9 Best Apps for Sending and Receiving Money from Abroad

The world is becoming increasingly interconnected, and with the help of the internet, sending and receiving money from abroad has never been easier. Whether you need to transfer funds for business purposes or send money back home to your loved ones, there are several apps available on both Android and iOS platforms that can facilitate these transactions efficiently and securely. In this article, we will explore some of the best apps for sending and receiving money from abroad.

1. TransferWise

TransferWise has gained a reputation for being one of the most reliable and cost-effective options for transferring money across borders. With the backing of Sir Richard Branson, TransferWise offers peer-to-peer money transfers that are 90% cheaper than traditional banks. By charging inter-bank fees to its customers and a minimal 1% fee of its own, TransferWise provides a low-cost solution for transferring money worldwide. The app also allows users to pay bills in other countries and offers real-time exchange rates and support for debit and credit cards.

Pros:

  • Allows transfers up to $1 million
  • Low inter-bank fees
  • Quick and easy to use
  • Fair exchange rates
  • Supports multi-currency accounts

Cons:

  • Limited availability

Download TransferWise: Android | iOS

2. Western Union

Western Union has long been a trusted name in the money transfer industry. With a wide range of supported currencies and payment options such as cards, Apple Pay, and bank transfers, Western Union offers convenience and accessibility. However, it is important to note that Western Union's exchange rates and fees can be higher compared to other options. It is advisable to check the rates and fees before making a transfer.

Pros:

  • Widely available
  • Works in various locations, including airports

Cons:

  • Higher fees
  • Unfair conversion rates

Download Western Union: Android | iOS

3. PayPal

PayPal revolutionized the way people conducted business globally. It provides a convenient way for freelancers and small businesses to receive payments. However, PayPal's fee structure can be complicated, with a minimum fee of 2.9% plus $0.30 cents. Additionally, PayPal's conversion and bank withdrawal charges make it one of the more expensive options for transferring money internationally.

Pros:

  • Easy to use
  • Widely available
  • Powerful API for app integration

Cons:

  • Higher fees
  • Unfair exchange rates

Download PayPal: Android | iOS

4. OFX

OFX has been gaining popularity in recent years due to its competitive rates and free transfers. While the minimum sending limit is $1000, there is no maximum limit. OFX offers bank-to-bank transfers with a fixed exchange rate markup of 1.5% and fees ranging from $15 for amounts under $10k to potentially 1% or less for larger transfers.

Pros:

  • No fees
  • No maximum limit
  • Competitive exchange rate fees

Cons:

  • Higher minimum amount compared to other options

Download OFX: Android | iOS

5. WorldRemit

WorldRemit offers both bank transfers and cash pickups in multiple countries. One of its standout features is the quick transfer and processing time, often measured in minutes. While fees can vary based on the destination and amount, WorldRemit provides a fast, easy, and cost-effective solution for sending money abroad.

Pros:

  • Low fees
  • Easy to use
  • Widely available

Cons:

  • None

Download WorldRemit: Android | iOS

6. MoneyGram

MoneyGram is a well-established company with a robust network of over 350,000 locations worldwide. It offers fast transfers and the option to pay bills abroad. However, like Western Union, MoneyGram's exchange rate markups can be as high as 3%, making it a more expensive option. It is important to consider the fees and exchange rates before choosing MoneyGram.

Pros:

  • Fast transfer
  • Easy to use
  • Wide availability

Cons:

  • Higher fees

Download MoneyGram: Android | iOS

7. Azimo

Although not as widely known as some other apps on this list, Azimo offers a growing network of over 300,000 pick-up points globally. With fees starting at £1, Azimo provides a fast and affordable way to send and receive money from abroad. It also integrates with iMessages on iOS devices for easy money transfers.

Pros:

  • Fast transfer
  • Claims low fees

Cons:

  • No detailed breakdown of fees

Download Azimo: Android | iOS

8. CurrencyFair

CurrencyFair offers an easy and cost-effective solution for transferring money internationally. While it may not be as well-known as other apps, CurrencyFair provides competitive rates, with a quoted rate of $1000 to Euro 873. The fees for international transfers start at £2.5 and an exchange rate margin of £8.5 for £2000.

Pros:

  • Low fees
  • Low exchange rates

Cons:

  • Less availability

Download CurrencyFair: Android | iOS

9. Xoom

Xoom is a popular option for transferring money abroad quickly. With individual transfer limits set at $25,000, Xoom offers low fees and the ability to send money within minutes. However, it is important to note that Xoom's exchange rate markups can be high, and availability is limited to 70 countries.

Pros:

  • Very fast transfer
  • Low fees
  • Owned by PayPal

Cons:

  • Exchange markups can be high
  • Not widely available

Download Xoom: Android | iOS

In conclusion, there are several options available for sending and receiving money from abroad. The choice of the app will depend on factors such as the amount to be transferred, the destination, and the fees and exchange rates offered by each provider. It is recommended to compare rates and fees before making a decision.