23 Best Money Transfer Apps for 2024

Everyone is searching for the best money transfer apps, not only for local transactions but also for international transfers. We’ve come a long way from the era of telegrams, which served as the initial method of money transfers in human history. Telegrams were used to send money orders, a practice first monetized by America, with Western Union leading the way on a larger scale.

In our digitally connected world, managing finances and sending money swiftly and securely have become essential aspects of our interconnected world. With the rise of digital transactions, several money transfer apps have emerged, offering users convenient and efficient ways to handle their financial transactions.

Money Transfer Apps: Market Snapshot

Adoption of Money transfer apps is experiencing an all time high. According to a survey, Total transaction value in digital payments reached an estimated $11.55 trillion in 2024 and to grow to a further $16.62 trillion by 2028. This marks a CAGR of 9.52% between 2024-2028. In the digital payments industry, digital commerce is the largest segment contributing to a whopping $7.63 trillion as of 2024.

The users statistics further helps us catch a glimpse of the huge potential the market stores. Globally, 2/3rd of adults use digital payments apps and tools for P2P transfer, POS sales and more. There are as many as 2.8 billion mobile wallets in use worldwide where a majority users are from China and India. Money transfer apps and their demand are driven not only by convenience but also by security.

In this blog post, we will explore some of the best money transfer apps available in the market. From popular names like PayPal and Venmo to innovative solutions like Cash App and Wise, we will delve into the features, benefits, and considerations that make these apps stand out. Whether you’re sending money to a friend next door or making an international transfer, this guide will help you navigate the landscape of money transfer apps to find the one that best suits your needs.

Best Money Transfer Apps of 2024

1. PayPal

2. Revolut

3. Wise

4. Venmo

5. WorldRemit

6. Cash App

7. Western Union

8. MoneyGram

9. OFX Money Transfer

10. Xe -Converter & Money Transfer

11. Google Pay

12. Revolut

13. CurrencyFair

14. Payoneer

15. Paytm

16. PhonePe

17. TransferGo

18. Airtel Thanks

19. Xoom

20. Freecharge

21. MobiKwik

22. Skrill

23. Apple Pay

Explore our curated list of 23 best money transfer apps in 2024. This article offers a quick dive into unique features, benefits, and simplifying your choice to helping you find the technology that suits you best.

1. PayPal

Paypal was founded in early 2000 and has since grown into a global money transfer via the internet through an application. EBay was one of the first auction companies to adopt PayPal and then owned it from 2005 to 2015. The Application’s popularity could also be attributed to 

• Constant upgrades to security advancements, anti-phishing and anti-hacking measures. 
• Paypal also developed a portable “key” that had to be manually activated before a transaction could be made.
• Paypal is free for some users and can charge up to 5% depending on transfer type. 

2. Revolut

Founded in Russia in 2015, Revolut was one of the first successful unicorns in money transfer applications. Revolut also started cryptocurrency services in 2017, starting with crypto trading. 

In 2018, the company successfully raised 250 million dollars in series C funding and was valued at US 1.7 billion post-funding.

Another achievement for the company was securing a challenger bank license from the European Central Bank, which authorized Revolut to accept deposits, thus further facilitating money transfers for its users.

Some of the key benefits of the Revolut application are: 

• Fee-free card spending overseas,
• The ease and low costs of overseas bank transfers,
• Many benefits that the application accompanies such as travel discounts, cashbacks, lounge access, free miles and more

3. Remitly

Source: play.google.com

Remitly is yet another excellent example of a money transfer application that has revolutionized the money transfer process one payment at a time.

It is used by millions of users worldwide and was launched in 2011 to send money to friends and family overseas. The Application offers special offers, great rates, and no hidden fees. 

The application is popular majorly for the following reasons:

• The company also has more than 460,000 cash pickup locations worldwide, which the application users use to encash their transactions anytime.
• Receiving transfer notifications, checking your transfer status and editing transfer details
• Uploading documents securely
• Increasing your money transaction limits

4. Wise

Another application making waves in the technology markets is Wise. A Wise application account can hold 40+ currencies that can be moved across countries and exchanged globally.

Many big conglomerates and banks are using Wise technology to simplify cross-border payments and envision money without borders for everyone, everywhere.

Kristo Kaarmaan and Taavet Hinrikus founded the money transfer application in 2011. Wise is one of the fastest-growing profitable technology companies globally. The company has as many as 16 million users from across the globe.

