There are many different apps out there that can help you send money to friends and family, but not all of them are created equally. Some apps have higher fees, or charge for transfers that don’t even go through. Others have hidden fees and add-ons that you might not even realize are there until it’s too late. And some apps don’t offer a good customer service experience at all—or worse, they’re scams!
We want you to know which ones are safe for your money transfer needs, and which ones aren’t worth your time (or hard-earned cash). So read on for an overview of what we think about each of the top 10 money transfer apps on the market today.
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In a world where money is increasingly digital and mobile, it’s important to be aware of apps that can help you transfer your funds safely.
Here are some things to look out for when choosing a money transfer app:
- Does the app have a reputation for being safe? Look up reviews from other users and make sure the company has been around long enough to have built up its reputation.
- Does the app offer 2-step verification? This means that when you log in, you need to enter an extra code that gets sent to your phone. This helps protect against hackers if they try to log in using your username and password. You can also set up additional security measures like setting up a PIN or fingerprint to unlock your phone with each login!
- Is there a limit on how much money you can send per day? Make sure there isn’t an arbitrary limit on how many transfers you can make within 24 hours—this makes it easier to move money around without getting hit with fees or having trouble accessing funds because someone else used them first!
What to Consider When Choosing a Money Transfer App
Considering their convenience and affordability, it’s little wonder that money transfer apps have become all the rage. Unfortunately, this high adoption rate has led to a saturated market. Search in your device’s app store and you’ll notice that there are seemingly endless apps to choose from.
Before choosing a money transfer app to use, it’s important to keep in mind that each app has different qualities and characteristics that make them better suited to certain kinds of transactions. Here are a few factors to consider before selecting an app.
- Transfer Speed: If you’re looking for as-quick-as-possible transfers, be sure to look into the average length of time these apps need to move money from one place to another. Transactions speeds vary from app to app, and you want to ensure that your money gets where it needs to be on time.
- Your Geographic Location: It’s important to consider where you live and where you will regularly be sending your money geographically. Some apps don’t allow international transfers at all or discourage them with exorbitant fees. Security can play into this as well. Some money transfer apps can present security issues, particularly when transferring overseas. If you are regularly sending funds internationally, it’s important to ensure that your app of choice can secure your money from one place to another.
- Quantity of Transfers: It’s important to keep in mind how much you anticipate transferring at a time. Many apps have a limit on the amount of money you can send at once, while others have caps on the totals you can send in a week, a month, etc. Others will charge a percentage of what you transfer, making them less-than-ideal for moving around large sums of money.
- Who You’re Transferring To: Be sure to think about who you are downloading this app for. Who will you be sending money to regularly? How do you intend to utilize the app? Many money transfer apps are geared toward cash transfers between people that know each other. If you intend on sending to strangers, you may want to look into apps that have protections if you need to get the money back.
Best International Money Transfer Apps for iOS and Android
1. Wise
Known for its upfront fees and real exchange rate, Wise lets you send money directly to local bank accounts in India from 59 countries¹.
| Uses the real, mid-market exchange rate for every transactionHas one transparent, low-cost feeNo maximum or minimums for a transfer |
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With over 5 million users, Wise is one of the most popular apps to send money to India. It has an award-winning app that can let you send money on the go to friends, family or merchants. Wise doesn’t always guarantee being the cheapest there is on the market for your particular transfer, but its price comparison tool will let you know that up front.
2. PayPal
One of the leaders in starting online global e-wallets, PayPal lets you send money instantly if your friends or family have an account too.
| PayPal’s wallet can let you request money, collect and make purchases onlineA PayPal account is required to send and receive money and funds can’t be sent directly to a bank accountPricing and fees can be confusing and unclear |
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Whether you are sending or receiving funds, you would require an account with PayPal. Plus there are transfer fees, like the currency fixed fee for sending money, a funding fee and a transaction fee². PayPal’s wallet system can seem like a long and expensive process when trying to send money quickly. But it can be a secure option, although one with fees, if you and your recipient have PayPal accounts already set up.
3. Remit2India
Remit2India has been providing money transfer services specifically for NRIs for the past 16 years. You can send money directly to bank accounts in India with no hidden fees and a guaranteed or indicative exchange rate.
| Available to US, UK, Ireland, Canada and Australian residentsZero transfer fees for amounts above $999 USD or when using your bank accountMinimum sending amount is $50 USD |
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Remit2India is an attractive option for sending large amounts to India if you are not in a hurry. You can send upto $50,000 using ACH and upto $200,000 with a wire transfer, both which can take 2 or more days, without a transfer fee³. They also offer Instant Transfer for up to 200,000 INR for a fee. Remit2India lets you choose from two different exchange rates they offer, one is a guaranteed exchange rate at the time or your payment, while the second is an indicative exchange rate which is the rate at the time your transaction is converted to rupees⁴.
