Have you been searching for a fast, secure way to transfer money to another person? Do you want to avoid using banks and transfer money directly without hassles?
Money transfer apps work perfectly for person-to-person payments and might be the answer you have been looking for.
Many types of money transfer apps simplify payment processes, but which options are available on the market?
We gathered the eight best money transfer apps in this article and explored the pros and cons to help you discover which ones are ideal.
| Provider | Score | Details |
|---|---|---|
| 1. WorldRemit | ★★★★★ | Learn more |
| 2. TransferGo | ★★★★★ | Learn more |
| 3. Remitly | ★★★★★ | Learn more |
| 4. Cash App | ★★★★★ | Learn more |
| 5. Western Union | ★★★★★ | Learn more |
| 6. Atlantic Money | ★★★★★ | Learn more |
| 7. MoneyGram | ★★★★★ | Learn more |
| 8. CurrencyFair | ★★★★★ | Learn more |
| 9. PayPal | ★★★★★ | Learn more |
What Are Best Money Transfer Apps?
Best money transfer apps allow you to electronically transfer money from entity to entity. These secure digital tools are ideal for various transfers, from international to domestic (within the United Kingdom).
These apps work on a mobile device, meaning you can transfer money on the go. With compatibility with digital wallets and features that match your specific requirements, they are the easiest way to transfer money quickly and safely.
Now, a money transfer app is different from an online bank account. It is a separate entity that works differently from transferring money using this type of account and ensures that you don't need to be concerned about any complications in exchanging money through your bank.
How Do Best Money Transfer Apps Work?
Your money transfer process with money transfer apps works digitally. It uses similar processes to a traditional bank transfer but takes place via the application using the funds in your bank instead of physically passing money from person to person.
To use a money transfer app, you should first download the app you want to use to your mobile device.
You must then open and sign up for the app to make your account. After this, you can add a credit or debit card and proceed to link your bank account to the app. Once you add your recipient's information and enter a value indicating how much you want to send, you can review and approve the transfer.
The app will process the transaction securely by first encrypting your financial information. This encryption ensures unauthorised users cannot access your details.
A few apps will have a QR code feature or near-field communication (NFC) technology, making domestic fund transfers easier. The latter technology enables two devices to communicate and share information.
For example, you may need to make an in-person transaction to pay for a meal. NFC technology makes this process faster and more convenient, but not every money transfer app will have this tool.
To receive their funds, recipients should typically have their bank account or account linked to the money transfer app. They will be able to withdraw their funds by accessing their account. However, the specific withdrawal methods will depend on the app you use. It will also depend on where you and the recipient are.
What Are the Key Features of Money Transfer Apps?
Transaction history feature — These apps will allow you to view your transaction history, which will typically appear in a list format.
Some key details you can access include the date of the transaction, who you sent the money to and how much you sent them.
Multiple currency support — Your money transfer app should support multiple currencies, a feature allowing you to send and receive money in different currencies. It's a useful feature if you are making international money transfers.
Exchange rates — Money transfer apps will calculate your exchange rate when you transfer. Although exchange rates can change, the application will display the exchange rate at the transfer time. For example, the exchange rate may initially be 1.17 but decrease to 1.1. In that case, the app will tell you the most recent rate.
Mobile wallet integration — The app will offer mobile wallet integration that allows you to manage funds and store them digitally on your smartphone. You can make payments using this feature and receive other people's funds.
Multifactor authentication feature — Multifactor authentication features come with nearly all money transfer apps. This feature makes it easy to access the application using multiple sign-in methods to prevent unauthorised users from accessing your details.
Real-time notifications — Most money transfer apps offer a notification feature that alerts the sender and recipient when they have sent the funds. This tracking feature offers better visibility over the transfer process and ensures the recipient knows when to take action to get their funds.
Customer support — Any excellent money transfer app should offer excellent customer service. This feature ensures you receive the support you need to use the app without any issues and can reach out with any questions.
