Sending money overseas has become a way of life for many – from expatriates supporting families back home to businesses paying international employees and vendors.
Yet for years, transferring money abroad through traditional channels like banks has meant opaque fees, delays of up to one week for money to arrive, and unfavorable foreign exchange rates resulting in lost value.
Thankfully the fintech revolution has paved the way for money transfer apps – delivering faster, more affordable options through sleek user experiences rivaling top consumer apps.
But how do you determine the right international money transfer solution from the dozens of apps now flooding the market?
As an independent cybersecurity consultant who has advised financial institutions on building secure mobile payment apps, I have assessed the top offerings to identify the leading players based on fees, transfer speed, exchange rates, security protocols and recipient country reach.
In this comprehensive guide, we will overview the key selection criteria for money transfer apps, then explore the top eight apps across factors like usability, safety and pricing transparency. Let‘s explore the top options to securely send money abroad!
Key Criteria for Comparing International Money Transfer Apps
While money transfer apps provide clear advantages over traditional wire transfers, notable differences exist across providers when it comes to exchange rates, fees, transfer methods and security standards.
Here are the key variables to compare when determining the best international transfer apps for your unique needs:
- Transfer Fees – The average cost to send money abroad per transaction. Apps generally charge between 0% to 5%, with lower percentages being most cost-effective.
- Exchange Rates – The currency conversion rate applied when transferring money between currencies. Live mid-market rates are most competitive. Hidden margins can erode value.
- Transfer Speed – How quickly funds can be sent and accessed by the recipient. Within minutes, same-day or 1 to 3 days are common speeds.
- Countries/Currencies Supported – The number of recipient countries and currencies supported. Wider global support provides more transfer flexibility.
- Ease of Use – User experience and convenience factors like mobile apps, payment/withdrawal methods and account signup/verification flow. Seamless experiences are critical.
- Security Standards – Use of data encryption, identity verification checks, cybersecurity protocols and compliance with financial regulations to enable safe money transfers.
Balancing these criteria holistically helps determine the ideal money transfer solution for everything from paying your UK mortgage from the U.S. to sending pocket money to your niece overseas.
Leading International Money Transfer Apps of 2023
While the cross-border payments ecosystem continues evolving rapidly, these top eight international money transfer apps stand out from the pack when blending affordability, usability and security:
1. Wise (TransferWise)
Wise, formerly TransferWise, has grown to become one of the leading international money transfer platforms handling over £5 billion in cross-border transactions each month – saving customers over £1 billion annually compared to bank rates.
Usability
Wise provides mobile apps, borderless multi-currency accounts and integration with ecommerce checkout platforms like Shopify or WooCommerce – enabling convenient money management across personal life, business and travel.
Sending money is as easy as choosing your recipient country and bank details then making secure payment via mobile wallet, credit/debit card or bank transfer. Real-time calculators also help estimate fees and locked-in amounts during transactions.
Pricing & Speed
By batching international transfers with recipients needing funds in the same currency corridors, Wise achieves wholesale currency exchange rates passed onto customers. This eliminates otherwise opaque bank margins.
You can expect industry-leading mid-market rates realizing up to 8x cost savings compared to banks along with consistent fees around 0.45% per transaction. Recipients typically receive funds within 24 to 48 business hours, often faster.
Security
As a licensed financial institution, Wise adheres to all data protection and electronic verification laws. Robust measures like 2-factor authentication and AES-256 data encryption further secure accounts and money transfers.
With £5 billion in monthly transaction volume, Wise emerges among the most transparent, affordable and secured platforms for individuals to small enterprises worldwide.
2. Remitly
Remitly founded in 2011, handles over £2 billion in annual transfers across more than 1,700 country corridors – largely focused on emerging markets.
Usability
Those with family abroad can easily setup scheduled transfers, track payments and receive status notifications. Cash pickups, home delivery or bank deposits provide withdrawal flexibility.
Sending money merely requires adding recipient details and paying via bank account, debit/credit card or Apple/Google Pay. Signing up takes under 5 minutes with a valid ID for identity verification.
Pricing & Speed
By focusing on high-frequency migration corridors, Remitly keeps fees reasonably priced starting around 1% per transaction with locked-in exchange rates before paying.