Its notable features include:

• Supports 40+ currencies exchanged across 16 million users globally
• Wise debit card and account details features 
• Provides customers with a multi-Currency account. 
• Charges lower fees for larger transfers

5. Venmo

Another application to watch out for is Venmo, founded in 2009 and has been owned by PayPal ever since. Venmo was initially launched for friends and family who wanted to find a convenient and less awkward way to split bills for various events and outings.

Venmo application also supports a small social circle network as users can observe other users’ public transactions with posts and emoticons.

In 2021 alone, the Application handled $230 billion in transactions while generating $850 million in revenue. 

Venmo application has the following popular features which sets its apart from its competitors:

• ACH Payment Processing
• Data Security
• Debit/Credit Card Processing
• Electronic Payments
• In-Person Payments
• Mobile, web and Partial Payments

6. WorldRemit

World Remit is a money transfer software application enabling users to receive and transfer money across 145 countries through a simple process.

World Remit charges a small percentage fee of the transaction as the transfer fee. All transactions done by WorldRemit are regulated by the Financial Conduct Authority(FCA) in the UK. 

• The Application allows two types of money transfers: Airtime top up. Top up credit for a pre-paid mobile phone number

• Bank transfer. Send funds directly to a bank account
• Cash pickup and mobile money.
• Up to 4 methods to transfer money

7. Cash App

Cash App is a reliable mobile payment service available to users from the USA and UK that enables users to transfer money to one via a mobile phone application.

The company was very popular in 2021, with more than 70 million annual transacting users and a US1.8 billion dollars in profit. The company’s success can also be attributed to various new-age features, such as online crypto and stock trading options, which were introduced in 2018-2019.

The application also provides its users with Cash Cards, customizable debit cards that users can use to withdraw cash at ATMs and pay at retail stores.

Features of Cash App

• No hidden fees
• Easy P2P payments
• Paid holidays and retirement plans options for customers
• Crypto Trading platform

8. Western Union

An American financial services institution based in Colorado, USA, Western Union is one of the oldest and biggest conglomerates handling financial services for many years.

The company was restructured in 2006 and provides many services, such as Wire Transfer, Western Union Mobile, and Western Union Connect. These services are not only reliable but also secure.

The enterprise was one of the earliest companies to collaborate with major instant messaging apps such as WeChat and Viber and enable in-app digital payments. This was another feature that helped Western unions gain competitive leverage.

Notable features of Western Union

• Easy money transfer from convenience stores
• No more troublesome procedures
• Outstanding easiness 
• High speed
• No receiver fees

9. MoneyGram

Another company to make it to our list of best money transfer applications is MoneyGram International, Inc. MoneyGram International is an American interstate and global peer-to-peer money transfer company with its operations centered in Minnesota and regional and local offices spread across the globe.

MoneyGram leverages its modern, mobile, and API-driven platforms and collaborates with the world’s top brands while serving millions of users globally.

Features of Money gram that makes it an excellent app include:

• Customers can use website or app, they can send money from anywhere to over 430,000 locations
• Accepted across 200+ countries
• Money transfers with competitive rates and foreign exchange rates

10. OFX Money Transfer

OFX Money Transfer is also a preferred app for international money transfers amongst many users. It is spread across 190 countries in over 55 currencies and does not have a limit to the amount of money transferred.

This particular feature encourages high-value payments and reliable transaction services. Although OFX applications do not provide money lending services or allow money transfers to people who do not have a bank account, they allow users to use debit cards and facilitate bank-to-bank transfers.

Few notable features of OFX money transfer

• Transparent exchange rate cost scenarios
• Live market rates
• Many transfer options
• Accommodates numerous currencies globally

11. Xe -Converter & Money Transfer

Listed by Forbes as one of the leading applications for money transfer, Xe – converter is gaining popularity as we speak.

Its stellar money transfer services in 65 currencies across 170 countries are the reason that it is quickly gaining momentum in generating revenue. In the case of international money transfers, XE is a medium-range alternative to go to.

Reliable features of the application include:

• Robust Security
• Excellent solution for navigating international finance
• Responsive customer care and grievance redressal

12. Google Pay

Developed by Google, Google Pay is a mobile payment service that powers in-app, online, in-person, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, and even watches.

The company boasts 150 million users globally and is an app in most developed nations. The Application is robust and secure and facilitates POS transactions with ease. Its double security feature and biometric authentication provide the best security.

The popular app also allows customers to:

• Make contactless payments and purchase online.
• Send money to friends and family
• Make group payments and split bills
• Earn rewards for eligible transactions and referrals.
• Get insights about your money and transactions.