4. InstaReM
InstaReM is a modern money transfer service that uses the real mid-market exchange rate for transactions. They then charge a percentage of your transfer amount as a fee, instead of a flat fee.
| You can send money from Australia, Singapore, Hong Kong, Malaysia, Euro Zone Countries, UK, India and the USZero-margin exchange rates |
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Like Wise, InstaReM provides transparent pricing on all of their transfers. So you get the real mid-market exchange rate and an upfront transfer fee on every transaction. And most transactions arrive within 1-2 days. You can transfer money to InstaReM through Electronic Funds Transfer (EFT) / Bank Transfers / Wire Transfers in all countries. You can also send money through POLI (in Australia), Debit Card (in EU), FPX (in Malaysia) and ACH Pull or Bank Transfer method (in USA)⁵. InstaReM has differing minimums and maximums you can send depending on the originating country.
5. Remitly
Remitly has a strong reputation for offering fast, easy and low-cost transfers directly to Indian bank accounts.
| Send money using Remitly from 16 different countries, including the US, Germany, UK, and AustraliaAttractive promotional foreign exchange rate for the first few transfers but then set their ownOffers two different options for sending money- Remitly Economy or Express |
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Remitly is an online-only remittance service provider with a large nationwide coverage with over 130 banks across India. There are no transfer fees if you are sending more than $1,000 USD with either option⁶. Remitly also sets their own exchange rate which is less than the mid-market rate– the rate used by the banks themselves. This small difference can really add up with ongoing transfers. However, Remitly remains a strong option to transfer money abroad with their one-time fee and especially for amounts greater than $1,000 USD.
6. MoneyGram
MoneyGram is well known in the money transfer business especially for their cash pick up, but if you are paying by credit or debit card, their fees can be pricey.
| MoneyGram is the second-largest money transfer provider in the world⁷Your recipient can pick up cash at an agent location, or get the money deposited directly into their Indian accountDifferent transaction fees depending on how much you are sending, and your payment method |
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MoneyGram provides online and offline money transfers and is found to be fairly quick compared to other service providers. Depending on how the recipient wants to receive the money, it is ready anywhere from 3 hours to 3-4 days if paid by bank account⁸. They have a transfer fee that varies depending on if you are paying by credit/debit card or online bank account, and if it is a direct to a bank account or cash pick up.
7. WorldRemit
WorldRemit is a fast and secure way to send money to India and is well-reviewed on Apple’s AppStore and Google Play.
| Allows you to receive money in India from more than 50 countriesReceive money by either bank transfers or mobile top-up90% of bank transfers to India arrive in less than 10 minutes, and airtime is added to Indian mobiles almost immediately⁹. |
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With WorldRemit you can transfer money directly to an Indian business or individual bank account or add mobile credit to prepaid phones in India. The sender is charged a transfer fee that you see upfront, as well as a WorldRemit set exchange rate. Make sure to check the amount you might be losing against the exchange rate you see on Reuters or Google to know what the transfer is really costing you.
8. Ria Money Transfers
Ria has been in the money transfer game since the late 1980s and with their 377,000 locations worldwide¹⁰, Ria has an advantage for cash pickups in India.
| You can send money online for cash pickup at a Ria agent location, or deposit directly into your recipient’s bank accountMaximum transfer limit of $2,999 per day/$7,999 over 30 days in the US; Maximum ￡4,999 over 30 days in the UK¹¹.Only for US, UK, Spain, and Australian residents |
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It is free to sign up for Ria Money Transfer and your recipient doesn’t need to have an account to either receive the money in their account or pick up the cash. The exact fees charged on your transaction will differ based on the amount you are sending and the payment method and are not clearly listed without signing up. In some cases, Ria may not charge any transaction fees but will still take a cut by marking up the exchange rate.
9. OFX
OFX lets you deposit money directly into recipients’ bank accounts, and is most attractive when moving amounts larger than $10,000 AUD.
| Sets their own exchange rate and has a fee for any transactions below $10,000 AUD.Usually 80% of all of the major currency transfers are completed within 24 hours of receiving the payment at OFX¹²Available for residents of Australia, the US, Canada, Hong Kong, New Zealand, Singapore, and the UK |
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Using OFX, you can send money directly to any bank account in India. The minimum transfer amount is $250 AUD¹³, so if you are looking to send anything smaller than that you may need another option. If you are sending over $10,000 AUD, OFX does waive the transfer fee and it can be an attractive option for sending money.
