Best money transfer apps 2023: sending funds made easy

Millions of migrant workers, families, and businesses send money back home every month. In 2022 alone, $800 billion¹ flowed through the accounts of migrant workers to support their loved ones. 

What's more impressive is that even in 2023, there's no prediction of the forecast dropping. In fact, it shows a small but considerable increase of 1%, reaching $840 billion².

When an immigrant sends money to support the family they left behind, it also brings economic stability to their home country. Hence, the massive cash flows that happen during the remittances are significant on a global financial scale.

However, if users don’t choose a reliable and trustworthy app to make their transfers, this money can land in the wrong hands. This is why you, being a user, need to look for safe and efficient cross-border money transfer apps.

But how do you know which transfer app to rely on?

This article will guide you in picking the right apps for secure money transfers.

Best money transfer apps 2023: sending funds made easy

Best international money transfer apps

In the past, sending money internationally used to be incredibly difficult. With apps to send money internationally on the rise, it has become a breeze. Each app is designed with unique features. So you have the choice to pick the one that best suits your money transfer needs.

BOSS Money app

BOSS Money App was launched in 2013 for U.S. consumers under IDT Payment Services. The platform was only active in selected countries in Latin America. 

But in recent years, BOSS Revolution has taken a step up, setting its app to make international money transfers to over 59 countries worldwide, from Africa and Europe to the Middle East.

Why choose it

The BOSS Money App is your go-to for sending cash effortlessly. You can find tons of ways to transfer your money to its destination such as cash pick up, bank account transfers, or mobile wallet top up. And this app has also got a bunch of payment options and an easy-to-use interface. Besides this, the platform also offers some very sweet bonuses.

• Apple Store Rating: 4.8 
• Google Play Rating: 4.5
• Registration Bonus: First transfer free (up to $300 on web, $2999 on app)
• Refer a Friend Bonus: $25 e-gift card when a friend sends $100 and $10 bonus when a friend sends $5 mobile top-up
• Transfer Speed: Few minutes (depending on delivery method)
• Agent Locations: Cash pickup available at retail locations
• Payment Methods: Credit card and Debit card
• Minimum / Maximum Transfer Amount: Minimum amount $10, maximum amount $2999
   

Table of fees, exchange rates, and availability

MoneyGram

MoneyGram is a trusted name in the money transfer industry as it is the second-largest money transfer service globally. It has a huge network of agent locations. Users can withdraw cash from 350,000 locations in over 200 countries and territories. The platform offers a website and an app for sending money to over 20 other countries.

Why choose it

MoneyGram stands out for its extensive agent locations and multiple delivery options, including cash pickup from retail and bank account transfers. It also offers a range of payment options. With its global presence and competitive transfer speed, MoneyGram is an ideal choice for international transfers. The app's referral program and its 'first free transfer offer' add to its appeal.

• Apple Store: 4.9
• Google Play Rating: 4.6
• Registration Bonus: 20% off welcome gift fee
• Refer a Friend Bonus: Zero-fee transfer for both
• Transfer Speed: From 10 minutes
• Agent Locations: Cash pickup available
• Payment Method: Credit card, Debit card, and Bank Account
• Minimum / Maximum Transfer Amount: Minimum limit varies , and maximum is $10,000

​​​Table of fees, exchange rates, and availability

Western Union

Western Union is one of the oldest and most well-recognized money transfer companies. It was founded in 1851. This was the time when money was sent on horseback. So, you can only imagine the vast network of this platform.

It enables users to transfer money to over 200 countries worldwide. Like all money transfer platforms, Western Union also shifted towards online money transfers. It has only experienced growth ever since.

Why choose it

Western Union's extensive agent network and diverse delivery methods, including mobile wallets and bank transfers, make it an ideal option for international transfers. Its referral bonus and various payment methods add to its appeal. Using Western Union's app, you can send money in over 125 currencies with your debit card, credit card, bank account, or wire transfer online. 

