zaro

Which app is best for international money transfer?

Published in International Money Transfer Apps 4 mins read

When it comes to choosing the "best" app for international money transfers, there isn't a single definitive answer, as the ideal choice highly depends on your specific needs, such as the destination country, desired transfer speed, and fee tolerance. However, several apps consistently rank high for their reliability, competitive rates, and user experience.

Key Factors to Consider

To determine the best app for your situation, evaluate the following:

  • Fees and Exchange Rates: Look for transparent pricing and favorable exchange rates, as these can significantly impact the total cost of your transfer.
  • Transfer Speed: Some apps offer instant transfers, while others may take several business days.
  • Recipient Options: Consider how the recipient will receive the money (bank deposit, cash pickup, mobile wallet).
  • Security and Reliability: Ensure the app is licensed, regulated, and has strong security measures to protect your funds and personal information.
  • Customer Support: Accessible and helpful customer service can be crucial if you encounter any issues.

Top International Money Transfer Apps

Based on common features and performance, here's a comparison of some leading apps:

App Fees Transfer Speed
Wise Varies by transfer method; generally competitive Typically Instant to 2 business days
Remitly Varies by corridor Minutes to 3-5 business days
PayPal Variable; can be high for international transfers Instant to 1-3 business days

Let's delve deeper into these options:

Wise (formerly TransferWise)

Wise is highly regarded for its transparent fee structure and mid-market exchange rates, making it a strong contender for cost-effective international transfers. Fees vary based on the transfer method and currency pair but are generally lower and more transparent than traditional banks. Transfers often complete within minutes to two business days, offering a balance of speed and affordability. It's an excellent choice for regular transfers to bank accounts.

Remitly

Remitly specializes in fast transfers, often delivering funds within minutes, particularly for cash pickup options in specific corridors. While the fees can vary significantly depending on the sending and receiving countries, it often provides competitive rates for certain routes. However, some transfers might take up to 3-5 business days. Remitly is particularly useful if your recipient needs to pick up cash quickly or if you're sending money to a country where they have strong local partnerships.

PayPal

PayPal is widely recognized and used globally, offering convenience due to its large user base. For international money transfers, however, PayPal's fees can be variable and sometimes higher compared to dedicated money transfer services, especially when currency conversion is involved. Transfer speeds can range from instant for PayPal-to-PayPal transfers to 1-3 business days for bank account withdrawals. While convenient for those already using the platform, it might not always be the most cost-effective option for large international transfers.

Making Your Choice

To select the best app for your specific transfer:

  1. Compare Costs: Always check the total cost, including exchange rates and fees, for your exact transfer amount and destination. Many apps have calculators on their websites or within the app to show you the exact amount your recipient will receive.
  2. Consider Speed: If time is critical, prioritize apps known for fast or instant transfers to your destination.
  3. Evaluate Recipient Access: Ensure the app supports the most convenient way for your recipient to receive the money, whether it's a direct bank deposit, cash pickup point, or mobile wallet.
  4. Read Reviews: Check recent user reviews to gauge reliability and customer service experiences.

By evaluating these factors, you can make an informed decision and choose the app that best fits your international money transfer needs. For further comparison and details on various services, you can explore resources like the Best International Money Transfer Apps in 2024.