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Best international money transfer apps
Send money overseas with these top-rated mobile money transfer apps.
The majority of money transfer providers now have mobile apps that allow you to send money from New Zealand from the convenience of your phone. We’ve rounded up a selection of the most popular money transfer apps, and outlined their pros and cons to help you make a decision about which one is right for you.
The best money transfer apps in NZ for 2023
1. TorFX
TorFX lets you send money in over 40 currencies and is one of the leading money transfer services. 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.
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 above $2,000
- TorFX will match any competitor’s rate (as long as it’s not above mid-market rate)
Cons
- Doesn’t offer cash pick-up
- Not suitable for transfers under $2,000 as you’ll get a less competitive rate
- Doesn’t accept cash or cheque payments
- App only available in English
Calculate your transfer with TorFX
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2. Wise
Wise aims to make the exchange process as cheap and transparent as possible. The app also lets you set up repeat payments for ongoing 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
- 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 pick-up
- Not as many currencies as other providers
3. OFX
With OFX’s app, you can send money to over 190 countries worldwide. The app also has a range of extra features, like being able to set rate alerts that can help you take advantage of the best times to transfer.
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
Calculate your transfer with OFX
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4. WorldRemit
The WorldRemit app lets you send money to more than 120 countries around the world. With no minimum transfer amount, WorldRemit lets you take advantage of competitive exchange rates when making your transaction.
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 pick-up 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
Calculate your transfer with WorldRemit
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5. WorldFirst
WorldFirst requires a higher minimum for money transfers but offers competitive exchange rates. The app specialises in fast transfers and you can use its extra features, like the currency converter and market updates, without signing up.
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 transaction fees
- Competitive exchange rates
- Same-day transfers for major currencies
- No maximum transfer limit
Cons
- Doesn’t allow small transfers
- Only accepts bank transfer
- No cash pick-up
Calculate your transfer with WorldFirst
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6. CurrencyFair
The CurrencyFair app lets you exchange money at a fairer exchange rate than what you’d find at the bank. With low fees and minimum transfer amounts, the app makes international money transfers convenient.
Features in the app
| Live exchange rates | Set rate alerts | Track your transfer |
| Available on iPhone | Available on Android | Available in other languages |
Pros
- Low fees
- Minimum transfer amount is small ($5)
Cons
- Limited number of currencies
- Only bank-to-bank transfers
- App only available in English
Calculate your transfer with CurrencyFair
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How can I compare money transfer services?
A key factor in choosing an 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, transfer services 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 pick-up, 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 providers take anywhere between one to four days to deliver the money at a much lower fee.
Picture: Shutterstock
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