is the ability to hold multiple currencies in the App's digital wallet and then convert them to US dollars or any other depending on what is most suitable to you by that time.

More to that, Wise generates local account numbers so you are able to send and receive payments in ten different currencies as if they were local transactions.

Even though Wise has excellent coverage and allows you to send money to almost any bank, it does not offer cash pickup, utility bill payments or mobile wallets. But the platforms catches up with what it lacks in services with the foreign exchange rates.

When 5 different currencies were compared, Wise consistently offered highest value per US dollar. Like for example, Wise offered the same price if $1 was $5.26 in Brazilian reals on CNBC's dashboard.

The fees charged by Wise are often less than 5% and they decrease as you transfer more money.

Also, just like the previous money transfer App, the time taken for your money to arrive the recipient nation, ranges from a few minutes to 3 business days.

3. WorldRemit - Best International Money Transfer App With No Minimum deposit Amount

WorldRemit is actually one of the best international money transfer Apps that allows you to send money from the US ADN 49 other countries to more than 130 locations.

This international money transfer platform is widely used in the African continent as it allows international money transfers from six African nations. It is considered by many individuals as the best international Money transfer App in Africa.

WorldRemit provides payments for utility bills, phone recharge services, and transfers to banks and mobile wallets. Even though cash pickup is also an option, WorlRemit does not support as many major banks as the other Apps on this list do.

The exchange rates of this platform were on average 1.6% lower than the real-time rates displayed on CNBC's dashboard using 5 different currencies over 3 consecutive days.

4. OFX - Best International Money Transfer App For Higher Amounts

Here comes another international money transfer App that is based on sending only large amounts of money - OFX.

The OFX App allows you to send money transfers of $1000 or more to 195 countries. The Apps also let you open an OFX account, track transfers, view historical and real time exchange rates, and set rate alerts.

For most currencies, there is no limit in the amount you can send with OFX. Some countries will apply an upper limit to their currencies.

Though the fact that transactions are free, OFX charges a small margin on currency exchange rates.

With OFX, the more you sent, the better value OFX becomes.

Even though they they are free, their exchange rates and fees do make them more expensive than other providers for smaller amounts.

OFX is a good international money transfer App for large amounts because their exchange rates become extremely competitive and their fees stay low.

5. Xoom By PayPal - Cheap International Money Transfer Service

Xoom was established in the year 2001 and later on in the year 2015, PayPal bought the company and it had more than a million users by that time world wide.

If you are a PayPal user, then this is a good option for you as the App is now part of a larger infrastructure serving more than 250 million users.

It features 60 countries including tiny island nations like the Seychelles and Dominica which can be attained using Xoom to send money internationally from the SU, UK and 32 markets in Europe.

Cash pickups, bank transfers, utility bills, phone recharges and transfers to mobile wallets are all available through Xoom.

It is advisable that you check the list to see if the recipient's financial institution is included due to the fact that bank coverage is constrained and varies by the nation you are sending money to.

Due to the fact that currency exchange is the way through which Xoom makes its money, their exchange rates are the most expensive on the list. Out of these international money transfer Apps, Xoom's rates provided the least value per US dollar when using 5 different currencies.

Like for instance, Xoom's rate would be $48.16 if 1$ were valued at $50.24 Philipines pesos on CNBC's dashboard, which equals a 4% loss.

Though their exchange rates are quite expensive, their fees are one of the best on the list as they are typically fixed regardless of the amount you send, and fee ranges between $1 and $5 for transfers of $100 in four different currencies.

In fact, transfers above $100 made in currencies like the Mexican peso or the Philipine peso may not incur any fees.

Incase of emergency and you need the money quickly, then Xoom might not be the best option for you since it takes up to 2 business days to deliver your bills.

6. Western Union - Popular International Money Transfer App

Here comes Western Union, the Baoba tree of money transfer Apps that lets you sent money basically to any country in the world including Africa and as a result of this, Western Union is seen by many as the best money App to Africa.

Western Union counts more than 500,000 agents worldwide, but their exchange rates and fees are not very competitive.

With Western Union, you will enjoy instant transfers and they have cash collection points where the recipient can easily collect the money send.

It is quite difficult to calculate and comprehend  the fees that Western Union charges.

Western Union is one of the more expensive international money transfer services, and their fees do differ significantly depending on the nations and currencies you are sending money to and from.

With respect to the services you desire to use, Western Union does have a limit on the amount you can send and the upper limits are basically $500 to $2500 USD, buy they can change depending on the country, the currency and the services.

7. MoneyGram - Popular International Money Transfer App

MoneyGram is also a well known international money transfer platform that provides international money transfer services and other financial services around the world with both digital platforms and retail locations to more than 200 countries and territories.

More to that, you will have to access to a map showing all the locations of agents around the world, along with information on how to get them and when you can pick up cash.

With reasonable fees and favorable exchange rates, customers are able to pay their bills, send money to friends and family abroad and so much more.

Cheapest App to Send Money Internationally

The Cheapest Apps to send money internationally are those that allows you to send money to foreign countries at competitive rates. They are as follows:

1. Wise

2.Remitly

3. WorldRemit

4. OFX

Are International Money Transfer Apps and Services Safe to Use?

From a general point of view, international money transfer Apps provide strong security features to safeguard your funds.

It is essential to have in your mind that you might not get your money back if you send it to the wrong person.

Since international money transfer services may not assist in the recovery of misdirected funds, sending money to strangers is never a good idea.

How Long Does It Take to Internationally Transfer Money With an App?

Well this question cannot have an exact answer since each international money transfer App has its own timeframe of sending money. Some transfers happen right away, while others can take several days.

It is necessary you always consider your needs and time constraint when selecting the best international money transfer App.

Final Thoughts on Best International Money Transfer Apps

Since the advancement of money transfer Apps, transferring money to and from any part of the world has become far more easier. The good part of it is that getting started with these international money transfer apps is very easy as you will have to do is to download the official App, sign up for an account and complete some little verifications in order to secure your funds with the App.

It is necessary you always consider your needs and time constraint when selecting the best international money transfer App.

Frequently Asked Questions on Best International Money Transfer Apps

Which app is best for international money transfer?

Well depending on what you want there are many international money transfer Apps fron which you can choose from. These Apps include, WorldRemit, Xoom, Remitly, Wise and many others

What is the cheapest app to send money internationally?

Best for bank transfers: Wise. Best for cash transfers: Remitly. Best for mobile money: WorldRemit. Best for card transfers: Paysend. Best for additional banking features: Revolut. Best for coverage: XE Money Transfer. Best for large transfers: OFX..

What is the safest money transfer app?

PayPal is our pick for best overall payment app. It offers a user-friendly interface, strong security, and there are no fees for sending money to family and friends..

How can I send money internationally?

You can use the bank where you have a checking or savings account to conduct your international money transfer or open an account with various companies that specialize in sending money, such as Western Union, MoneyGram, PayPal, Xoom, TransferWise or Paysend.

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