Best International Money Transfer Apps Compared & Reviewed

International money transfer apps are the quickest and cheapest way to send money abroad, with better exchange rates and lower admin fees than banks.

In this guide, Good Money Guide compares and reviews the best money transfer apps. We’ve looked at pricing, fees, speed, transaction size, and how many currencies and countries they offer. You can then choose the best money transfer app that suits your needs for sending money abroad.

❓ Methodology:  The Good Money Guide review team brings you the best money transfer apps based on:

  • Our 20 years in the foreign exchange industry 
  • Over 30,000 customer votes and reviews in the exclusive Good Money Guide Awards
  • Interviews with the currency broker CEOs and senior management
  • Hands-on, thorough analysis and testing of the money transfer apps and pricing

What are Money Transfer Apps?

Money transfer apps let you send money cheaply and quickly to other countries and people around the world. They are cheaper because they provide better exchange rates and lower fees than banks. As they’re specialist apps, it’s quicker for the recipient to receive money as well.

An international money transfer, or “currency transfer”, is a way of sending money abroad. Usually, it involves sending money from a bank account in one country to a bank account in another country. Depending on which money transfer provider you use, the money could be transferred almost instantly.

⚠️ Good Money Guide’s top rated money transfer apps are regulated by the FCA

All international money transfer apps that operate in the UK must be regulated by the Financial Conduct Authority (FCA). This is the watchdog that ensures each platform treats its customers fairly, has good compliance systems, and is properly capitalised. 

Are Money Transfer Apps Better than Banks?

Here’s a round-up of the advantages and disadvantages of using a money transfer app vs your bank and other methods

Pros

  • Quick. Some money transfer apps like Wise offer instant peer-to-peer transfers
  • Cheap. Money transfer apps have better exchange rates than banks
  • Easy. The apps are generally very simple as opposed to banking legacy systems

Cons

  • Safety. Funds in money transfer apps aren’t protected under the Financial Services Compensation Scheme like bank accounts are
  • Speed. Sometimes it can be quicker to send money through PayPal (US transfers, for example can take days with Wise)
  • Admin. You need to open a brand new account, have a new app on your phone and go through anti-money laundering checks

International Money Transfer App FAQS

To avoid fees when making international money transfers, you should:

  • Choose a money transfer app that has no fees. These apps include their fees in the exchange rate, rather than charge seperately.
  • Check the exchange rates your money transfer provider is offering to make sure they are competitive. You can do this in our currency quote comparison tool.
  • Avoid high street banks for your transfers. Banks normally charge high fees for international transfers or offer much worse exchange rates.
  • Pay via bank transfer or debit card as this can work out cheaper than credit cards or cash.

Not really. Money transfer apps usually have limits on how much you can send. See our money transfer comparison table to see the max send limits. If you wish to transfer a large sum of money, it can be worth using a currency broker instead of a money transfer provider. Currency brokers tend to specialise in large transfers, meaning that they may be able to make the process more efficient and cost-effective for you. You can find out more about using a currency broker to transfer a large sum of money here.

One advantage of using a currency broker for larger transfers is that they tend to have higher maximum transfer limits than money transfer companies.

When transferring large amounts of money internationally, it’s crucial to compare providers to ensure that you get the best overall deal. With large transfers, even small differences in exchange rates can make a big difference to the money received or spent. As well as considering the exchange rates on offer, it’s important to consider other factors such as speed of transfer, hidden fees and charges, and security.

It’s also a good idea to contact your bank before making a large payment to a currency broker. Many banks only let you transfer a certain amount of money online per day. Lloyds Bank, for example, has a limit of £25,000.

To make a large transfer, you may have to provide the currency broker with some extra information, such as the source of funds, Swift bank codes, additional ID, and more.

Yes you can send money instantly. To send money abroad instantly, you will need to find a money transfer company that offers this. Fore example Wise offers instant money transfers.

It’s worth noting that while many companies advertise that they offer “instant” transfers, these transfers are often not really instant. In reality, they can take several minutes or even hours to go through.

To make an instant transfer, you may have to pay in a certain way. For example, you may have to pay by debit card instead of bank transfer. You may also have to pay a higher fee.