Multiple options for payment — The best money transfer apps will have multiple options for payment, including credit card, bank account payments and debit card.
Recipient detail option — Money transfer apps make adding and saving recipients to the list easy. This feature ensures you can make repeat transfers to the same person without inputting their details each time. The feature also should allow you to remove and manage recipient details if their information changes.
Money Transfer Apps Pros and Cons
We will explore the best money transfer apps further down, but let's first consider the pros and cons of these applications so you know why they are worth using and what disadvantages to consider.
Pros
✔️ User-friendly interface — Your app will have an easy-to-use interface that offers intuitive layouts and clear navigation features. They will tell you the exact steps you need to follow to make your transfer and make it easy to add a recipient's bank account and the amount you want to transfer.
There's a clear advantage to user-friendly interfaces for money transfer apps — even if you are not a technology expert, you will find it easy to transfer money. This advantage could be one of the reasons that the use of mobile money transfer apps has increased over time.
✔️ No need to convert currency yourself — Since money transfer apps complete the currency conversion process for you and handle the exchange rates, you will never need to complete currency conversion yourself. This feature saves you time when transferring money, which can be crucial because exchange rates fluctuate and affect the amount you save.
✔️ High security — With multifactor authentication, your transactions are all secure. Although there were 1,829 cyber incidents in the financial industry globally in 2022, the high security of mobile transfer apps works to counter security risks. This advantage means you won't need to worry about others accessing your financial details through your app.
✔️ Upfront and transparent fees — Though you may have to pay fees to transfer money using a money transfer app, there are often upfront and transparent fees. Making digital transfers is also faster and, therefore, cheaper than using a traditional bank. It translates to lower costs and higher transfer amounts, ensuring your recipient gets the optimum amount for their requirements.
✔️ Multiple ways to send money — You can send money in multiple ways using a money transfer app. For example, you may use a debit card, credit card or even platforms like Apple Pay for the payment method.
✔️ Faster to transfer funds — Instead of using intermediate banks to transfer money, mobile transfer apps do not require this process. As a result, it is faster to transfer funds, even internationally. Your recipient will typically receive their funds faster than if you use a traditional bank account.
Cons
❌️ Stable Internet connection required — If you want to use money transfer applications, you will need a stable Internet connection to complete the transaction. Now, some apps like MoneyGram support offline transfers, but other transfer apps do not have this feature. When you lack a stable connection, you may be unable to transfer funds.
❌️ Maximum transfer amount limits — You will find that some apps for transferring money have limits on the maximum transfer amount you can send. Each app will have a unique limitation. For example, some apps may set a maximum limit for each transaction you make. Other apps will limit the number of daily or weekly transfers you can make. With this limitation, there may be restrictions for the amount you can send in a specific period.
❌️ Transaction fees — Transaction fees with transfer apps may be lower than traditional banks, but they still exist. If you make frequent transfers, these costs can add up, so comparing each app to find the option with the lowest transaction fees and the features that suit your requirements is worthwhile.
❌️ Accessibility limits — You may find that some of the best money transfer apps are not accessible in the United Kingdom, because they are not available in every country. For example, Zelle is only available in the United States.
❌️ Currency limits — Most money transfer apps should have a range of currencies, but some may not offer the widest scope. Therefore, if you want to use one of these apps to transfer money internationally, it's important to check the currency options they provide.
Best Money Transfer Apps — Reviews
Now we have covered the pros and cons of money transfer apps, here is our list of the best options available on the market.
We reviewed these apps regarding features, advantages, disadvantages and how to use them.
1. WorldRemit
The WorldRemit money transfer app takes the number one spot due to its instant transfers. Some of its features include transfer progress notifications through the app and the option to send funds to more than 130 countries. The Financial Conduct Authority-approved app enables users to pay for transfers using Apple Pay, some credit card and prepaid card options.
