When it comes to sending money overseas, banks aren’t your only option. You’ll often get lower fees and more convenient transfer options with a money transfer app.
We’ve scoured the market to find the best international money transfer apps, comparing transfer fees, exchange rates, speed, user-friendliness and more. Here are our top picks.
With the Remitly app, you'll be given the exact date and time your money will be available for your recipient. If your transfer is late, Remitly has a money-back guarantee. Learn more about this and other features before downloading the app to make sure it's the right fit for you.
Rated 4.8/5 on Google Play and 4.9/5 on the Apple App Store
Competitive exchange rates and offer great promotional offers for first-time users
Diverse delivery options - send money to bank accounts, for cash pickup and to mobile wallets
Low max transfer limits for new customers - limited to $999 per day and $2,999 per 7-day period
No hedging options
Inconsistent markups added to exchange rates across different countries
Receiving options
Cash pickup location Bank account Mobile wallet Home delivery
Send payments using the mid-market rate in 70+ countries with the Wise app. It includes a calculator you can use to get exchange rates and fees for specific transfers and offers an easy way to upload a photo of any personal ID needed to get started with Wise.
Rated 4.7/5 on Google Play and 4.6/5 on the Apple App Store
No markup on the exchange rate
Easy to use app with great UX
Low transfer minimum and high sending limits
No cash pick-up option
Not suitable for large transfers due to transfer fees
Recipient must have a bank account
Receiving options
Bank account Alipay (China only)
Pay By
Credit card Debit card Bank transfer Interac e-Transfer Online bill payment Direct debit (EFT)
WorldRemit's network is smaller than providers like Western Union, but you'll often find better rates and lower fees with WorldRemit. WorldRemit's app shows you upfront the exchange rate and fees you'll be paying without needing to sign up.
Rated 4.6/5 on Google Play and 4.8/5 on the Apple App Store
Flexible payment options
Cash pickups, wallet transfers and airtime top-ups available within minutes after sending
Send money to over 130 countries
Maximum daily limits
Inconsistent markups across currencies, exchange rate markups range from 1-4%
Receiving options
Cash pickup location Bank account Mobile wallet Home delivery Prepaid phone credit
OFX is a money transfer service that allows you to make large transfers in more than 50 currencies to over 160 countries from Canada. They provide dedicated account experts to advise customers and allow you to lock-in exchange rates ahead of time.
Rated 4.6/5 on Google Play and 4.8/5 on the Apple App Store
OFX supports over 50 currencies
No transfer fees over $10,000
You can hedge your risk and lock in exchange rates 12 months ahead of time
With a high maximum transfer amount and the option to send to 200+ countries, Xe Money Transfers are cost effective if you send funds frequently. But if you need to send cash or pay in cash, you'll have to look elsewhere.
Rated 4.8/5 on Google Play and 4.8/5 on the Apple App Store
Send funds in 100+ different currencies
Same-day delivery for some transfers
Competitive exchange rates
No cash pick-up option
Some transfers could take up to 72 hours to complete
Western Union is an established brand in the money transfer space and has a wide reach their online platform, mobile app and over 2,500 agent locations in Canada.
Rated 4.3/5 on Google Play and 4.6/5 on the Apple App Store
User-friendly app that offers fast cash transfers
Massive network with over 200,000 agent locations worldwide
Higher fees for cash pickups
Expensive for domestic transfers
Not possible to send more than $999 per day online
Receiving options
Cash pickup location Bank account Mobile wallet
Pay By
Cash Credit card Debit card Bank transfer
How do I find the best money transfer app?
Consider the following factors when comparing the value and quality of money transfer services:
Exchange rates
Mid-market rate. This is the “true” exchange rate between a pair of currencies (without any fees deducted for transfer services).
Exchange rate markup. Many transfer services deduct a small percentage of the midmarket rate as a fee.
Exchange rate vs fees. Pay attention to both fees and exchange rates. Some services offer $0 fees but charge a wide margin on the exchange rate.
Fees
Transfer fee. Can be a flat fee, a percentage fee or free.
Transfer amount. Percentage fees add up for large transfers. Some providers waive the fee at a certain threshold.
Payment method. Credit card payments can be expensive. Paying by bank transfer is often cheaper.
Receiving fee. Your recipient’s bank may charge a fee for receiving funds.
Speed
Financial network. Money typically passes through a complex network of intermediary banks to get to its destination. This impacts the speed of the transfer.
Transfer methods. Cash transfers often arrive quicker than bank wire transfers.
Time of transfer. Your transfer may be delayed if you send on weekends or holidays.
Security
Encryption and account protection. Transfer services often use SSL certificates to encrypt user data and multi-factor authentication to prevent unauthorized access to accounts.
Customer reviews. Find out which money transfer apps are reputable by checking out real customer reviews on sites like Trustpilot or the Better Business Bureau (BBB).
Risks of sending money overseas
Each year, Canadian residents send more than $5 billion in cash transfers to friends and family overseas, according to Statistics Canada.(1) The average amount sent, in 2017, was just over $2,800. However, data from the Finder: Consumer Sentiment Survey Q1(2) shows that this amount increased in the last few years.
Survey results from more than 1,845 respondents show that the average value of an international wire transfer increased 65.5% between 2017 to 2023, to just over $4,635. Men were more likely to send a larger amount, with an average money transfer sent by male respondents at just under $7,450, compared to just under $2,045 sent by female respondents.
One risk, when sending money overseas is to pay for the service but to make a mistake on who and where to send the money. According to data from the Finder: Consumer Sentiment Survey Q1, 26% of respondents admitted to sending money to the wrong person overseas, at least once. While just over half (54%) were able to get the wire transfer money back, 46% were not.
Compare money transfer services
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
To find the best international money transfer app, you need to look at fees, exchange rates, transfer options, speed and safety. Consider whether you’ll be sending small or large transfers, how often you need to send money, and which payment methods are the most convenient for you. To learn more about sending money overseas, check out our guide to international money transfers.
Survey Methodology for Finder: Consumer Sentiment Survey Q1
The results of the Finder: Consumer Sentiment Survey Q1 were collected through an online Pollfish survey conducted between December 2022 and January 2023. In the survey, 1,846 Canadians from across the country were asked about their use and opinions on international money transfers. The estimated margin of error for the survey is +/- 3%, with a 99% confidence level.
Frequently asked questions about the best money transfer apps
Are top picks for the best and most reliable money transfer apps are Remitly, Wise, WorldRemit, OFX, XE and Western Union. All of these apps help you reliably transfer money to countries all over the world.
Your list of destination countries depends on the money transfer service you're using. Some like OFX, WorldRemit and Western Union support transfers to many countries, while other providers specialize in transfers to certain geographic regions.
International money transfers often take anywhere between minutes and several business days to process. The transfer speed ultimately depends on the financial network your transfer service uses to transmit funds and the type of transfer you're sending. Typically, bank wire transfers take the longest, while transfers funded by cash or debit can be processed almost instantly.
Money transfer service providers usually follow industry-standard practices for protecting customers' sensitive information and handling money securely. This includes data encryption, multi-factor authentication, 24/7 fraud monitoring and more. Banks and other financial institutions follow these types of security practices as well.
Additionally, money transfer services are required to comply with regulations established by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to prevent fraud and money laundering.
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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