• Apple Store Rating: 4.8
• Google Play Rating: 4.6
• Refer a Friend Bonus: $20 Amazon.com e-gift code
• Transfer Speed: A few minutes to 4 business days
• Agent Locations: Over 500,000 agents worldwide
• Payment methods: Credit card, Debit card, and Bank Account
• Minimum / Maximum Transfer Amount: Minimum limit not specified. Maximum limit for unverified users is $3000, once verified, it is $50,000

Table of fees, exchange rates, and availability

World Remit

You can't leave out World Remit from the conversation about leaders in the online money transfer industry. It serves over 4 million users and authorizes almost 90 percent of its money transfers in minutes. The app also supports 70+ currencies and covers 150+ countries where you can instantly send money to friends and family.

Why choose it

World Remit's user-friendly interface, instant transfers, and competitive fees make it a reliable choice for sending money abroad. It also offers incredible features like cash pickup and mobile wallet options. Its broad payment methods and competitive transfer speed make it a solid choice for international transfers. Its referral program and first transfer fee waiver offer added incentives.

• Apple Store Rating: 4.8
• Google Play Rating: 4.6
• Registration Bonus: No fee for the first 3 transfers
• Refer a Friend Bonus: $30 for you, $10 for friends
• Transfer Speed: Instant or 1-2 working days
• Payment Methods: Credit card, Debit card, Bank Account, Apple Pay, and Google Pay
• Minimum / Maximum Transfer Amount: Minimum limit is $1, maximum limit ranges between $1,000 and $9,000 (depending on the country)

Table of fees, exchange rates, and availability

Remitly

Remitly is a money transfer service available online that enables US, Canada, Australia, the U.K., and the Eurozone users to transfer money to over 40 countries worldwide. 

Why choose it

Remitly's global reach and options for cash pickup, bank account transfers, and home delivery make it perfect for users who need to transfer money internationally. The app offers options for both quick transfers and more economical choices. Its referral bonus and various delivery methods add to its appeal.

• Apple Store Rating: 4.9
• Google Play Rating: 4.8
• Refer a Friend Bonus: First transfer free for a friend + commission to you
• Transfer Speed: Instant or 3-5 business days
• Agent Locations: Varies by country
• Payment Methods: Credit card, Debit card Bank Account, and Apple Pay
• Minimum / Maximum Transfer Amount: No minimum limit, maximum limit is $20,000

​​Table of fees, exchange rates, and availability

Ria

Ria has established itself as one of the largest international money transfer companies. With a worldwide network covering over 140 countries and 350,000 international locations, Ria enables travelers and expatriates to send and receive money, even in smaller dollar amounts. However, Ria only allows online transfers in limited regions, including the United States, United Kingdom, Spain, and Australia.

Why choose it

Ria's broad range of delivery methods and competitive transfer speed make it an attractive option for sending money internationally. Its referral program and Availability in over 165 destinations enhance its appeal.

• App Store Rating: 4.9
• Google Play Rating: 4.7
• Registration Bonus: $10 for completing a single paid transaction
• Refer a Friend Bonus: $20 for each verified Qualified Referral
• Transfer Speed: Within minutes to 3-5 business days
• Agent Locations: Cash pickup available
• Payment Methods: Credit Card and Debit Card, in Retail Stores and Bank Account
• Minimum / Maximum Transfer Amount: No minimum limit, maximum limit varies from under $2,999.99 per day

Table of fees, exchange rates, and availability

Xoom

Xoom, owned by Paypal, is a leading international money transfer service because of its extensive money distribution network in over 130 countries. Recipients can choose from a variety of methods to receive their money. In 10 countries, users can also use Xoom to pay their utility bills.

Why choose it

Xoom offers a convenient and user-friendly platform for international money transfers, offering various delivery options and payment methods. Its Availability in multiple countries and diverse payment options make it appealing. Moreover, its referral program and quick transfer speed add value to its service.

