Online banking via an app on your phone may be the norm nowadays, but when it comes to sending money between two people across borders, third party money transfer apps really excel.

Whether you’re looking to send money back home as an expat, or transferring money for an international payment, money transfer apps have the ability to send your money

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across the world for a low fee and often in a matter of minutes, making the once expensive and stressful process of international payments now as painless as possible. 

The money transfer app space is growing constantly, and it can be hard to find the right service for your needs – which is why in this guide, we’re pointing you in the direction of some of the best money transfer apps on the market in 2022.

Best money transfer apps at a glance…

·        Domestic transfer apps

·        What are the best domestic transfer apps?

·        International money transfer apps

·        Wise, formerly TransferWise

·        WorldRemit

·        Azimo

·         XE

·        Western Union

·        PayPal

·        Apple Pay

·        Google Pay

What are money transfer apps?

A money transfer app is a downloadable application that allows individuals to transfer funds to other people, friends and family, and businesses all over the world. These apps tend to be free, and designed for use on smartphones and apps can be downloaded for both iOS and Android.

Money transfer apps make sending money convenient and easy, often with 24/7 access so you can make international transfers and track the transaction anytime, anywhere. Most of these money transfer apps have multiple layers of security to keep your money safe and are quickly becoming the go-to option for quick and efficient transfers on the go.

What should I consider when choosing a money transfer app?

Money transfer apps have grown extremely popular over the years, and there are many options to choose when you try to find the best money transfer apps from depending on which country you’re in and what currencies you want to send. There is no one-size-fits-all solution when it comes to money transfer apps or services. You should choose those apps to send money based on your specific needs including what you are using the app for, where you are sending money and the amount you are transferring. Some points to keep in mind include:

·        Location: Not all money transfer apps are available in all countries. It is important that the app you choose is available in your country and has a wide geographic coverage – including the country to which you wish to send funds. Make sure an app supports the currencies you wish to transfer and enables transfers to your intended destinations before downloading it.

·        Transfer cost: If you have ever made an international transfer, you might have already experienced the recipient getting less than you may have expected. This happens because the transfer fees and other costs eat into the amount originally sent. You can keep these costs to a minimum by comparing the total transfer costs and choosing the one that offers the lowest fees and best exchange rates.

·        Transfer speed: Not all money transfer apps offer the same transfer speeds. Some companies have sophisticated systems and local bank accounts that enable instant or same-day transfers. It’s important to find out how fast you can expect transfers to be, especially if having money arrive quickly is important to you. If you want to send money online instantly, find out more here.

Is there an app to transfer money from one bank to another?

If you need to transfer money from one bank to another and would rather avoid the higher fees and longer transfer times often associated with using your bank directly, your best option is to use a money transfer app service.

These services will typically cater to either domestic transfers (within the US) or international transfers for people looking to send money overseas. 

Domestic transfer apps

There are a number of domestic money transfer apps for transferring money from different banks offering numerous advantages over using your bank account to initiate a transfer. Some of the benefits of domestic money transfer apps include:

·        Free transfers

·        Transfers are often available in your recipient’s account instantly

·        Rather than needing your recipient’s bank details, all you need is their phone number, email address, or username

What are the best domestic transfer apps?

Many of the apps available for sending money between bank accounts are very similar, following a peer-to-peer sending structure that enables users to get their money to their recipient as quickly as possible.

In our guide to sending money within the United States, we’ve covered some of the top-rated domestic money transfer apps to get your money to friends and family including PayPal, Venmo, and Zelle.

International money transfer apps

In the past couple of decades, numerous international money transfer companies have launched their services to offer cheaper, faster, and more efficient overseas transfers than ever. 

Indeed, international money transfer apps are often a far more cost-effective way of sending money abroad than a traditional financial institution. Likewise, these companies tend to have an emphasis on digital modernisation, with user-friendly apps designed to make sending money abroad as convenient as possible 24/7.

The Best Money Transfer Apps for 2022

·         Best Overall: PayPal

·         Best for International Transfers: WorldRemit

·         Best for Low Fees: Cash App

·         Best for Shared Bills: Venmo

·         Best for Small Transfers: Facebook Pay

·         Best for Bank to Bank Transfers: Zelle

Benefits of using a money transfer app

Money transfer apps have something to offer to every user – parents who need to send rent money to their child studying abroad urgently, a daughter who wants to send money back home to her elderly parents, an international traveller who wants to make an advanced booking for his holiday, a businessman who wants to book accommodation… all of them can use a money transfer app to make their payments.

Here are the benefits of a money transfer app:

Ease of use

A money transfer app is designed to be user-friendly. All you need to do is sign in with your username and password. Some apps even let you activate the biometric feature to access the app with your fingerprint or face-recognition. A few taps on the screen is all it takes to do a money transfer on an app.

Security

Money transfer apps are secure. Transactions are encrypted, and bug fixes happen regularly. Furthermore, today most smartphones are locked using a password or fingerprint of the owner. This means that even if someone were to get their hands on your phone, you wouldn’t have to worry about them gaining access to the money transfer app and committing financial theft.

Convenience

You can initiate a money transfer from anywhere in the world, at any time—no need to visit a physical branch. The only thing you need is a smart device (phone/tablet/laptop), username and password, internet connectivity, and details of the beneficiary.

Easy tracking of money

If you are looking to access all transactions and set favourites, money transfer apps are for you. All your transactions are listed within the app. This way, you can keep track of all your money transfers.

Now that you know the benefits of money transfer apps check out how digibank by DBS makes a difference in the world of money transfer apps.

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