Find the Best Money Transfer App in 2022 for YOU

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Money Transfer Apps

Best Money Transfer App 2022

All over the world, the smartphone has become the best way to send money. You no longer hear people asking whether their counterpart will take check payments. Millions of people rely on an app on their smartphone whenever they need to split a bill with a friend, settle a bet or simply send money to their loved ones. 

With numerous online money transfer apps available, you can even go as far as making money transfers across borders with the cheapest way to transfer money internationally. 

What Is a Money Transfer App?

Money transfer apps can also be referred to as peer-to-peer money transfer applications as they allow users to transfer money on a peer-to-peer level. This means that the recipient of the funds can receive the money straight into their bank account or digital wallet without the need for an intermediary. 

Different money transfer apps use various means to achieve this purpose. However, most use a smartphone application that you can download and use as your digital wallet for receiving funds. From that digital wallet app you have downloaded, you can link your local bank account to receive and send funds. 

Some money transfer apps feature the capacity to send money across borders to users in other countries. The recipient will get the funds deposited straight into their bank account or will be able to withdraw from the international mobile transfer app to their local bank account.

Why Should You Use a Money Transfer App?

There is a reason why the best apps for money transfer get the highest rating. The reason is that these online money transfer services not only allow you to send money to friends and family but also to make international money transfers with ease. You can do this from the comfort of your home or even while walking on the street. 

Here are some of the benefits you stand to gain from using a money transfer app.

Faster Transfers 

With the best app for money transfer, you get to send and receive money from anywhere and benefit from speedy transactions that are fulfilled in a matter of minutes as opposed to days. 

The best money transfer services feature a reliable and fast transactional process that usually takes less than traditional services. Compared to conventional means such as where international money transfer processes take days, this is much better and more convenient.

Cheaper Transfers

While the cost of moving money around with money transfer apps differs from one platform to the other, the fees you end up paying, in general, will be way cheaper, especially when compared to conventional means. 

For instance, a money transfer service such as Paypal will charge zero fees for instant delivery of funds sent to family and friends. In contrast, traditional brick-and-mortar money transfer services such as Western Union feature varying fees depending on where you send the money.

Better Money Tracking and Management

With a money transfer app, you can easily keep track of all your transactions under one roof. You can send money online instantly to several recipients and keep track of the payments. On some applications, you can set up automatic payments such that all your invoices are paid out in time, thus adding to the ease of use you get to enjoy.

Improved Security

Security of funds is also a top feature you get to enjoy while using an app to transfer money. The best apps for money transfer will feature encrypted transactions and bug fixes designed to protect you from malicious attacks. You can also set up a fingerprint level of security on a money transfer app for iPhone or Android devices.

Examples of Money Transfer Apps

Picking the best money transfer app can be a bit tricky, considering they all come with a variety of features, fee structures, and user interfaces. In this section, we focus on three money transfer apps that offer various features while investigating their fee structure, speed, and other convenience functions. 


Formerly known as TransferWise, Wise is a money transfer app that offers one of the cheapest ways to send money online and across borders. With Wise, you can send money internationally from the U.S to 80 countries worldwide, making Wise a sort after solution for users looking to make inexpensive money transfers internationally.

In terms of design, the Wise website is built to be intuitive as its homepage comes with an easily accessible costs calculator and an FAQ that gives novice users an easy navigation experience. 

Wise allows you to send and receive funds cheaper and faster than old school money transfer solutions as you can convert, hold, send and receive over 50 currencies on Wise's mobile app. 

In terms of fees, Wise charges relatively low fees of around $1 for sending money to most supported countries, plus other bank account and credit or debit card-related fees. Unlike banks and other money transfer service providers, Wise doesn't charge a markup on its international money transfer product. For more information, check out our Wise review.


Another great app for instant money transfers is Revolut. This money transfer app doesn't just stop at sending and receiving money. It is also a digital bank with multiple financial services and products, including currency exchange. 

What started in 2015 as a digital bank that offered cheap currency exchange rates and a travel card has evolved into a fully-fledged bank accessible in multiple countries worldwide. Revolut's online money transfer services come with zero fees when transferring funds from your Revolut app to other international banks with a wire transfer. 

