Do you want a quick and easy way to transfer money overseas? Thanks to new technologies, you can now send money overseas with a few simple taps and swipes on your smartphone or your smartwatch. Yes, smartwatch. Plus, you can do it at a fraction of the cost of traditional money transfer methods.

Now more and more money transfer providers are creating their own apps to provide you with even greater convenience when you want to transfer your money overseas – anyplace and anytime you want.

However, there are so many companies offering mobile apps nowadays, it can make choosing the right app for you overwhelming. Which one gives you the best experience and which one can you trust?

Here is a list of 5 money transfer apps currently in the market and what we think about them:

1. Transferwise App

Valued at over 1.5 billion dollars, TransferWise is the fastest growing global money transfer company. And it shows. The TransferWise app is one of the best in the market – a fantastic way to deliver money overseas within seconds. The app even shows you how much you save when you make a transaction with their price comparison calculator, so even if they aren’t the cheapest option, they let you know. If that’s not transparent, we don’t know what is.

Additional Features:

  • Geographic Availability. US, UK, EU and AUS
  • Device Availability. iPhone, Android and Smartwatch
  • Payment Methods. Debit Card (Europe), Bank Credit Card And Bank Wire
  • Transfer limits. Minimum: $10
  • Special Features. Compatible With Apple Pay, SWIFT, Supports Wallet (enter card details quickly) and Family Sharing
  • Other Features. Keep All Of Your Receipts In One Place
  • Other Features. Easily Repeat Your Previous Transfers

Transferwise App

The Currency Shop Says:

With a Google Play rating of 4.6/5 with 26,552 votes, we think you can’t go wrong using the TransferWise app. Most of the reviews are positive, with the simplicity, quick speed and low costs the top reasons for it being great. The app is very responsive during the week, but can slow down slightly on the weekends. The only other limitation is you can only hold and manage your money in 28 currencies, but if that works for you, we don’t think you’ll be disappointed.


Click here to visit Transferwise

2. WorldRemit

Specialising in sending remittances to Asia or Africa, WorldRemit has an accompanying app that is exceptional. If you need a truly global, flexible, safe and quick money transfer service, then the WorldRemit app is perfect for you. The app lets you send money from more than 50 countries to over 140 countries worldwide. The best thing is you can complete instant or near-instant mobile money transfers, bank deposits, mobile airtime top-ups and cash pick-ups. The WorldRemit’s app is also simple to use and very secure (backed by Norton software).

Additional Features:

  • Geographic Availability. USA, UK, EU, Asia, Africa and AUS
  • Device availability. iPhone and Android
  • Payment methods. debit card or bank wire
  • Special Features. Supports Wallet (enter card details quickly) and Family Sharing
  • Other Features. Send money to your recipient’s bank, cash pick-up
  • Other Features. Mobile-money function and airtime top up function

World Remit Mobile

The Currency Shop Says:

WorldRemit’s app is one of the most popular apps for overseas money transfers. And for good reason too. They have no minimum transfer amounts and high maximums that vary by destination country. They also display their fees upfront so you know how much you’re paying for their service. You can very easily justify their Google Play Rating of 4.5/5 (23,560 votes).


Click here to visit World Remit

3. WorldFirst App

WorldFirst was one of the first companies to embrace the money transfer app for payments. If you love your gadgets and you constantly need to move money back and forth between different currencies, this app may be best for you. The app is now available on iPhone, Android and Smart Watch.
Payments can be made in seconds, using a combination of taps and swipes. If you want to secure a good rate and you want to pay in one smooth, effortless transaction, you can. The app lets you track rates with historical charts and you can find out how much you’re saving compared to banks.

Additional Features:

  • Geographic availability. EU, UK and Australia
  • Device availability. iPhone, Android and Smart Watch
  • Payment methods. debit card (UK only), bank card or bank wire
  • Transfer limits. Minimum: USD $2,000+
  • Other Features. Live rates, historical charts and rate watch tools
  • Other Featurers. Blogs with market updates as you wish

Worldfirst Mobile

The Currency Shop Says:

With so much negative feedback on the old version, we are cautious recommending their app. Good news is WorldFirst completely rebuilt the app to make it more stable and have reintroduced live rates, charts and their blog. We have a feeling they’ll make good on their promises this year to bring back the positive goodwill from their online service. Google Play rating is 3.6 / 5 (152 votes).


Click here to visit Worldfirst

4. OFX

OFX (formally known as Ozforex) was born online and continues to develop easy, intuitive products like it’s mobile app. You can view live and historical exchange rates, set up rate alerts and manage and track all your transfers. For new users, you can also use the app to register for an OFX account.