Those using bank accounts as the funding source pay fewer fees compared to debit/credit cards. Delivery speeds reach as fast as 30 minutes for select networks, otherwise 1 to 3 days.
Security
Remitly implements 256-bit SSL encryption across data transfers and multi-factor identification checks during signup. Activity notifications also alert customers of account changes.
As a specialist in emerging market transfers, Remitly delivers efficient mobile-first, low-cost remittances with top security.
3. WorldRemit
WorldRemit enables remittances to over 130 countries through bank account, cash pickup and mobile wallet transfers – providing among the widest country reach globally.
Usability
WorldRemit‘s mobile app and web portal make sending money a breeze with options to choose transfer amount in either the source or recipient currency.
Low-cost airtime top up capabilities also allow direct mobile phone credit transfers – beneficial for developing markets. QR-based cash pickup also avoids long waits or crowded agent locations.
Pricing & Speed
Upfront pricing provides fee estimates and locked-in amounts ahead of transfers so you know exact totals. Fees range from 0% to 5%+ based on payout method, currency and country corridors relative to mid-market rates.
Money usually arrives within 24 to 72 hours, although delays can happen depending on withdrawal type selected.
Security
WorldRemit adheres to all UK and Australian banking regulations including extensive identity checks during account signups. Added authentication steps during withdrawals also reduce fraud.
With expansive country reach and mobile wallet transfer capabilities, WorldRemit simplifies international transfers especially across Asia, Africa and Latin America.
4. Xoom (PayPal)
Acquired by PayPal in 2015, Xoom allows PayPal account holders to easily send money overseas with extensive visibility into bank transfer statuses, fees and exchange rate margins.
Usability
Integrated access through PayPal accounts provides easy money funding via existing balances or bank/cards on file. Xoom also offers dedicated mobile apps facilitating transfers through recipient bank deposits, cash agents and home delivery.
Status tracking and fee estimators provide transparency for all aspects of the international transfer process. Recipients without bank accounts can opt for cash disbursement.
Pricing & Speed
Xoom indexes exchange rates against wholesale market rates keeping margins competitive at around 1% above mid-market figures. Fees are reasonable starting from $4.99 per transaction depending on country, currency and mode of deposit.
Transfer delivery times range from instant arrival within minutes to 1 to 4 business days for select countries where additional verification procedures apply before releasing funds to recipients.
Security
Enhanced security comes through Xoom‘s access to PayPal‘s industry-leading anti-fraud models and 256-bit SSL encryption. Further due diligence during the ID verification process prevents illegal money transfers. As an FDIC member, Xoom also insures U.S. customer balances for additional peace of mind.
With extensive country reach and enhanced compliance/fraud monitoring capabilities, Xoom emerges as a top choice, especially for PayPal users.
5. Revolut
For those requiring multi-currency accounts with currency exchange and cryptocurrency features, Revolut delivers an all-in-one money management solution beyond just international money transfers.
Usability
While Revolut beginnings focused on prepaid debit cards and spending abroad with no FX fees, international money transfers now represent a key product pillar.
Opening a multi-currency Revolut account takes minutes without credit checks for access across mobile and web apps enabling efficient money transfers along with various budgeting tools and notifications. Revolut also issues branded debit cards for global spending.
For withdrawals, recipients have options for bank transfers, cash withdrawals via ATM or instant transfers to a separate Revolut account if the recipient is already a member.
Pricing & Speed
Standard delivery quoting 1 to 2 business days applies for most countries, while Revolut‘s SEPA Instant payments capability uniquely facilitates Euro transfers within Europe in under 10 seconds.
Forex fees run about 0.45% to 1.5% depending on currencies, in line with Wise and Xoom. Transfer fees depend on user plans starting with five free transfers per month up to £5,000 monthly.
Security
Utilizing open banking compliant APIs, Revolut implements extensive identity verification checks, multi-factor authentication and data encryption protocols for data protection in compliance with EU regulations.
While Revolut crosses beyond just money transfers with wider financial management features, access to ultra-fast Euro transfers within Europe gives Revolut a compelling edge.
6. Payoneer
Payoneer Takes a different approach focusing more on facilitating global B2B payments between companies, contractors, freelancers and remote employees rather than peer-to-peer money transfers.
Usability
Sending money domestically or internationally follows a simple workflow – add recipient details like name, email address and country for multi-currency payments through the Payoneer dashboard.