• Apple Store Rating: 4.8
• Google Play Rating: 4.8
• Refer a Friend Bonus: Both sender and referral receive a $10 Amazon eGift card
• Transfer Speed: From minutes to a few days
• Agent Locations: Limited Availability
• Payment Methods: Credit card, Debit card, and Bank Account
• Minimum / Maximum Transfer Amount: No minimum limit, maximum limit varies from $2,999 per day to $6,000 per month

Table of fees, exchange rates, and availability

Best global solutions for app-to-app transfers

These money transfer apps provide efficient solutions for transferring money from app to app, catering to your needs for sending and receiving funds.

Wise

Wise, formerly known as TransferWise, is an online money transfer service. This money transfer app allows customers in Canada, the United States, Australia, the Eurozone, and the United Kingdom to transfer money to over 40 countries.

Why choose it

Wise's competitive fees and attractive exchange rates make it an excellent option for app-to-app transfers. Its referral program and wide Availability enhance its appeal. Wire's availability in over 70 countries and user-friendly interface make it one of the top choices for international money transfers.

• Apple Store Rating: 4.6
• Google Play Rating: 4.8
• Refer a Friend Bonus: Up to £50
• Transfer Speed: 4–5 working days for money sent outside the U.S.
• Payment Method: Credit card, Debit card, Apple Pay, Google Pay and Bank Account
• Minimum / Maximum Transfer Amount: No minimum limit, maximum limit varies from under $ 2,000 to $1,000,000

Table of fees, exchange rates, and availability

Revolut

Revolut is a UK-based mobile-first bank money transfer app founded in 2015. It offers direct money transfers to bank accounts, mobile phones, or homes in a safe, quick, and reliable way to its 15.5 million users.

Why choose it

Revolut's diverse payment methods, including app-to-app transfers and quick transfer speed, make it the best money transfer app for international money transfers. Its availability in 155 countries and user-friendly interface make it a reliable choice.

• App Store Rating: 4.7
• Google Play Rating: 4.5
• Refer a Friend Bonus: $10 bonus per eligible new Revolut customer
• Transfer Speed: Within minutes to 3-5 business days
• Payment Method: Credit Card, Debit Card, Google Pay, Apple Pay, and Bank Transfer
• Minimum / Maximum Transfer Amount: Minimum limit varies from $2 to $10 depending on the region, no specific maximum limit

Table of fees, exchange rates, and availability

PayPal

Founded in 1998, PayPal is accredited to be one of the first mass-market online payment platforms. In the beginning, this money transfer app was mainly used for payments to merchants instead of person-to-person transfers. 

EBay spun the service as a separate company in 2014. After being established as an independent company, PayPal began to focus on person-to-person money transfer services. Paypal also bought Venmo, a money transfer app, along the way.

Why choose it

PayPal is like the OG of app-to-app transfer solutions with all sorts of payment methods. This platform is also globally recognized. Its instant transfer option and availability for almost anywhere in the world make it a convenient choice. Moreover, the app’s user-friendly interface makes it even more of an appealing option for app-to-app money transfer.

• Apple Store Rating: 4.8
• Google Play Rating: 4.2
• Refer a Friend Bonus: For each friend, up to $100 per year
• Transfer Speed: Instantly
• Payment Method: Credit card, Debit card, and Bank Account
• Minimum / Maximum Transfer Amount: Minimum transfer amount is $1, and maximum transfer amount is $5,000 per transaction and $5,000 per day.

Table of fees, exchange rates, and availability

 Best apps for money transfers within the U.S.

Transferring money domestically has never been easier, thanks to a range of reliable apps. You get features like instant transfers, hassle-free processes, and user-friendly interfaces. These features make money transfer apps the perfect route for transactions within the United States.

Venmo

Venmo, established in 2009, is a user-friendly money transfer app. It allows you to send payments to friends and family members and charges no transfer or monthly fees. 

The recipient receives a balance in their Venmo account when someone sends money. From there, the recipient can send the money to their Venmo account or their personal bank. It takes about one business day for the money to arrive.

Why choose it

Venmo is the go-to money app for speedy payments in the U.S. It is easy to use and users can link their bank accounts or debit cards to fund payments and cash out balances. 

Also, the app integrates nicely with rideshare and delivery services, adding to its convenience. With its widespread popularity and smooth payment process, it's the top pick for sharing money with your friends and family.

