9 Best International Money transfer Apps in 2024
Sending money across borders has never been easier, thanks to the proliferation of international money transfer apps. Whether you're supporting family overseas, managing business transactions, or handling personal finances, having the right app can make all the difference.
Related: 7 Best International Banks for Global Banking Needs in 2024
The following are the nine best international money transfer apps in 2024, each offering unique features, competitive fees, and exceptional convenience.
Mural Overview
If you’re looking for a seamless way to manage international payments, Mural offers a powerful solution tailored for businesses with global reach. Mural’s Instant Global Payments and Invoicing platform allows you to pay contractors and vendors in over 40 currencies, with transactions settled in real-time, ensuring that your payments are both fast and cost-effective.
Ready to take control of your international payments? Discover how Mural can help your business operate more efficiently.
Mural simplifies every aspect of your financial operations, from sending payments and issuing invoices to managing currency conversions, all while maintaining strict security and compliance standards. Whether you’re dealing with cross-border payments, reducing operational costs, or need reliable invoicing, Mural can help streamline your processes and keep your business running smoothly.
Wise Overview
Wise, formerly known as TransferWise, is a top choice for international money transfers. One advantage of Wise is its transparent fee structure, which means you always know what you're paying for. According to a report by Clockify, Wise charges a fixed fee starting from 0.43% of the transferred amount, making it one of the most cost-effective options available (Clo ckify, 2024).
The app allows you to send money at the real exchange rate, without hidden markups, making it a cost-effective option for frequent transactions.
A benefit here is that Wise supports over 70 currencies and has a user-friendly interface, making it easy for anyone to use.
The app also offers additional features like multi-currency accounts and debit cards, which can be particularly useful for travelers and expats.
Keep in mind that while Wise is excellent for bank-to-bank transfers, it doesn't offer cash pickup options.
Revolut Overview
Revolut is more than just a money transfer app; it's a comprehensive financial platform. One of the big pluses of Revolut is its multi-currency account, which allows you to hold and exchange 30+ currencies at the interbank exchange rate.
This feature is particularly handy for frequent travelers and those with international financial commitments.
Another advantage is that Revolut offers both personal and business accounts, catering to a wide range of users.
The app also includes features like budgeting tools, stock trading, and cryptocurrency exchange, making it a versatile financial tool.
Note that while Revolut offers competitive rates, some of its premium features come with a monthly fee.
OFX Overview
OFX is known for its excellent customer service and competitive exchange rates. One advantage of using OFX is its focus on large transfers, which can be particularly beneficial if you're sending significant amounts of money.
The app allows you to lock in exchange rates and set up recurring transfers, making it a reliable option for ongoing financial commitments.
A benefit here is OFX's global reach, supporting over 50 currencies and providing 24/7 customer support.
Keep in mind that while OFX offers many advantages, its minimum transfer amount is higher than some competitors, which may not be ideal for smaller transactions.
Western Union Overview
Western Union is a household name in the world of money transfers, known for its extensive network of physical locations. One of the big pluses of Western Union is its ability to send money to virtually any corner of the globe, with over 500,000 agent locations worldwide.
This makes it an excellent choice for those who need cash pickup options.
Another advantage is the variety of payment methods offered, including bank transfers, credit/debit cards, and cash.
Western Union also provides real-time tracking of your transfers, giving you peace of mind.
Note that while Western Union offers unparalleled reach, its fees can be higher compared to some digital-only services, especially for smaller amounts.
Xoom Overview
Xoom, a PayPal service, is designed for speed and convenience. One advantage of Xoom is its integration with PayPal, allowing you to send money using your PayPal balance, bank account, or credit/debit card.
The app supports transfers to over 130 countries, making it a versatile option for international remittances.
A benefit here is Xoom's fast transfer speeds, with many transactions completed in minutes.
The app also offers bill payment and mobile top-up services, adding to its convenience.
Keep in mind that while Xoom is quick and easy to use, its fees can be higher for credit card transactions and certain transfer destinations.
Remitly Overview
Remitly focuses on providing low-cost transfers with a variety of delivery options. One of the big pluses of Remitly is its Express and Economy transfer options, allowing you to choose between speed and cost.
The Express option delivers funds within minutes, while the Economy option offers lower fees with transfers completed in 3-5 business days.
Another advantage is Remitly's wide range of delivery methods, including bank deposits, cash pickups, and mobile wallets.
This flexibility makes it a great choice for sending money to family and friends in different countries.
Note that while Remitly offers competitive rates, its transfer limits may be lower compared to other services, which could be a limitation for large transactions.
Xe Money Transfer Overview
Xe Money Transfer is renowned for its competitive exchange rates and comprehensive currency tools. One advantage of Xe is its focus on currency exchange, providing real-time rate alerts and historical charts.
This makes it an excellent choice for those who want to monitor exchange rates closely before making a transfer.
A benefit here is Xe's high transfer limits, which can be particularly useful for significant transactions.
The app supports over 130 countries and offers both personal and business accounts.
Keep in mind that while Xe excels in currency exchange, it doesn't offer cash pickup options, which may be a drawback for some users.
WorldRemit Overview
WorldRemit is known for its extensive network and variety of transfer options. One advantage of WorldRemit is its support for transfers to over 150 countries, making it a reliable choice for global remittances.
The app offers multiple delivery methods, including bank deposits, cash pickups, and mobile money.
A benefit here is WorldRemit's transparent fee structure, which allows you to see the total cost upfront before completing a transfer.
Note that while WorldRemit offers many advantages, its fees can vary depending on the transfer destination and payment method.
Conclusion
In conclusion, choosing the right international money transfer app depends on your specific needs and preferences. The nine apps highlighted in this article—Wise, Revolut, OFX, Western Union, Xoom, Remitly, Xe Money Transfer, and WorldRemit—each offer unique features and benefits.
Whether you prioritize low fees, fast transfers, or extensive global reach, there's an app that's perfect for you.
Keep in mind that it's essential to compare different options and consider factors like fees, exchange rates, and transfer speeds before making a decision. By choosing the right app, you can ensure that your money reaches its destination quickly, securely, and cost-effectively.
References
Clockify. (2024). The 9 Best Payment Apps (2024 Edition). Retrieved from https://clockify.me/blog/apps-tools/receive-payments-online/
Schwalfenberg, G. K. (2012). The Alkaline Diet: Is There Evidence That an Alkaline pH Diet Benefits Health? Journal of Environmental and Public Health. Retrieved from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3195546/