If you need your money to reach the recipient account by the next day, it’s generally worth doing an instant transfer. Otherwise, you run the risk that your payment may not arrive in time.

The safest way to send money internationally is through an FCA-regulated money transfer firm like Wise, Western Union or Remitly. Companies that are regulated by the FCA have to follow certain rules that are designed to protect consumers. For example, they are required to “safeguard” your money by keeping it separate from their money. This means you will likely get your money back if the company goes bust. Using a regulated money transfer provider can also help protect you from scams and fraud, which are very common in the payments space. You can check if a company is regulated by the FCA on the FCA’s website.

It’s important to understand that money transfer companies are generally not covered by the UK’s Financial Services Compensation Scheme (FSCS). That’s because the FSCS is only available to UK-authorised banks, building societies, and credit unions. Most money transfer companies are classified as “e-money institutions”. E-money institutions are still required to keep clients’ money safe and secure. However, they do this differently from how traditional banks do it.

To ensure that you are sending money safely, it’s a good idea to use a provider that offers a high level of security. Ideally, a provider should offer:

  • Two-factor authentication for logins
  • Data encryption
  • 3D Secure authentication for card payments
  • Anti-fraud monitoring
  • Regular auditing

If you want to send money abroad, it is much cheaper to use an international money transfer provider compared to your bank. Money transfer companies specialise in currency transfers, and as a result, tend to offer better exchange rates than the high street banks, as well as faster, more efficient transfers.

Transferring money to a foreign bank account can be much faster and cheaper when you use a money transfer company over a bank because money transfer companies are much quicker to handle and process your transactions and normally offer exchange rates much closer to the market than high street banks.

You will also be able to get an idea of the different types of service each provider can offer, the steps you will need to follow and the information you will need  to provide to start your transfer. Many money transfer companies will also give you an idea of how long your money will take to arrive.

People make international money transfers for many reasons, including:

  • To send money to family and friends overseas.
  • To pay for goods and services from a company that is based overseas.
  • To send money home when working abroad.
  • To send money to an international bank account.
  • To cover the deposit when buying property abroad.

You can use international money transfers to make both one-off and regular payments overseas.

When comparing money transfer companies, there are a number of things to consider, including:

  • Fees and charges
  • Transfer speed
  • transfer options
  • Safety of funds
  • Regulation

Fees & Charges 

Every provider has different fees and charges, and it’s important to understand how these work. Some providers, such as Wise, offer excellent exchange rates but then charge a small transaction fee. Others have no transaction fees, but offer less attractive exchange rates. Fees may also depend on your method of payment and how quickly you need the transfer processed. When comparing fees and charges, it’s sensible to visit the websites of a few different providers and input your planned transfer to see the rates and charges different firms are offering. Make sure you consider the size of your planned transaction and whether you are likely to make frequent transactions, as many providers offer fees and exchange rates that vary depending on transaction size and frequency.

Transfer Speeds 

Transaction speed varies among providers. Some offer instant transfers, while others offer slower transfers that can take a few days or even weeks. Speed may depend on your method of payment. For example, if you pay with a debit card, it may be faster than if you pay by bank transfer.

Transfer Options

Some providers do not offer money transfers to certain countries, so it’s important to check what countries you can transfer money to.  Some money transfer providers offer more features than others. One example of a feature is a “limit order”. With a limit order, you set instructions to carry out your money transfer once the exchange rate reaches a certain level. Another example is a “forward contract”. These allow you to book money transfers for the future at rates that are locked in today.

Safety of Funds

We only feature money transfer apps that are regulated by the FCA (Financial Conduct Authority) that offer a high level of security and provide features such as two-factor authentication for logins, encryption, 3D Secure authentication for card payments, and fraud monitoring to keep your money secure.

Regulation

It’s important to use a transfer provider that is regulated by a financial watchdog such as the Financial Conduct Authority (FCA). Companies that are regulated have to follow certain rules that are designed to protect consumers. For example, they have to keep your money separate from their money.

Picture of Richard Berry

Richard Berry

Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape. Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000. Richard's contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others. Under Richard's leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide's standing as a well-respected resource for both customers and industry colleagues.
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