Additional Features:

  • Geographic Availability: EU, UK, AUS, USA and CA
  • Device Availability: iPhone and Android
  • Payment methods: debit card or bank card locally, or with a bank wire
  • Transfer limits: Minimum: $150
  • Other Features. Live rates, historical charts and rate watch tools
  • Other Features. They offer market updates

OFX Mobile

The Currency Shop Says:

TorFX released its app a couple of years ago and there are very few reviews. Speaking from our own experience, the app is functional and simple to use. It allows you to view live exchange rates and set up alerts to your email, so if you’re looking for a basic app and a provider that gives you excellent exchange rates, TorFX is a great option.


Click here to visit OFX

5. TorFX App

TorFX is very popular amongst European expats and small businesses, because of their excellent exchange rates, service and extensive banking network – both in Australia and the UK. Their app is great for checking for the best exchange rates you can with their live rates and managing your currency transfers on-the-go at anytime.

Additional Features:

  • Geographic Availability. UK, EU and Australia
  • Device Availability. iPhone and Android
  • Payment Methods. Debit cards (GBP, EUR and USD) or by bank wire
  • Other Features. Set up rate alerts via email for live rates
  • Other Features. Transfer money overseas in 3 simple steps

TorFX Mobile

The Currency Shop Says:

TorFX released its app a couple of years ago and there are very few reviews. Speaking from our own experience, the app is functional and simple to use. It allows you to view live exchange rates and set up alerts to your email, so if you’re looking for a basic app and a provider that gives you excellent exchange rates, TorFX is a great option.


Click here to visit TorFX

Frequently Asked Questions (FAQs)

How do I set up a money transfer app?

The way these apps work is rather simple. You sign up on their website and set up an account, and you can then send money internationally or receive money from abroad on the go through their app.

Can I download the app on my rooted or jailbreak mobile phone?

For security reasons, most money transfer apps will not run on non-Google-certified devices or on custom operating systems. Safeguarding client security and privacy is key priority for trusted money transfer providers.

Which countries can I send money with a mobile app?

For security reasons, most money transfer apps will not run on non-Google-certified devices or on custom operating systems. Safeguarding client security and privacy is key priority for trusted money transfer providers

  • Money transfer with cash pickup. MoneyGram, Western Union and World Remit are well-known companies for this service. The money you send with either company can be available for your recipient to collect within 10 to 15 minutes in most cases, and each company has hundreds of thousands of locations around the world.

How fast will my money get there?

Some providers get your money to its destination in minutes after payment, especially if you pay with a debit card. Others require a few days to get to your recipient. Be sure to confirm transfer speeds of your service before putting down your cash.

  • Money transfer with cash pickup. MoneyGram, Western Union and World Remit are well-known companies for this service. The money you send with either company can be available for your recipient to collect within 10 to 15 minutes in most cases, and each company has hundreds of thousands of locations around the world.

Are international money transfers via mobile app safe?

Yes. When processed through a reputable bank or company, your funds are safely tracked until in the hands of your recipient. And if you’re sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees up front and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited

How do I get more value out of a money transfer app?

In addition to the convenience, you can get more value from transfer apps by taking advantage of the wide-ranging services available.

  • Get preferable foreign exchange rates. Once you know how to find the best foreign exchange ratesyou can look to apps for more functionality and ease of use, and can even take advantage of built-in calculators to check your expected costs or returns.
  • Look for a forex trading advantage. The fast-paced foreign exchange market runs 24/7 and can deliver an effective return on investment, but are you really able to compete effectively if you don’t use a foreign money transfer app? Access your investments through your phone as well as the tools that can help you make effective decisions.

Make same-day transfers. If your transactions are time-sensitive, international transfer apps can be an effective way of making sure they go off as planned. Make same-day international transactions and track them wherever you are for more peace of mind in everyday finances

How do I compare mobile money transfer apps?

Look at the app’s functionality in combination with the benefits offered by the provider. You may wish to look at:

Exchange rates

Different providers may have inherently different exchange rates. Look at the rates for the currencies you plan on transferring and compare apps for the providers who offer preferable terms for your types of transfer.

Fees

Fees might be in flat rates, percentages, or in some cases might even be non-existent. It can depend on the type of transfer. For example, some providers may only charge fees on international but not domestic transactions, while others might only charge fees for transfers above a certain value. It can be advisable to know what type of transactions you will mainly be making, and looking for both a provider and an app that can effectively accommodate you.

Transfer networks

What are the recipient’s options for picking up funds? Mobile money transfer apps can not only make it easier to receive money in more locations, but can also be used to confirm transfers if the recipient can’t access the funds right away.

Customer service

International money transfer brands often find themselves competing directly with the big banks, and will often have the customer service infrastructure and support teams that can rival those of the major banks. It can be worth holding your financial services providers to high customer service standards, and it can be good to know you’re able to depend on them.

You can get more value for money by comparing both providers themselves, and their apps. If you’re thinking of making a switch or signing up, it may be useful to compare both in one place.

Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.