An international money transfer app is a digital platform or software, usually available on smartphones and other devices, that allows users to send money across borders. These apps are designed to facilitate transfers between different currencies and to various countries quickly and often at lower costs compared to traditional banking methods. In this article, we are providing your the best international money transfer apps in 2024.
Key Features of International Money Transfer Apps:
Cross-Currency Transactions: These apps can handle transactions involving two different currencies, converting from the sender’s currency to the recipient’s currency.
Fast Transfers: Many of these apps can process transactions in minutes to a few days, considerably faster than traditional bank transfers which can take several days.
Mobile Convenience: Being apps, they can be accessed anytime, anywhere, making it possible to send money on the go.
Transparent Fees: Most apps are clear about their fee structures, and some offer real-time exchange rates (like the mid-market rate) without adding a significant markup, which is often the case with banks.
Security: These apps usually employ high-level encryption and security measures to ensure that user’s personal information and funds are safe. They also often have verification processes in place to confirm the identity of their users.
Notifications & Tracking: Users can track the status of their transfers in real time and receive notifications when the money has been sent or received.
Benefits Over Traditional Methods:
Cost-Effective: They often have lower fees than banks or other traditional methods of sending money internationally.
Simplicity: Users don’t typically need to provide as much documentation as they would with a bank.
Accessibility: Especially beneficial for individuals in regions with limited banking infrastructure, as they only need internet access to use the app.
8 Best International Money Transfer Apps in 2024
Wise (formerly TransferWise)
Wise, previously known as TransferWise, disrupted the traditional remittance industry by offering transparent exchange rates. This app is founded in 2011, it’s renowned for its commitment to transparency and fairness.
Features:
Wise uses the real exchange rate, known as the mid-market rate, ensuring users don’t get short-changed by hidden markups. It also offers a multi-currency account, allowing users to hold, manage, and convert money in multiple currencies.
User Experience:
With its intuitive interface, Wise ensures quick and efficient transactions. Users are often informed about the expected delivery time of their transfers, making the entire process transparent.
Safety and Security:
Wise places a premium on user security. The platform uses strong encryption and two-step verification and is regulated by financial authorities in countries across the world.
Revolut
Revolut started as a digital banking solution but rapidly evolved to offer a plethora of financial services, including international money transfers.
Features:
Revolut’s users can hold and exchange multiple currencies in real time. Additionally, it supports cryptocurrency transactions and provides free peer-to-peer transfers, making global payments seamless.
User Experience:
The app is renowned for its sleek design, providing users with features like spend analytics to track and manage their finances.
Safety and Security:
Beyond its advanced encryption methods, Revolut offers additional protections such as device insurance and secure vaults to store funds.
PayPal
As one of the pioneers in the online payment industry, PayPal has expanded its services to support international money transfers, making it a preferred choice for many businesses and individuals.
Features:
Beyond its classic payment features, PayPal now offers Xoom, a fast international money transfer service, enabling users to send funds abroad without the need for bank details in some cases.
User Experience:
Recognized for its user-friendly interface, PayPal ensures that even those new to digital transactions can navigate the platform with ease.
Safety and Security:
PayPal has a long-standing reputation for security, with measures such as data encryption, fraud detection algorithms, and buyer and seller protection policies.
Remitly
Remitly is a digital remittance service targeting fast and affordable international money transfers. It’s particularly favored by users sending money to developing countries.
Features:
Users can choose between an express service (using a debit card) or a more affordable but slower service (using a bank account). It offers a delivery promise where the transfer fees are refunded if the money doesn’t arrive on time.
User Experience:
With its straightforward setup and tracking capabilities, Remitly keeps users updated on the transfer status through notifications.
Safety and Security:
Remitly uses advanced SSL protocols and 256-bit data encryption to ensure users’ data and funds are secure. It also has a rigorous verification process for added safety.
Skrill
Skrill started as an online gambling payment gateway but has since expanded to a broad financial services platform that includes international transfers.
Features:
Beyond the basic money transfers, Skrill offers a prepaid card. Its international transfer feature, Skrill Money Transfer, allows users to send directly to bank accounts or mobile wallets.
User Experience:
The app provides a user-friendly interface where people can manage their funds, make payments, and view transaction history with ease.
Safety and Security:
Skrill emphasizes user security, offering features like two-factor authentication. They’re also regulated by the Financial Conduct Authority in the UK.
OFX (previously OzForex)
OFX is an Australian-based international money transfer company that offers favorable exchange rates and low fees, especially for large transfers.
Features:
It supports transfers to over 190 countries in 55 different currencies. OFX doesn’t charge any transfer fees regardless of the transferred amount.
User Experience:
Users benefit from 24/7 customer service and can set up rate alerts, ensuring they transfer money at their desired rates.
Safety and Security:
OFX uses a global bypass defense system and has a fraud prevention unit to provide an extra layer of security. They’re regulated by several global authorities.
N26
Originating from Germany, N26 is a neobank offering international money transfers as part of its broad range of digital banking services.
Features:
N26 collaborates with Wise (formerly TransferWise) to provide real-time exchange rates for international transfers. Users can also set daily spending limits and lock/unlock their cards directly from the app.
User Experience:
Known for its minimalist design, N26 offers an intuitive interface, making banking and transfers simple and transparent.
Safety and Security:
All accounts come with Mastercard’s 3D Secure feature for online purchases. Additionally, the app’s login requires a password, fingerprint, or face recognition, providing a robust security framework.
Payrow
A UK-based payment system that enables SMEs and freelancers to have control over payments and automate routine financial tasks.
Features:
Payrow facilitates global expansion for businesses. With a proven track record in international trade, Payrow supports businesses with cross-border payments. Their advanced technology streamlines accounting, automates processes, and enables payments worldwide.
User Experience:
Users can effortlessly create sub-accounts in GBP and EUR, transfer funds between accounts, and access comprehensive payment and invoice details. The platform facilitates hassle-free international transactions, including SEPA and SWIFT transfers, with transparent fee structures and straightforward processes.
Safety and Security:
Payrow Payment Systems Limited ensures security for entrepreneurs with cutting-edge standards. It utilises a purpose-built tech stack and offers excellent customer support. Authorised by the Financial Conduct Authority (FCA) as an EMD Agent for PayrNet Limited, Payrow prioritises safety and reliability in financial transactions.
