Are you looking for better alternatives to transfer money online? As most startups from developed economies outsource their app development work to developing countries like India to keep the development costs low, they usually find it difficult to find a solution that allows them to transfer money online in an easy and fast manner and at affordable rates. There are so many online money transfer apps out there and it can take some time to find the right one for your business. So we did the research for you and curated a list of top international money transfer apps based on following factors:

– Minimum transfer amount

– Maximum transfer amount

– Transfer modes

– Speed of payment

– Countries they operate and conversion rates.

Let’s now see some of the top international money transfer apps.

1. Paypal:

Paypal is one of the most popular apps to transfer money online to other countries. Transfering money online using Paypal is easy, intuitive, and fast. However, it is not ideal for transferring a large sum of money as its transfer rates depend on the total money that you want to transfer.

Minimum transfer amount: $1

Maximum transfer amount: $10,000

Exchange rates: PayPal charges a 2.5% currency conversion fee.

Operational Countries: Asia Pacific, Americas, Africa, and Europe.

Transfer modes: online and bank to bank account.

Speed: 3-5 days

2. OFX:

OFS is a specialist money provider which is in the business for 15+ years now. It offers competitive exchange rates and international money transfers in 50+ currencies. OFX has handled $100+ billion in forex transactions and has 100,000+ customers across six continents. Setting up OFX is quite easy, just create an account. After that, enter your recipient’s bank account details to transfer and the money will be transferred within 1 or 2 days.

Minimum transfer amount: $1000

Maximum transfer amount: No limit

Exchange rates: $0 fees

Countries: Afghanistan, Liberia, Libya, Rwanda, Cote d’Ivoire, Republic of Congo, , Iran, Iraq, North Korea, Lebanon,  Sierra Leone, Somalia, Sudan, Syria, Cuba, Belarus, Burma, Democratic Republic of Congo, and Zimbabwe.

Transfer modes: Phone, Online, Bank to Bank.

Speed: 1-2 business days.

3. Transferwise:

The aim of TransferWise is to make international money transfer process a lot cheaper and easier. It uses peer to peer technology and member matching to let people transfer money. In member matching, Transferwise matches you with someone sending funds in the opposite direction. By using this concept, Transferwise sends cheap internation transfers across the globe.

Minimum transfer amount: $1

Maximum transfer amount: $199,99

Exchange rates:  3.00%

Countries: Europe, USA, UK, Australia, Brazil, Switzerland, Sweden, Norway, Czech Republic, India, Hong Kong,

Transfer modes: Online

Speed: 3-5 days.

4. Sharemoney:

If you want to transfer money to Asia or South America regions, then Sharemoney can be a good option because of its low fees and tracking info from send to receipt.

Minimum transfer amount: $20

Maximum transfer amount:  USD 2,999

Exchange rates: Low transfer fees, starting at $2.99 and no cost to the recipient.

Countries: Bolivia, Brazil, Burkina Faso, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Hondura, Mexico, Nigeria, Panama, Paraguay, Peru, Philippines, Senegal, Uruguay, and Vietnam

Transfer mode: Bank to bank, cash, and online transfer.

Speed: 1 to 2 days.

5. WorldRemit:

WorldRemit simply allows its users to transfer money online to 140 countries at affordable rates. You just need to choose the country, mode of payment, specify an amount, enter recipient’s details, and then pay & relax.

Minimum transfer amount: $1

Maximum transfer amount: $9000

Speed: Within an hour.

Exchange rates: USD 3.99 (increases as transfer amount is increased)

Countries: Africas, Asia, Australia, New Zealand, Europe, and the Middle East.

Transfer mode: Online, cash, and bank to bank transfer.

Speed: Within an hour.

6. Western Union

Western Union is one of the largest online money transfer provides with 500,00+ agent locations around the globe. If you transfer via Western Union, then your recipient can also get the funds as cash in person. Best of all, you got to choose from 200 countries and over 130 currencies.

Minimum transfer amount: $1

Maximum transfer amount: $5000

Exchange rates: 4 to 6% (depends on region).

Countries: Afghanistan, Dominican Republic, Lithuania, Saint Barthelemy, Albania, East Timor, Luxembourg, Saint Kitts and Nevis, Algeria, Ecuador, Macau, Saint Lucia, American, Samoa, Egypt, Macedonia, Saint Vincent and the Grenadines, Andorra, El Salvador, Madagascar, and many others.

Transfer mode: Online, phone, bank to bank, and international money order.

Speed: 3 to 5 days.

7. World First

World First is another online money transfer platform that allows people to transfer money in an easy and simple manner. There is no transfer fee when you transfer $10,000 or more. If you are looking for a money transfer solution which transfers your money from point A to point B almost anywhere in the world, then World First is the one you should definitely check out.

Minimum transfer amount: $1000

Maximum transfer amount: No limit

Countries: Australia, UK, Canada, US, Europe, Germany, and many others.

Transfer mode: Phone, online, and bank to bank.

Speed: 1 day.

8. CurrencyFair

CurrencyFair is a peer to peer online money transfer app that offers a cheaper alternative. According to the estimates of CurrencyFair, you can save 90% on international money transfers because of its unique peer to peer technology without paying high fees.

Minimum transfer amount: EUR 8

Maximum transfer amount: No limit

Exchange rates: Find all details here.

Transfer mode: Online

Speed: 2 days

9. Currency Online:

Currency Online is another online money transfer app which offers competitive rates and fast transfer speeds. You can also immediately convert your dollars into all currencies immediately with spot contracts and forward contracts allow you to lock in rate up to 15 currencies only.

Minimum transfer amount: AUD 0

Maximum transfer amount: No limit

Currencies: Australian dollars, Canadian dollars, Czech Republic koruna, Danish krone, Euros, Fijian dollars, and others.  

Transfer mode: Online, phone

Speed: 2 days

10. TorFX

TorFX offers money transfers in only 2 currencies from the US: AUD and NZD. It charges no commission or transfer fees. In addition to that, it also offers services like spot contracts, forward contracts, stop-loss orders, and limit orders.

Minimum transfer amount: USD 150

Maximum transfer amount: No limit

Transfer mode: Online, Phone, Agent, Bank Account to Bank Account

Speed: 1 to 2 days.

With this, we sum up our list of top online money transfer apps. We hope that you will find an alternative to your current online money transfer service. If you would like to add some other useful online money transfer apps to this list, then do write us at [email protected] or share it in the comments section.

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Sudeep Bhatnagar
Co-founder & Director of Business
Sudeep Bhatnagar

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