10. Xoom
This PayPal owned company offers international payments to India from Europe, the UK, and the US, but paying by debit/credit card may be costly.
| Available for direct bank account deposit in India.No transfer fees when you are sending $1,000 USD or more and paying with your bank account |
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Xoom offers fast and safe international payments directly into bank accounts. You can send bank deposits typically in minutes to HDFC, Axis Bank, Yes Bank, and Punjab National Bank (PNB). Bank account payments are cheaper, but there is a substantial fee when paying by debit or credit card. If you are making transactions that are less than $1,000 USD, you may want to look at options that are low cost and with a transparent exchange rate.
11. Azimo
This online-only Eurozone money transfer provider can have attractive offers for sending money to India, but it may not be the cheapest.
| Only for residents of the Eurozone, UK, Denmark, Norway, Sweden, SwitzerlandConvenient for cash pickup transfers, with over 200,000 pick-up points globally with a possible 1 hour delivery time to India |
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With Azimo you can send money directly to your recipient’s bank account and for cash pickup. Your recipient won’t pay any fees to receive the money, nor do they need to be signed up for. With its benefits and attractive sign-up deals, Azimo can feel like a good partner for transferring money to India- but for the long term, you may want a service with more transparency and clear pricing.
12. Transfast
Transfast is a completely online and mobile money transfer service for residents of the United States and Canada to send money to India with the flexibility to choose the delivery speed but with low transfer limits.
| Offers two exchange rate and speed options for sending money- Value+ and FastrackYou can deposit money into a bank account or for cash pickup.The sending limit with Transfast is $2,950 per transaction, and $10,000 USD within 30 days |
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Transfast Fastrack gets the money there within 24 hours but has a higher exchange rate and a fee starting at 4.99 USD. The Value+ option will take anywhere from 3-5 business days but will eliminate the transfer fee if paying by bank account, rather than debit or credit. The transfer fee is waived for transfers that are $10,000 USD or more, but that also hits the maximum of how much you can send within 30 days.
13. TransferGo
Like many modern money transfer providers, TransferGo uses a local account which you pay into, and then they use their own accounts to pay out in the recipient’s country to make speedy transfers.
| Only for UK and Eurozone residentsThere is no maximum limit in place for transactionsIt can be a convenient and low-cost option to send money to India, but the actual costs may be more than you think |
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Using TransferGo, you can send the money directly to a local Indian bank account. Your recipient does not need to have a TransferGo account to receive money directly into their bank. The time it takes to receive the money depends on the delivery time that the sender chooses. Taking the longest delivery process is free, while the faster payouts have a fixed delivery fee plus a currency conversion percentage.
14. Skrill
Skrill is a digital wallet platform based in London to help individuals and businesses with e-commerce, money transfers, cryptocurrencies, and gaming or betting.
| Lets you transfer money directly to a bank account from your Skrill walletYou can get payments to your Skrill wallet without having to share your personal bank detailsSeparate fees for currency conversion, transferring and processing that can eat into your transaction |
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Skrill is a wide-ranging marketplace and platform that lets you transfer money directly to a bank account from your Skrill digital wallet. There are no fees to receive money into your bank account or to sign up. However, there is a processing fee of 5.50 EUR (or currency equivalent) to transfer money from your Skrill wallet into your bank account. Plus, Skrill adds a 3.99% fee to the exchange rate for currency conversions. Skrill may not be the fastest or cheapest process, so take it into account when you are making a decision, and see if any purer money-transfer options are better for you.
15. ecoPayz
ecoPayz is an online platform with an e-wallet that lets you send money instantly and for free to your recipient as long as they have an ecoPayz wallet as well
| Requires you to transfer money to your wallet on ecoPayz first.A tiered system of accounts that provide additional benefits as you move up the tiersYou are charged when you withdraw money from the ecoPayz wallet |
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While ecoPayz advertises instant money transfers, it does require you and your recipient to both sign up for the service and create an ecoPayz wallet. Once that is complete, the transfer is completed instantly between wallets, with a 1.50% money transfer fee starting at the Silver level. As you move up to the next levels on ecoPayz, the fees can be reduced. If you are not using the money on the ecoPayz platform, you will need to withdraw it to your bank account. This can usually take at least 3 days and you are charged between 5.90-10.00 EUR for the withdrawal depending on your bank and the international transfer fees.