However, if you use SWIFT, you should expect to pay a fee ranging from €0.5-2.0. Another charge you should beware of while using the Revolut online money transfer app is the exchange fees. Up to a threshold of 5,000 EURO, you can transfer money for free, after which a 0.5% fee applies. 

Revolut supports multiple currencies across the world as well as several payment options to pick from, such as credit and debit cards, Apple Pay, and bank transfers, to mention a few.


If you are searching for the safest money transfer app with instant SEPA money transfer capabilities, immense flexibility, and a ton of features, look no further than Bunq. 

This young and innovative money transfer service provider is based in the Netherlands and presents fully-fledged solutions for your money transfer needs. 

Bunq allows its users to send money to other users with the Bunq app at near-instant speeds and zero costs. You can even go as far as sending money to users without a Bunq account as long as they have an email and a phone number. You can also use the application to create and send invoices that are paid out in EURO. 

The service comes with free ATM withdrawals and a bill splitting feature that you can use the next time you are splitting a check with a friend. Multiple types of accounts on Bunq feature different types of fees. For instance, cash withdrawal fees will range from about 0.99 EURO while using a credit or debit card to make withdrawals. 

Overall, the main feature you get to enjoy with the Bunq money transfer service is access to a well- functioning fully fledge banking application with a variety of debit card accounts to pick from. Although Bunq's premium accounts are costly compared to other similar services, Bunq redeems itself with features such as the one that allows you to link one debit card to multiple accounts.

How Do You Send Money Online?

Sending money online has never been easier. There are multiple money transfer services to choose from, with examples including the ones highlighted above. Most of them feature a straightforward process that can be achieved with the following steps.

1. Select the Platform and Open an Account

Use our platform to find the best money transfer app for you and set up your account. Additionally, ask the person you are sending money to open an account with us as well.

2. Add the Transfer Details

Fill in the details of your transfer according to the app's specifications (currency, sum, etc.)

3. Send the Money

Approve the transfer and send the money.

Methodology - How We Find the Best Money Transfer App

To find the best way for you to send money online, we analyze multiple functions and features. These include the fee structure of a given platform, its transfer speeds, withdrawal and deposit limits, and the level of security featured. Here is a detailed look at the factors we consider with every suggestion.


The best international money transfer applications come with varying fee structures and currency exchange rates. It is essential to consider the cost of sending money abroad, as this affects the amount you will be able to send or receive while using a money transfer app. Beware that although you might compare money transfer services and find those with low fees, some online money transfer apps have hidden fees.

Transfer Speed

In addition to fees, consider the transfer speed of the international money transfer app you use. In our methodology of finding the best money transfer apps, we look a the transfer speed (also called the remittance float rate) to measure how long it takes the money to be transferred from point A to B. Keep in mind that the recipient's bank adds an additional transfer time in some cases.


The withdrawals and deposit limits that come with the money transfer app of your choice will affect how much money you can send or receive. Because we know some users also transfer large sums of cash, we also included services with higher limits. 


Given the sensitive nature of finances, security is a top consideration in our criteria. This is why we only recommend money transfer apps with a proven security track record. We want to make sure that your money is always in safe hands. 


Customer support is an essential criterion for any online service. We made sure that all our recommendations include 24/7 customer support and various ways of contacting the support staff. 

Platform Features

Finally, we pay attention to the platform's features and gauge whether they suit your needs.

Frequently Asked Questions

  • Yes, most available online money transfer apps are safe to use. However, it is important to conduct your due diligence with every service and implement additional security features as they are not foolproof.

  • The best money transfer app will complete the transfer in less than 30 minutes. The time to fulfill the transfer will vary based on the different currency exchange rates and the different banks across the globe. As a standard, the recipient should receive their funds within three business days.

  • Online money transfer apps such as the one highlighted in this article offer some of the cheapest ways to send money.

Find the Best Money Transfer App Now

If you have never used a money transfer app, now you have a clear understanding of what they are and the benefits they bring. Not only do these money transfer apps offer you the convenience of minimizing costs with every transfer, but they also feature a variety of additional financial products that make it easy to manage and control your finances. 

When looking for the most affordable means of sending money internationally, you will save yourself time by simply considering our review of the best money transfer apps available right now. 

Using our comparisons and reviews will quickly point you to the cheapest money transfer services available.