Apps to use for international money transfers

Using an app to make international money transfers has become a popular way to send funds directly from a mobile device. Gone are the days when your only option was to visit a bank or transfer location in person. The latest apps now make it easy to transfer money globally while you’re on the go or when traditional banking services aren’t available. 

While many people start by looking for the cheapest international money transfer app — one with low or no fees — there are additional factors to consider when choosing the best app for your needs. Here are several currency transfer apps that stand out from the rest.

What to look for in a money transfer app

When looking for a money transfer app, you’ll want to consider several important features to keep your costs down and your information secure.

• Customer support: Consider apps that offer responsive customer service through multiple contact methods. Some apps offer 24/7 phone customer service. 
• Fees and exchange rates: Money transfers involve fees. Some apps offer a flat fee per transaction, while others offer variable fees depending on the transaction amount. Some apps may offer low to no fees, although these might include a markup on the exchange rate. 
• Funding and receiving options: Review the app’s funding methods, which may include bank transfer, debit card or credit card. Also, review the app’s payout options, such as bank deposit, mobile wallet or cash pickup. 
• Security features: To protect your data and money, verify the app’s security and encryption measures. You can also check to see if the app is federally regulated and what regulations it follows. For example, Wise says it’s registered with the Financial Crimes Enforcement Network (FinCEN) and licensed state by state in the U.S.  
• Supported countries and currencies: Ensure the app supports the currencies you want to use and works in the desired countries.
• Transfer limits: Look for an app that aligns with your transfer needs. Some apps have minimum or maximum transfer amounts or charge higher fees for larger transactions.
• Transfer speed: Review how quickly the money will arrive and any extra charges should you need an immediate transfer.
• User experience: Choose an app with an intuitive interface that offers a user-friendly mobile experience. You might look for features like transfer tracking, rate alerts and the ability to pay international bills.

6 best apps for international money transfers 

Best for low fees: TorFX

If you’re looking for one of the cheapest international money transfer apps, TorFX might be a good option. The app and website offers fee-free international money transfers. 

TorFX makes its money by buying currency at a slightly lower exchange rate than it offers its customers. The difference between the two rates is called the margin and represents TorFX’s profit. 

As a large international money transfer service, the company says it can work off smaller margins and offer its customers more competitive exchange rates than other services. While other services charge transfer fees, TorFX doesn’t charge anything outside its quoted exchange rate.

Best for large transfers: OFX 

If you’re looking to make a large transfer, OFX might be a good option for you. The app and website does not have maximum transfer limits, so you can send as much currency as you need. However, your bank may impose daily transfer limits. The minimum transfer amount is $150. 

The company specializes in sending large amounts of money overseas from the U.S. You can send money to over 170 countries in over 50 currencies. 

Some examples of the large money transfers you can use OFX for include:

• Big ticket purchases such as fine art, cars and other luxury goods
• Overseas property purchases 
• Business invoices for goods and services
• Overseas taxes and bills

Best for small transfers: TransferGo

TransferGo touts itself as a company that aims to improve the lives of hard-working people by removing the barriers to cheap international money transfers. There are no sending limits for transfers, which makes this company a good choice for small transfers.  

TransferGo has 7 million users and offers international money transfers to over 160 countries. The app features several transfer options, including card-to-card payments, cash transfers and payments to e-wallets. The company suggests using debit card payments for smaller sums and bank-to-bank transfers for larger sums to save on fees.

Best for fast transfers: PayPal 

PayPal makes it easy to quickly send and receive money internationally. Both sender and receiver will need to have a PayPal account, which allows money transfers in 110 countries.

PayPal’s peer-to-peer service means instant delivery of funds for most transactions. In addition to transferring to other PayPal accounts, you can transfer to banks and digital wallets, although you may have fees and limitations depending on the transaction type.

If your recipient doesn’t have a PayPal account, you can use Xoom to transfer money internationally. Xoom is a PayPal service you can select as an alternative delivery option. With Xoom, you can transfer money to more than 160 countries or select cash pickup.

Best for business use: Wise

While Wise is known for its personal-use platform, it also offers a service for businesses that need to make and receive international payments. Over 600,000 businesses use Wise to pay global suppliers, invoices and employees. Depending on their location, businesses can receive money from customers in a variety of currencies, such as the British pound, euro, U.S. dollar, Canadian dollar and Australian dollar. 

Business accounts cost $31 to set up. While there are no monthly account fees, you will pay fees for each transfer. Wise offers transfer fee discounts when you send higher amounts or multiple transfers in a single month. You can sync the app with your accounting software, set spending limits and personalize the account to give employees permission for specific tasks.

Best for global reach: Western Union

While initially founded as a telegraphy company, Western Union began offering money transfer services in 1871. The company started with U.S. customers sending money between New York, Chicago and Boston. Since then, the company has become one of the biggest international money transfer services. 

With Western Union, you can make international money transfers to over 200 countries and territories. The company has over 500,000 agent locations around the world. This vast network means you’ll be able to send money to recipients in most parts of the globe.

You can send money from your bank account to your recipient’s bank account online, with the Western Union app or at an agent location. If you send money to an agent location, your recipient can collect the cash in person at that location. In many cases, the entire transfer is completed within minutes. 

The bottom line

The convenience, speed, cost-effectiveness and accessibility of money transfer apps make them an increasingly popular choice for international transactions. You can access these apps from anywhere in the world, making it easy to send money across borders to family and friends or for business needs.

If you’re new to using financial apps, you might be surprised at the number of options available to help simplify and improve your life. There are apps designed to help you save money. Some apps are ideal for helping you get cash back from grocery shopping, gas purchases and dining out. The best investment apps assist you in tracking your spending, creating a budget and even trading stocks.

Frequently asked questions

• How do I transfer money to someone internationally?

  To send money internationally, you can use a wire transfer service, a bank or an app. For an international wire transfer, you can go to a bank or a third-party service, such as Western Union. Some banks and services allow you to set up international money transfers online. Apps such as Wise, TorFX and PayPal specialize in domestic or international money transfers.

• How do I use an app for online international money transfers?

  You’ll first need to select and download an international money transfer app to your mobile device. Then, create an account, verify your identity and add a payment method. Follow the app’s instructions on entering the recipient’s details, the amount you want to send and the destination currency.

• How do exchange rates affect international money transfers?

  The exchange rate indicates how much of one currency you can exchange for one unit of another. In international transfers, the exchange rate directly determines how much local currency your recipient receives for the amount you send. Exchange rates between currencies fluctuate constantly, and a favorable exchange rate means your recipient receives more money, while an unfavorable rate reduces the amount.