7 Best International Money Transfer Apps For 2022

 In today’s article, I will provide you with a list of the best and highly recommendable international money transfer apps that you can rely on

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List of the 7 Best International Money Transfer Apps & Services

Money transfer applications/apps are also called P2P (peer-to-peer) money transfer apps. These applications let you transfer cash from one entity to another, from person to person cheaply, quickly, conveniently, and securely. These apps simplify payments and allow people to use a digital wallet to link their credit card or bank account. Below is a list of the 7 best international money transfer apps that you can comfortably rely on 

1. Wise

This Wise app is an application that allows its users to send payments to family, friends, and businesses in 30 countries. The app features a calculator to get exchange fees and rates for specific transfers and offers an easy way to upload photos of any personal ID needed to get started with the platform. I highly recommend this transfer app; it is suitable for all kinds of transactions and is very transparent with its fees. 

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Sign up by clicking on this link, https://wise.com/invite/ath/nosao71, to get started

Features 

  • The app is available on both iPhones and android phones
  • The app is available in different languages
  • The app shows live exchange rates 
  • It tracks transfers 

Pros 

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  •  It has no minimum transfer amount
  •  The app uses the mid-market rate
  •  It is transparent with fees
  •  People can pay with Apple Pay (although paying by card costs more)

Cons

  • No pickup of cash
  • The app has limited currencies 

2. Remitly

With the Remitly transfer app, people are given the exact date and time for when their money will be available to their recipient. If their transfer is late, the platform has a money-back guarantee. The platform has a strong reputation for offering easy, fast, low-cost transfers directly to bank accounts.

Features

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  • The app is available on both iPhones and android phones
  • The app is available in different languages
  • The app shows live exchange rates 
  • It tracks transfers 

Pros

  •  Availability of cash pickup
  • It has no minimum transfer
  • It can transfer to different destinations
  • The funds can be received through mobile money

Cons

  •  There is a limit on how much a person can send 
  • The fees are charged depending on the transfer speed
  • Transactions require a government-issued ID

3. WorldRemit

 With the WorldRemit transfer app, people can send money to over 150 countries for bank deposits, cash pickup, and mobile airtime top-up. The WorldRemit app has no minimum transfer amount; its maximum amount varies depending on the country’s destination.

 Features 

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  • The app shows live exchange rates 
  • It tracks transfers 
  • The app is available on both iPhones and android phones
  • The app is available in different languages

 Pros

  •  Availability of cash pickup
  • There is no minimum transfer
  • It can transfer to different destinations
  • Its exchange rates are competitive
  • Money can be received through mobile money

Cons

  • Limit on how much that can be sent
  •  Fees change depending on the amount that is transferred.

4. OFX

With OFX’s money transfer app, money can be sent to 195 countries worldwide. People can also use the application to register for an OFX account, monitor exchange rates, track their transfers, and set rate alerts. OFX transactions are free, but they only take a slight margin on currency exchange rates.

Features 

  • The app shows live exchange rates 
  • It tracks transfers and monitors exchange rates
  • The app is available on both iPhones and android phones

Pros

  • The app can monitor historical and current exchange rates
  • Track transfers
  • Set alerts for rate
  • OFX offers free transaction

Cons

  •  Transfers must be above 250 dollars
  • It doesn’t accept cash or credit card as payment
  • Application is only available in English

5. XE Money Transfer

The XE Money Transfer application allows people to exchange money at a more competitive exchange rate than people will find at the bank and makes tracking multiple exchange rates easy. The platform also offers cheap fees and low minimum transfer amounts.

 Features

  •  The app shows live exchange rates 
  • It tracks transfers and monitors exchange rates
  • The app is available on both iPhones and android phones

Pros

  •  Charges no fee
  • The app has no maximum transfer limit
  •  Custom currency pair alerts
  • Send money to over 130 countries.

Cons

  • The app doesn’t use the mid-market rate
  • It offers only bank-to-bank transfers
  • Unavailable cash pickup

6. MoneyGram

 The MoneyGram app allows people to send money to over 200 countries and territories around the globe. People also get access to a map of global agent locations, directions, and hours for cash pickups.

Features 

  • The app shows live exchange rates 
  • It tracks transfers and sets rates of alert
  • The app is available on both iPhones and android phones

Pros 

  •  Cash pickup is available
  • Can pay with cash, bank transfer, or card
  • Transfers to different currencies

Cons

  • The platform offers less competitive exchange rates
  • Transfer fees to some countries can be different

7.InstaReM

 InstaReM money transfer app is a modern transfer service that uses actual mid-market exchange rates for transactions. The platform charges a percentage of the transfer amount instead of a flat fee. The InstaReM app offers safe and verified transactions to over 55 countries all over the globe.

Features

  • The app offers low fees 
  • Strict security protocols
  • The best bank-beating exchange rates 

Pros 

  • Strict security protocol and sophisticated data encryption
  • Accepts bank transfers and ETF
  • It offers a zero-margin exchange rate

Cons 

  • Limited currencies 
  • Does not support credit card payment

The Cheapest Way to Send Money Internationally

Bank transfers are the cheapest way to send money overseas, and a Wise transfer is the best and most recommended. Bank transfers can be slower than credit or debit cards, but they give you the best value for your money.

Read Also:

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The Best way to Transfer a Large Amount of Money Internationally

An international bank transfer is the best way to transfer money overseas because it is fast, secure, and cheaper than other methods such as money/cash orders or credit cards. A money transfer company or bank can carry out an international bank transfer for you.

FAQS

Which bank can transfer money Internationally?

Many banks can send money internationally; ensure to look them up, read details about their customer service, features, and reviews, and decide if they are what you want.

What is the fastest way to transfer money Internationally?

The fastest way to send money overseas is by using a money transfer app or company which can transfer cash deposits internationally within minutes. 

Which bank is best for money transfer?

The Wise money transfer app, formerly known as Transfer Wise, is a highly recommendable transfer platform with many good reviews from its users.

How much do Banks charge for International money transfers?

Most banks charge $25 and $50 for an oversea money transfer, but currency exchange specialists charge less.

How much money can I send Internationally?

No law limits the amount of money that can send or receive. However, money transfer providers and financial institutions often have daily transaction limits, and the amount varies.

What happens if you transfer more than $10000?

If your transactions involve more than $10,000, you are responsible for reporting the transfers to IRS (the Internal Revenue Service). Failing to do so leads to fines and other legal repercussions.                                

Do I have to pay tax when I transfer money overseas?

Generally, people don’t have to pay taxes if they transfer their funds from one account to another. However, transferring money internationally may be taxed if it’s a gift, an inheritance, or capital gains. 

How do I transfer 100k to another Bank?

You can send money to other accounts through a mobile money transfer app or your bank.

Conclusion

If you want to send money, a money transfer application (Wise) is the ideal way for you. Always compare the transfer fees, exchange rates, and other details of money transfer specialists o ensure that you have got your desired deal.

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