Other features of this app include the WorldRemit Wallet, with which customers can use to send, store and receive money via the WorldRemit app. It offers transfers in a variety of currencies.
Whether you want to make an international money transfer or transfer domestically, you can also complete the process in various ways, including airtime top-up, cash pickup and mobile money. This money transfer service also offers home delivery and bank transfer options.
How to Use WorldRemit
Using WorldRemit to send money requires you to download the version of the app that aligns with your device and select which country you want to send funds to. You can then add your recipient's information and bank details.
You will pay for the transfer using one of the payment methods, after which your recipient will receive a text message to confirm the payment. The text message will also let your recipient know when they can access their funds.
WorldRemit Fees
WorldRemit will outline the payable fees when you arrange the transaction. They state that they are nearly half as costly than banks and have no hidden fees.
Pros of WorldRemit
✔️ Instant worldwide transfers are available
✔️ Intuitive user interface
✔️ Multiple payment methods
✔️ Easy to navigate
Cons of WorldRemit
❌️ Limits apply to significant transfer amounts
2. TransferGo
TransferGo makes the list because it is an incredibly intuitive app that allows you to transfer to 160 eligible countries in 41 currencies and domestic money transfers. You can quickly complete these transfers to send money in minutes, and it has low fees.
Some other features to look out for with TransferGo include the opportunity to earn £20 when you recommend the app to a friend and they begin using it.
If you are a small- or medium-sized business account owner, you can use TransferGo to send money to freelance workers or suppliers, no matter where they are. Paired with this feature is their institution-grade security feature, which keeps your details safe with multifactor authentication.
How to Use TransferGo
You can initiate the transfer process by logging into your TransferGo profile and entering the details. You should fill out the “Sending From” and “Receiving In” fields and enter the amount you want to transfer.
Enter your recipient's full name and account details and review the information you have submitted. Select the “Tell Receiver By Email” option and enter the email address.
Completing the transaction requires you to select the payment method. You can choose “Bank Transfer” or “Debit or Credit Card” to do this.
TransferGo Fees
TransferGo will charge a £0.99 transfer fee for your transaction. However, you can get the first two transactions for free as a new customer.
Pros of TransferGo
✔️ Unlimited transfers available
✔️ Fee transparency
✔️ Customer support is available in multiple languages
Cons of TransferGo
❌️ Paying by card means a £10,000 limit per transaction
3. Remitly
The Remitly app allows users to send money across 100 eligible currencies. With multiple transfer methods, such as bank deposits, home delivery, mobile money and cash pickup, the app makes sending money convenient and fast for senders and receivers.
Recipients pay no fees to receive money, and what makes it one of the best money transfer apps is that new customer offers are available. Keep an eye on the website to learn more about these offers.
If you refer a friend and recommend the Remitly app, you can receive rewards from Remitly. You can refer an unlimited number of family or friends to receive reduced costs on your transfers. To redeem rewards, ensure your friends and family sign up via the link you provide them.
You can track all transfers you make via Remitly on the application. The app also provides text message and email notification options so you can watch the movement of your money in real-time.
How to Use Remitly
You can use Remitly by confirming that the app supports the country you want to transfer funds to. Then, after downloading the app and creating an account for free, you can gather and input your recipient's details. Your recipient doesn't need to have a Remitly account for you to make the transfer.
Remitly will handle the transfer process and inform your recipient when they send the funds. They will also let them know when they can collect the funds.
Remitly Fees
Remitly's example of UK transfer fees shows that you have two options. Their express fee is £3.99, and the economy fee is £2.99. However, there are no hidden fees with Remitly.
Pros of Remitly
✔️ Fast transactions that happen within minutes
✔️ Excellent customer service
✔️ User-friendly user interface
Cons of Remitly
❌️ Difficult to send large funds due to limits
❌️ Senders must pay credit card fees
4. Cash App
Cash App, founded by SquareInc, is ideal for investing money or buying Bitcoin and a solution for making transfers. It features on this list of the best money transfer app options because you can use it to electronically send money through your smartphone at no cost.