• Apple Store Rating: 4.9
• Google Play Rating: 4.2
• Registration Bonus: $10.00 on signup
• Refer a Friend Bonus: Up to $50 referral rewards
• Transfer Speed: Instant
• Payment Method: Debit card, Credit card, Venmo balance, and bank account
• Minimum / Maximum Transfer Amount: Minimum limit is $0.26, maximum limit is $5000 for unverified users, and  $19,999 for verified users

Table of fees, exchange rates, and availability

Zelle

Zelle, established in 2017, is a user-friendly and fast money transfer platform. You can receive money across different banks without any transfer fees. To transfer money, simply download the Zelle app or send money via your personal bank's mobile app. 

All you need is a recipient's phone number connected to a free Zelle account, and you can transfer the money using the Zelle app or your bank app. 

Why choose it

Zelle's is considered the best money transfer app because of its direct bank account transfers, eliminating the need for a separate balance. This integration ensures the safety of your funds, as they are likely insured by the FDIC, adding to their reliability. It is a hassle-free way to send money within the U.S.

• Apple Store Rating: 4.8
• Google Play Rating: 3.8
• Registration Bonus: $5 on signup
• Refer a Friend Bonus: $5 referral reward
• Transfer Speed: Instant
• Minimum / Maximum Transfer Amount: No minimum limit, maximum weekly send limit is $500, and maximum weekly receive limit is $5,000

Table of fees, exchange rates, and availability

Money transfer apps: FAQs

You've got the rundown on the best money transfer apps in 2023 – which ones work best for different types of transfers and all the features they come with. But you may still have tons of questions about the process, safety, and regulations for using these transfer apps. 

That's why we've put together a handy list of FAQs about money transfer apps. Check them out to get all the info you need for smart choices and getting the most out of these platforms.

What documents are required to make a transfer using money transfer apps?

To start using money transfer apps, you’ve usually got to register with some legitimate ID documents, like your driver's license or passport. And if you're sending money across borders, the platform might want even more documents for full-proof verification.

Is an SSN required to send money abroad?

Not all money transfer apps require a Social Security Number (SSN) to send money internationally. But remember, different apps might have their own verification requirements to follow through. So, make sure to check out what the app you're using wants from you.

What do money transfer apps typically charge per transfer?

The typical fees for sending money through apps can range pretty widely, depending on factors like the country you’re sending it to, transfer amount, and the app you're using. So, make sure you scope out the fee details for each money-sending app before you make your choice.

How do I know the legitimacy and security of a money transfer app?

To ensure the legitimacy and security of a money transfer app, look for established apps with high ratings on reputable app stores. Research online reviews, check for SSL encryption, and be cautious of apps that ask for excessive personal information.

What’s the process for cashing out money from transfer apps?

The process of cashing out money from transfer apps varies. Some apps offer withdrawal to bank accounts, while others provide options like prepaid cards or partner retail locations. Check the withdrawal methods offered by each app.

Do money transfer apps have a minimum age requirement? 

Many money transfer apps require users to be at least 18 to comply with legal regulations. However, age restrictions can vary depending on the app and the region.

What is the maximum amount of money I can send without alerting the IRS?

When it comes to transferring money within the U.S., there's no set amount that sets off the IRS alarm. But, if you're transferring over $10,000 across borders using the app, they might enquire for extra details to make sure anti-money laundering rules aren’t violated.

How long after the transfer can the recipient do cash pickup?

How fast your money reaches the recipient depends on various factors like payment method, the recipient’s country, and app’s processing time. If you're sending it locally, the money may transfer before you even know it. However, when you're making a transfer across borders, it could be a few business days.

Is a bank account necessary to transfer money via money transfer apps?

Not all money transfer apps require a bank account. Some apps offer alternative methods like cash pickup, mobile wallets, or prepaid cards. However, having a bank account can provide more convenience and flexibility for transfers. 

Can I recover my money if sent to the wrong person?

If you send money to the wrong person, the process of recovering the funds can be tough. Contact the app's customer support immediately and provide all relevant details. However, there's no guarantee of recovering the funds, so it's crucial to verify recipient information before initiating a transfer.