13. CurrencyFair

CurrencyFair is an online peer-to-peer currency exchange marketplace that also provides opportunities to exchange at the current rate. Headquartered in Ireland, Currency Fair application has employees in Australia, Greece, Hong Kong, Singapore, Poland, and the UK. 

CurrencyFair is popular among the masses, mainly for its safety measures, such as 2FA, encryption via SSL, segregated accounts, thorough verification, and more. These guarantee clear, transparent, and secure transactions that are less vulnerable to cyber attacks.

Currency Fair stands out from other money apps

• As one can easily send and receive money to and from 150+ countries in 20+ currencies.
• Multilingual Customer support for customers from diverse countries
• Fast, reliable, same day transfers for most major currencies

14. Payoneer

Payoneer Global Inc. is another American financial services company that provides online money transfer and digital payment services and provides customers with working capital. It enables payments in the most common global currencies like USD, EUR, GBP, JPY, CAD, AUD, and more. 

Recently, Payoneer was acquired, and this acquisition led to the addition of features such as merchant services and consumer payment acceptance in addition to the B2B services the company was previously providing.

• Recurring Billing and Instant Payment
• ACH Payments and eCheck Processing
• Real-Time Payments 

15. Paytm

Paytm application is a multitasking payment transfer app that allows money transfers and users to recharge mobile phones, book tickets, and send money to the recipient’s bank account. It has completely revolutionized the digital payments scenario and has removed the involvement of traditional banks.

Furthermore, the Paytm wallet, a very popular feature of Paytm, is known for facilitating quick payments. Paytm wallet is a secure, RBI-approved digital wallet to which currency is added via UPI, internet banking, credit/debit cards, etc.

Paytm has many features that sets its apart from many apps that have been developed 

• Fast online and banking services
• Digital wallets can also be used to book flights, train tickets, and other services
• Paytm Business simplifies day to day administrative tasks of small businesses

16. PhonePe

PhonePe is an Indian digital financial services and digital payments platform headquartered in Bengaluru, Karnataka, India. Founded in December 2015, PhonePe was one of the first money transfer applications to be built on the Unified Payments Interface(UPI).

The Application lets users make instant payments at their favorite offline and online stores. It also helps them invest in mutual funds and buy insurance plans according to user requirements. All in all, it is an excellent all-rounder app for money transfers.

The application is one of the best applications for small and medium enterprises:

• Developer-friendly APIs, plugins & libraries for all major languages & platforms make integration easy
• Maximize conversions with our real-time instrument health tracking
• PhonePe PG is PCI DSS compliant and offers data encryption, internal audits, and FRA capabilities, ensuring 100% secure transactions

17. TransferGo

As the name suggests, TransferGo is for users who want to transfer money on the go. It is one of the simplest money transfer applications out there, completing money transfers in less than a minute.

The application offers high speed at low fees for international and domestic transactions. TransferGo is quite a crowd favorite, with more than 30,000 positive reviews on Trustpilot for its services and customer care. 

Other features of TransferGo include:

• Sending money to up to 50 accounts in one go. 
• In one single local payment money can reach multiple countries in up to 65+ currencies.

18. Airtel Thanks

Initially run as a loyalty program for long-term customers, the Airtel Thanks application was soon converted into a Money transfer application. The app enables UPI payments, recharges, payment of utility bills, and more.

Airtel also collaborated with Western Union to allow users to transfer money into their bank accounts 24*7 through the Airtel Thanks app.

The Application is currently being used in 14 countries and is quickly scaling up with new features and tools. Other features are:

• Pay via – UPI/Credit Card/ Debit Card/Net Banking.
• Get app-exclusive offers.
• Check and Download Bill Details.
• Get Alerts for upcoming bill payments and recharges.

19. Freecharge

A 100% subsidiary of Axis Bank, Freecharge is a digital payment portal that enables all financial services -from recharge and bill payments to investment and lending at the tips of the fingers.

Freecharge application also has multiple features like:

• an effective loyalty and rewards program,
• along with seamless UPI payments, 
• utility bill payments, 
• mobile/DTH recharges,
•  Pay Later solutions, etc.

20. MobiKwik

In the market since 2009, MobiKwik is an Indian payment app that provides a mobile-based payment system and digital wallet. The Application enables users to add money to an online wallet and even loans its customers a small amount of money post RBI authorization in 2016.

The Application boasts 1.5 million merchants availing of its services and a user base of 55 million customers. Until recently, it also supported crypto exchanges that, however, are suspended due to some security concerns and shall be resumed soon.

