Wise (TransferWise)
- Fair service fees and mid-market rates – a major market differentiator
- Next-day delivery for most currencies
- Easy-to-use app
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Best international money transfer app
It's easy to send money overseas from Hong Kong with a money transfer app.
Many major money transfer specialists now offer mobile apps that let you send money globally from the convenience of your phone. We’ve rounded up some of the most popular money transfer apps in Hong Kong and outlined their pros and cons to help you find the best international money transfer app for you.
At a glance: The best international money transfer apps of 2022:
Wise (Transferwise)
Wise, a popular money transfer app, aims to make the exchange process as cheap and transparent as possible. With Wise, you can send money to friends and family in over 30 countries around the world. Wise is best known for its easy registration process, competitive rates, high daily sending limits of 10,000,000 HKD and flexible payment options. When you open a Wise account in Hong Kong, you’ll have access to a multi-currency account which allows you to convert and send currencies to other Wise accounts or bank accounts abroad. The money transfer app also lets you set up repeat payments for ongoing transfers. One downside to note, however, is that there is no cash pick-up option for transfers made with Wise.
Features in the app
Live exchange rates | Set rate alerts | Track your transfer |
| Available on iPhone | Available on Android | Available in other languages |
Pros
- No minimum transfer amount
- Uses the mid-market rate
- Transparent with fees
- Can pay with Apple Pay (although paying by card incurs higher fees)
Cons
- No cash pickup
- Not as many currencies as other providers
| Data from 30 December, 2021 | Apple Store | Google Play | |
|---|---|---|---|
| Rating | 4.3 | 4.7 | Average rating: 90% |
| # of reviews | 154,486 | 23,034 | Total reviews: 177,520 |
Calculate your transfer with Wise
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
TorFX
TorFX lets you send money in over 40 currencies and is a leading money transfer app. You can make personal or business transfers through TorFX and its app comes with a number of features such as transfer tracking and real-time exchange rates. The money transfer app is best known for handling large transfers and the strong customer service provided by its personal account managers. You can even schedule recurring transfers for large amounts with TorFX. TorFX also offers a price-match guarantee, where the company aims to beat other rates quoted to you on the market. Besides standard money transfers, you can set up more complex transfers with TorFX — including spot contracts, forward contracts and limit orders.
Features in the app
Live exchange rates | Set rate alerts | Track your transfer |
| Available on iPhone | Available on Android | Available in other languages |
Pros
- Competitive exchange rates
- No added fees
- Forex tools like limit and stop-loss orders
Cons
- Doesn’t offer cash pickup
- Doesn’t accept cash or cheque payments
- App only available in English
| Data from 30 December, 2021 | Apple Store | Google Play | |
|---|---|---|---|
| Rating | 4.2 | 3.8 | Average rating: 80% |
| # of reviews | 60 | 222 | Total reviews: 282 |
Calculate your transfer with TorFX
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
OFX
With OFX’s app, you can make fee-free transfers from Hong Kong to over 195 countries worldwide. OFX is best known for its competitive rates on large transfers and offers two transfer options: OFX Rapid and OFX Risk Management. The first option is better for users who need to send money quickly, while the second is better for more cost-effective transfers. The money transfer app also has a range of extra features, like forex tools, recurring transactions, and rate alerts that can help you take advantage of the best times to transfer. While transactions are free, OFX takes a small margin on currency exchange rates. Do note that OFX does not offer a cash pick-up option. It also only allows transfers made by bank transfer, not cash or credit card.