Some of this app's features include fund transfers to bank accounts. You can pay for these transfers using debit, credit, and many prepaid cards.
The app features encryption for security purposes and technology for fraud detection. These features make it easy to make secure transfers and keep your details hidden.
There are limits to the highest transfer amounts you can make. For example, you have a £100 limit per seven days. However, you can increase these limits by navigating to “Profile”, selecting “Limits”, and making the request via this tab.
How to Use Cash App
You can transfer money to an account with Cash App by downloading and creating an account. Enter the amount of money you wish to transfer, and then after tapping “Pay” and entering your recipient's email address, $Cashtag or phone number, write what the payment is for. Finally, tap “Pay” to complete the payment process.
Cash App Fees
You will face no fees for using the Cash App application. You can send money electronically and make transfers through your smartphone without paying.
Pros of Cash App
✔️ Range of services, such as Bitcoin transfer
✔️ Multiple payment methods are available
✔️ Encryption features to increase security
Cons of Cash App
❌️ Difficult to cancel a transfer
5. Western Union
The Western Union money transfer app facilitates the process of viewing exchange rates and transfer fees before you transfer money. It also has an exchange rate alert feature that allows you to set alerts for the rates that match your requirements for international transfers.
Other features of the Western Union money transfer app include tracking your money transfer as it progresses. It is one of the money transfer services that will send you an email when your recipient gets their money.
Multiple money-sending methods are available with Western Union, including cash pickup, mobile/digital wallet and bank account transfers.
This PCI and DSS-compliant app encrypts transactions and features authentication compatibility with your mobile device. This feature means you can use your fingerprint to access the app and deny access to unauthorised users.
Payment method options when using the Western Union application to make transfers include debit card, credit card and via your bank account.
How to Use Western Union
You can use Western Union to make transfers by first registering online. Log into your account and input the details of the money transfer you want to make. Then, add a recipient and select “Pay and Send” to initiate the transfer.
Tracking via Western Union is easy, as you will receive your tracking number directly to your email, which you can send to your recipient.
Western Union Fees
Transfer fees may vary depending on the transaction you make.
Pros of Western Union
✔️ Transparent, upfront fees
✔️ Multiple payment options
✔️ Offers handy exchange rate alert feature
Cons of Western Union
❌️ Limits may be lower than competitors
6. Atlantic Money Review
Atlantic Money is a UK-based money transfer service that makes it easy and affordable to send money internationally. Since its launch in 2020, Atlantic Money has focused on users who want low fees for international bank transfers. They charge a flat fee of £3 for transfers up to £1,000,000, with no hidden costs or markup on exchange rates. To use their service, customers can either utilize their web platform or download their mobile app, which is available for both iOS and Android. They allow transfers between the UK and many European countries, including France, Spain, and Germany. In addition, Atlantic Money supports both personal as well as business transfers.
Typically, transfers are completed within one business day, although faster delivery is available in some cases for an additional 0.1% fee. The app features a user-friendly interface that enables users to send money directly from their bank accounts with live exchange rates, ensuring they get the best deal possible. However, it's important to note that their service is currently limited to the UK and Europe, and the app-only format may not appeal to those who prefer using a desktop.
For anyone looking for a straightforward, transparent, and cost-effective way to send money abroad, Atlantic Money presents a strong option with its competitive fees, quick service, and favorable exchange rates.
How to Use Atlantic Money
To use Atlantic Money, either use their web platform or download their app from the Apple App Store or Google Play Store. After signing up and verifying your identity, you can input the amount of money you wish to send and select your recipient's details. You'll receive a real-time quote showing the exchange rate and applicable fees before confirming the transfer. Transfers can be made via local bank accounts, and the app provides delivery time estimates based on the currency and destination. Once the payment is made, the transfer will be processed, and you can track its status through the app.