Other services the app provided are 

• Hassle Free Cash Deposit and Cash Pickups
• Quick Transfer and international payments
• Exciting offers 

21. Skrill

Another payment gateway that has created a niche in the market is Skrill. The Application is part of Paysafe Limited, a global payments platform established in 2001.

The payment wallet offers multiple online payment and money transfer services in more than 100 countries and in more than 40 currencies.

Skrill application provides it customers:

• Fund your account by card, bank transfer, or with a range of local payment options.
• Get a prepaid card linked to your account for instant access to your balance online, in stores, or as cash at ATMs.
• Send money to overseas bank accounts at great rates.
• Hold and exchange multiple currencies in one account.
• Manage your money on the go with real-time notifications whenever you spend or send money.
• Buy, hold and sell over 40 cryptocurrencies including Bitcoin and Ethereum.
• Earn loyalty points and exchange them for cash rewards.

22. Xoom

Xoom is last on our list of best money transfer apps. Xoom is a reliable electronic fund transfer and remittances partner amongst its peers.

Acquired by Paypal in 2015, the Application is secure and even comes with a money-back guarantee if the payment does not come through to the designated person. It provides 24/7 security along with supporting money transfers to 163 countries globally!

• Fast and secure transfers.
• Supports transfers to more than 160 countries.
• Low transfer minimums.
• Multiple transfer options and delivery methods.
• The recipient doesn’t need to use Xoom.

23. Apple Pay

Apple Pay is an excellent money transfer app for iOS users and is built into the iPhone, Apple Watch, Mac, and iPad. Users can also add their credit and debit cards to the wallet app on the phone and then add them to other devices quite simply.

Another feature that has clients raving about the app is its Apple Pay Later, which allows users to split purchases into equal payments and installments. One can easily break down payments without affecting credit scores. The wallet is further equipped with tools to encourage better spending habits.

The application also have other features such as:

• Contactless payment available at most major retailers
• Second-factor authentication increases security
• Information is stored in Secure Enclave fully encrypted
• Card information is never shared with merchant
• Card numbers are tokenized with every purchase
• Can be disabled via Apple’s “Find My” feature in event that device is lost

| Our Work: Banking Application – Power Traveller

How much does it cost to build Money Transfer Apps?

Money transfer applications are quite popular these days. The application allows users to send and receive payment transfers electronically. Generally, the cost of building varies depending on the features and functionality a project requires. A simple money transfer app can take as little as $5,000 to develop, whereas a more complex system with additional features can easily cost up to $50,000. Some of the factors that will affect the cost of your app include:

• Number of platforms the app will support (iOS, Android, web, etc.)
• Number of intended users 
• The number of countries/currencies the Application will support
• Number of payment methods (credit/debit cards, bank transfers, cash)
• Language(s) that needs to be added
• Customer care and tools for the same

Types of money transfer apps

Various Categories of Money transfer apps for P2P payments belong to the following categories: 

Mobile Services

The most common methods are mobile services like Apple Pay and Android Pay. Mobile money transfer apps usually cater to customers looking to conduct transactions via mobiles and handsets.

Independent Services

Independent services include sending money from their bank account/credit card to another person using only a phone number or email address. Apple Pay, Google Pay, and PayPal are common examples of independent services. Independent services include a digital wallet to store funds and make P2P payments from within the app. 

Online Banking Services 

Most banks today have mobile applications and websites for users to avail their services. Money transfer apps owned by banks fall particularly into this category and enable users to carry out many tasks such as paying bills, availing insurance, transferring funds, and more from the confines of their houses.

Benefits of Money Transfer apps

Money transfer app has many benefits,few of them are: 

• Ease of use: Money transfer applications are revolutionary when it comes to transferring money.One can simply transfer money at the tip of their fingers through mobile contrary to standing in long queues at banks.

• Security: Money transfer applications these days are biometric authenticated adding another level of security to it. Furthermore these applications are reliable and even secure than traditional transfers which are dependent on external factors.

• Easy Tracking of money: Money transfers are great tools that provide access to transactions and keep track of these transactions. 

• Convenience: The best part of using a money transfer app is the convenience it delivers. These apps can transfer funds from anywhere in the world at any given time. All one needs is an active internet connection, a smart device and details of the beneficiary.

Develop Best Money Transfer Apps with OpenXcell

To any enterprise who is looking to invest in money transfer app development, OpenXcell provide reliable mobile app development services. Its reliable, quality software solutions and money transfer apps have garnered quite a fan following. Their expert team of software engineers leave no stone unturned when it comes to developing world class products and setting a benchmark when it comes to create a money transfer app.

| Bonus Read : The ultimate guide to mobile banking app development in 2024