Features in the app
Live exchange rates | Set rate alerts | Track your transfer |
| Available on iPhone | Available on Android | Available in other languages |
Pros
- Can monitor current and historical exchange rates
- Track your transfers
- Set rate alerts
- Free transactions
- Better exchange rates than banks
Cons
- Transfers must be above $250
- Doesn’t accept credit card or cash as payment
- App only available in English
| Data from 30 December, 2021 | Apple Store | Google Play | |
|---|---|---|---|
| Rating | 4.8 | 4.4 | Average rating: 92% |
| # of reviews | 1,636 | 3,029 | Total reviews: 4,665 |
Calculate your transfer with OFX
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
WorldRemit
The WorldRemit money transfer app lets you send money to more than 150 countries around the world for bank deposits, mobile airtime top-up and even cash pickup. With no minimum transfer amount, WorldRemit lets you take advantage of competitive exchange rates when making your transaction. WorldRemit is best known for its quick transfers made through flexible options. Its worldwide network accepts transfers using a variety of methods including bank transfer, cash pick-up, door-to-door delivery and even services like Alipay. Because of its maximum daily limits and lack of forex tools, WorldRemit tends to be more popular for smaller, direct transfers.
Features in the app
Live exchange rates | Set rate alerts | Track your transfer |
| Available on iPhone | Available on Android | Available in other languages |
Pros
- Cash pickup available
- No minimum transfer
- Large range of destinations
- Competitive exchange rates
- Funds can be received through mobile money
Cons
- Limit on how much you can send
- Fees change depending on the amount you transfer
- Not as many extra features as other money transfer apps
| Data from 30 December, 2021 | Apple Store | Google Play | |
|---|---|---|---|
| Rating | 4.8 | 4.4 | Average rating: 92% |
| # of reviews | 124,643 | 108,883 | Total reviews: 233,526 |
Calculate your transfer with WorldRemit
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Western Union
As the world’s largest money transfer company, Western Union is a widely recognised brand. Its international money transfer app offers money transfers to more than 200 countries around the world as well as a map of worldwide agent locations and directions for cash pickups. Western Union is best known for its fast and flexible money transfers, which can sometimes be received in just minutes. The money transfer service provider is popular amongst users who want flexible transfer options or wish to send transfers to recipients without a bank account. While Western Union offers safe and flexible transfers in Hong Kong, its fees can be complex to understand across different transfer types. It also tends to offer weaker rates for cash transfers than other competitors on the market.
Features in the app
Live exchange rates | Set rate alerts | Track your transfer |
| Available on iPhone | Available on Android | Available in other languages |
Pros
- Almost-instant transfers to cash pickup
- Can pay with bank transfer, cash, card or Apple Pay
- Transfers to many currencies
- Quick and flexible transfers
Cons
- Less competitive exchange rates
- Transfer fees to some countries can be significant
| Data from 30 December, 2021 | Apple Store | Google Play | |
|---|---|---|---|
| Rating | 4.8 | 4.5 | Average rating: 93% |
| # of reviews | 471,917 | 225,807 | Total reviews: 697,724 |
Calculate your transfer with Western Union
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How can I compare money transfer services?
A key factor in choosing the best international money transfer app is the service behind it. Compare these features before making your decision.
Exchange rates
Different providers will offer you different exchange rates. It’s generally not the one you’ll see on Google or XE, otherwise known as the mid-market rate. To make a profit, money transfer apps add on a margin to the exchange rate to cover their own fees. So a provider may have no fees, but a bad exchange rate – this is why it’s important to compare.
Fees
Providers charge fees in either flat rates, percentages, or not at all. These fees can also change depending on what you’re sending and how you’re sending it. For example, larger transfers are generally cheaper, while money transfers using your credit card can incur higher fees.
Speed
Sometimes you need to get money to someone fast. Some providers specialise in cash pickup, which means your recipient can pick up the money you send almost instantly. This does come at a higher price, however. If you’re not too fussed with timing, most money transfer apps take anywhere between one to four days to deliver the money at a much lower fee.
Bottom Line
You can get more value for your money by comparing both the providers themselves and their apps. Make sure to check with the money transfer app regarding the currency you want to send since fees and regulations can change depending on the country. This way, you’ll have all the information you need to find the best international money transfer app for you.
Picture: Shutterstock
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