Fees
Atlantic Money charges a flat £3 fee for transfers up to £1,000,000. This fee is consistent regardless of the transfer amount, making it a highly competitive option for those sending large sums. For some currencies, there may be an additional 0.1% fee for expedited delivery. The service uses live exchange rates with no markup, ensuring transparency. However, be aware that transfers made over the weekend or during holidays may involve an additional fee for using the last known exchange rate.
Pros of Atlantic Money
✔️ Low Fees: Atlantic Money's £3 flat fee per transaction is highly competitive for international transfers.
✔️ Transparent Fees: No hidden charges. Users know exactly what they'll pay before completing a transfer.
✔️ Live Exchange Rates: The platform offers the real-time, mid-market exchange rate with no markup.
✔️ Fast Transfers: Most transfers are completed within one business day, and express delivery options are available for a small fee.
✔️ Easy-to-Use App: The app is straightforward and user-friendly, available on both iOS and Android devices.
✔️ Web Platform: Customers are no longer limited to their mobile app and can make transfers directly from their website.
Cons of Atlantic Money
❌️ Limited Countries: Transfers are only available between the UK and Europe.
❌️ Transfer Speed: Generally good, as most transfers will take 1 business day. However some currencies, such as the Australian Dollar, may take up to two business days for delivery.
❌️ No FX Tools: Atlantic Money does not offer additional features like exchange rate alerts or other currency conversion tools.
7. MoneyGram
You can use the MoneyGram app to send money abroad or within the United Kingdom. The app makes it easy to view your transfers' exchange rates and fee estimates, so you always know how much you have to pay.
With its well-designed user interface and dashboard, you can easily use this app to manage all transfers, whether one-off or repeated, international or domestic transfers.
Fingerprint and face recognition authentication are the app's other features (face recognition is only available on iOS operating systems). Both features make logging in to the app secure.
How to Use MoneyGram
Using MoneyGram requires you to download the app by navigating to the Google Play or Apple App Store. You can create a profile by inputting your information and allowing MoneyGram to verify it. Then, enter your recipient's details and pay for the transfer via your bank account, credit card or cash.
MoneyGram Fees
Transfer fees vary and depend on the amount you transfer, how you make the payment, the delivery method and how the recipient receives the money.
Pros of MoneyGram
✔️ A secure app that protects your data
✔️ It takes a few hours to transfer money to a mobile wallet or prepaid card
✔️ Low fees (some transfers cost as low as £3.99)
Cons of MoneyGram
❌️ You cannot cancel the transfer once the recipient collects the money
❌️ Limits to the amount you can transfer
8. CurrencyFair
The exchange rates you receive with CurrencyFair are favourable, so we have included this app on our list. This app has several handy features that make transfers easy and convenient.
You can use their business platform to make international money transfers to others and their personal platform to send money overseas to family and friends. Both features have no hidden fees and competitive transfer fees.
CurrencyFair also offers an exclusive peer-to-peer marketplace comparison tool that allows you to select the exchange rate you want and wait for the app to find suitable matches.
With this app, you can send money and receive it in more than 150 countries and over 20 currencies. Whether you need to transfer money or buy property overseas, you can do this with CurrencyFair.
How to Use CurrencyFair
CurrencyFair is relatively easy to use. Start by entering the transfer amount and currency. Enter the recipient's bank details and choose the method you will use to deposit the money you want to transfer.
You can deposit the money into the app by following the required prompts. CurrencyFair will make the transfer for you at rates potentially eight times less costly than traditional banks.
CurrencyFair Fees
CurrencyFair charges the GBP equivalent of a €3 flat-fee
Pros of CurrencyFair
✔️ Business platform with Xero tool
✔️ Is it possible to select the speed of transfer
✔️ Low-cost transactions for international money transfers
Cons of CurrencyFair
❌️ A limited number of currencies to transfer money to
❌️ Limited ways to top up your account
9. PayPal
This widely known money transfer service is one of the popular money transfer apps. It allows users to transfer funds from a PayPal balance or a bank account.