Funding via bank account or debit/credit card takes 2 to 5 days to hit Payoneer accounts, followed by easy distribution via bank transfer, prepaid debit card, check mailing service or local cash pickup.
For recipients without bank access, the Payoneer MasterCard provides a flexible way to withdraw funds from millions of ATMs globally with competitive interbank FX rates and low 1% fees.
Pricing & Speed
Payoneer pricing depends on account type – individual freelancers can send faster, lower cost transfers compared to receiving company funds. Withdrawing money incurs extra fees around 3% per transaction.
Transaction times vary by country anywhere from instant arrival to 7 business days, although delays can happen requiring troubleshooting for extra verification.
Security
Payoneer operates regulated entities in the U.K. and U.S. while meeting anti-money laundering and know your customer laws across 200 countries and territories. Rigorous signup verification procedures reduce international money transfer fraud risks.
Payoneer‘s compliance capabilities and unique MasterCard withdrawal mechanism make it ideal for location independent entrepreneurs despite slightly higher transfer costs.
7. Azimo
Founded in 2012, Azimo transfers over £200 million every month in over 200 countries and territories representing an extensive network reach – especially across Eurasia, Africa and LATAM.
Usability
Azimo‘s money transfers only require the recipient‘s name, mobile number and destination bank details or cash pickup point along with preferred payment method – bank, debit/credit card or Apple/Google Pay mobile wallet.
Status tracking notifications keep senders and recipients continually updated throughout the money transfer process while confirming final delivery. Simplicity makes Azimo friendly for even casual users.
Pricing & Speed
Fees vary from between 0.6% to 2%+ based on transfer corridors, currencies and payout locations. Cash disbursements attract surcharges due to higher coordination costs. But Azimo‘s marketplace model achieves better rates by directly connecting money senders to agents depositing foreign cash.
Azimo delivers most transfers in less than a day as funds get paired with payment networks requiring top up in the destination country, enabling faster settlement. But rarely transfers take up to 3 business days depending on market liquidity dynamics.
Security
Azimo has implemented robust compliance procedures for UK regulated status including customer identification, monitoring systems, management of reporting breaches and strict data retention – enabling secure handling of sensitive client information. Data also faces encryption during storage and transport.
With extensive emerging market reach and regulated oversight, Azimo simplifies transfers where recipient access and speed need balancing.
8. OFX
Originating from Australia as OzForex in 1998 before rebranding as OFX, OFX offers online money transfers from Australia, New Zealand, United States, Canada, United Kingdom, Asia and Europe.
Usability
OFX provides dedicated mobile and web apps allowing both one time and scheduled money transfers along with multi-currency accounts to hold funds abroad, ideal for expats and global businesses.
Recipients enjoy various payout options spanning bank deposits, home or cash delivery, mobile wallets and prepaid travel cards – enhancing overseas access. Status tracking with email and SMS updates also enables senders to monitor transfer progress.
Pricing & Speed
Exchange rates on OFX quote within 0.5% of wholesale interbank rates after direct fees averaging around 1% per transaction. Transfer times reach 1 to 3 days on average.
Forward contracts allow OFX customers to lock rates up to 12 months in advance to hedge against currency volatility when making major international payments like real estate investments or overseas tuition.
Security
As a global regulated payments institution, OFX implements mandatory identity verification, robust data encryption based on country-level information security regulations and collaboration with leading banks internationally to prevent fraud or money laundering.
OFX delivers reliable currency exchange and international payment services through bank-grade security protocols.
Choose the Best Fintech App to Transfer Money Internationally
When comparing fees, exchange rates, country support, withdrawal flexibility, security standards and ease of use, Wise, Remitly and WorldRemit lead with Revolut as a unique alternative for multi-currency banking needs.
Azimo and newer entrants like Thunes warrant consideration given network advantages across high growth regions like Asia, LATAM and Africa.
And niche players like OFX and Payoneer solve particular business cases like overseas employee payroll and handling currency volatility.
No singular best international money transfer app exists given the variability across country corridors, currencies and usage needs. But assessing the core evaluation criteria covered helps determine your ideal fit out of the top fintech innovators modernizing how money moves globally.
What international money transfer app seems the best match for your situation? I welcome hearing your unique perspective and recommendations in the comments below!