Sources: all third party information obtained from applicable website as of October 18, 2023

1. https://www.weforum.org/agenda/2023/02/remittances-money-world-bank/

2. https://www.migrationdataportal.org/themes/remittances#:~:text=Globally%2C%20remittance%20flows%20are%20estimated,in%202023%20(ibid.).

3. https://www.moneygram.com/walmart/us/en/

4. https://www.moneygram.com/intl/about-moneygram-en#:~:text=Learn%20about%20MoneyGram%20International%20and,in%20200+%20countries%20and%20territories

5. https://www.westernunion.com/blog/en/us/how-much-are-money-transfer-fees/

6. https://www.westernunion.com/pk/en/home.html#:~:text=Send%20money%20to%20almost%20anywhere,send%20and%20receive%20money%20worldwide.

7. https://www.worldremit.com/en-us/promotions/fee-free#:~:text=How%20it%20works,the%20promo%20code%20'3FREE'.

8. https://www.worldremit.com/en/faq/send-to.

9. https://www.remitly.com/us/en/morocco/pricing

10. https://www.remitly.com/us/en

11. https://help.riamoneytransfer.com/hc/en-us/articles/4407752015249-FAQs-on-fees-and-exchange-rates

12. https://www.riamoneytransfer.com/#:~:text=Check%20the%20most%20up-to,sending%20to%20over%20165%20countries.

13. https://help.xoom.com/s/article/how-much-does-it-cost-to-send-with-xoom?language=en_US

14. https://www.xoom.com/en-us/usd/send-money/select-country

15. https://wise.com/gb/pricing/send-money?sourceAmount=800.61&sourceCcy=USD&targetCcy=USD&tab=0

16. https://wise.com/#:~:text=160%20countries.,you%20money%20round%20the%20world.

17. https://www.revolut.com/legal/standard-fees/#

18. https://www.revolut.com/en-BR/

19. https://www.paypal.com/us/webapps/mpp/paypal-fees

20. https://www.paypal.com/us/webapps/mpp/country-worldwide#:~:text=We%20are%20available%20in%20more,for%20you,%20wherever%20you%20are.

21. https://help.venmo.com/hc/en-us/articles/115015844068-Instant-Bank-Transfer-FAQ#:~:text=Instant%20transfers%20with%20Venmo%20allow,transfer%20amount%20for%20each%20transfer.

22. https://help.venmo.com/hc/en-us/articles/4409685942675-Accessing-Venmo-While-Abroad

23. https://www.zellepay.com/faq/are-there-any-fees-send-money-using-zelle#:~:text=Zelle%C2%AE%20doesn't%20charge,Was%20this%20helpful?

24. https://www.zellepay.com/faq/can-i-use-zelle-internationally

25. https://moneytransfers.com/sending-money/best-money-transfer-apps#top5MoneyTransferApps 

26. https://www.gobankingrates.com/banking/mobile/money-transfer-app/ 

27. https://www.cnbc.com/select/best-money-transfer-payment-apps/ 

28. https://www.quicken.com/blog/best-apps-transfer-money/ 

29. https://www.fool.com/the-ascent/personal-finance/zelle-review/#:~:text=Zelle%20is%20a%20free%20payments,to%20someone%20you%20already%20know. 

30. https://moneytransfers.com/companies/boss-revolution 

31. https://www.remitbee.com/western-union-review

32. https://www.remitbee.com/moneygram-review 

33. https://geekflare.com/apps-to-transfer-money-internationally/ 

34. https://www.remitbee.com/worldremit-review 

35. https://moneytransfers.com/companies/worldremit 

36. https://www.remitbee.com/remitly-review

37. https://www.remitbee.com/ria-review  

38. https://www.remitbee.com/paypal-review 

39. https://money.com/best-money-transfer-apps/#worldremit

40. https://www.nj.com/personal-finance/article/best-money-transfer-payment-apps 

41. https://www.moneygram.com/intl/ 

42. https://www.lifewire.com/best-apps-money-sending-5085342 

This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.