One feature you can take advantage of is the instant money transfer feature, which permits you to make instant transfers when you pay a specific fee.
The secure, flexible service enables users to protect their data using data encryption and protection protocols for sellers to prevent fraud.
It offers a business and personal platform, meaning you can receive several transfers from your customers through PayPal or send money to family and friends domestically and internationally.
PayPal will also send notifications to help you keep track of the money you send or receive. The app comes with Xoom support, meaning you can transfer money directly to bank accounts in more than 150 countries.
How to Use PayPal
To use the PayPal app, download it from the Apple App Store or Google Play Store. Create an account and add your recipient's email address or contact number. Enter the amount of money you want to send and add your message. Finally, select “Send” to complete the transfer. Your recipient can receive their funds in as little as 20 seconds.
PayPal Fees
There are no fees for sending money between UK bank accounts. Fees apply for sending money to a different international account in different currencies.
Pros of PayPal
✔️ Fee-free transfers within the UK
✔️ There are many ways to pay for the transaction, including PayPal balance and credit card
✔️ A secure app that protects your data
Cons of PayPal
❌️ Transaction fees are high for international money transfer
❌️ The recipient requires a PayPal account
What Are Some Alternative Ways to Transfer Money?
Money transfer apps might not be for you, but multiple alternatives exist if you are searching for another option to transfer money within the UK or abroad. Consider the following options that our experts have gathered below to find one.
Wire Transfer
Wire transfers are an electronic money transfer method. The transfer takes place from one bank account to another. This option is perfect if you need to transfer funds quickly and securely. It's also ideal to send a significant sum without limits on the funds you send within a particular timeframe.
However, this alternative is more expensive than money transfer apps.
The main reason wire transfers can be expensive is the bank fees you must pay. Many apps do not require you to pay such high fees.
Prepaid Debit Card Transfer
Prepaid debit card transfers are a way of transferring your funds from a prepaid card to another one. You can complete this process online or with mobile apps that the card issuer provides. If your recipient has a prepaid card, this can be a convenient money transfer option.
On the other hand, fees for using prepaid cards do exist. It is always best to verify these fees before you proceed with a prepaid debit card transfer and compare them with the costs of money transfer apps to make the best choice.
International Money Order
International money orders involve buying a money order from a post office or bank and requesting the service provider to send the money to your recipient overseas. This is a secure, trackable method for you to send funds overseas.
It is important to watch out for unfavourable exchange rates and fees that can make the cost of transferring your funds internationally much higher than using an app. It's also important to consider that you might face long processing times due to currency conversion services and verification requirements if you choose a money order.
Direct Deposit
Direct deposit transfers are an electronic method to transfer funds to the bank account of a family member, friend or employee. They are ideal if you need to make regular transfers, such as to pay someone's salary. Since they don't require physical cheques, the recipient gets their funds more quickly.
However, if you are considering a direct deposit, remember that you cannot reverse the payment easily, and even though some banks provide this service for free, others might expect a fee. You may also experience banking system glitches that impact how quickly your recipient gets their funds.
Personal Cheques
Personal cheques are written orders you can use to request your bank account to transfer a sum of money from your bank account to another. It is a trackable, flexible method that ensures you can document your payments.
Make sure you consider that personal cheques have a higher processing time than electronic methods such as money transfer apps. They also have low-security advantages, and you can lose them. If your recipient also does not accept personal cheques, this is not a viable money transfer option.
Best Money Transfer Apps: The Verdict
Money transfer apps offer convenience, faster transactions and lower costs. Some of the best apps, such as WorldRemit, will offer multiple ways for your recipient to collect the funds. Other transfer apps offer high-security options to protect your data. All of these features show how these apps can make money transfers simpler.
Make sure you compare each app to determine the best features for you. Check our expert guide on the cheapest ways to send money abroad for more information if you need to send money overseas.
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