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Top 5 Money Transfer Apps for 2020

  • September 21, 2020
  • 3 min read
  • 15357 reads

Long gone are the days of sending a cheque. Money transfer apps make it easy for people to send money domestically and overseas electronically. They allow third-party companies to move money from one place to another, similar to a bank. They are safe and fast, the best money transfer apps can deliver your funds within one business day.

Money transfer apps allow you to painlessly send money from one country to another using different currencies.

Transfer app companies make their money by either charging a transaction fee or through the spread. The spread is the difference between the price you are charged for the transfer and the price it costs the company to conduct the transaction.

5 Best Money Transfer Apps

  1. Xoom
  2. XE
  3. WorldRemit
  4. Venmo
  5. TransferWise
  • Need an investment app? Find the best personal finance investment apps here.

All money transfer apps vary on their fee structure, so be sure to shop around, especially when sending large sums of money.

Financer.com has broken down the top 5 best money transfer apps in the below comparison chart for you to find the right app to suit your needs.

Financer.com Compares The Best Money Transfer Apps

5 Best Money Transfer Apps For 2020

XoomXEWorld RemitVenmoTransferWise

Transfer Limit
Up to $50,000 usd in 24 hoursUnlimitedUp to $10,000$4,999 per weekDependent on destination. US users can transfer up to $20,000 using AHC and up to $1 million if funded by a bank wire transfer
International Transfer CapacityOver 150 countriesOver 80 countries150 countriesOnly available between US residentsOver 70 countries and counting
Mobile & Desktop AccessibilityBothBothBothMobile OnlyBoth
Fee StructureDependent on amount, destination and originating locationNo transaction feesCharges vary depending on amount and destinationFree for debit cards, bank accounts and prepay cards. 3% on credit card transfersFixed rate fees vary depending on the mid-market rate at the time of transaction
Delivery TimeSame day but up to 4 days dependent on destinationSame dayAs soon as same day but dependent on destinationSame daydependent on destination
Transfer MethodsBank deposit, cash pick upBank account to bank account transfersBank Transfer, Cash Pickup, Mobil Money, World Remit WalletUsers transfer money into their Venmo accounts to then make transfers fromBank transfer, debit card, credit card

Using money transfer apps is a great way to eliminate the burden of sending money. So, no more need to worry about carrying an extra $20 in your pocket or running to the bank to withdraw money for the landlord, simply pull out your app and transfer the money easily.

Author Kimberley Smyth

Kimberley is the US Country Manager for Financer.com. She has gained years of experience in small business management and has two successful start-ups under her belt. She now focuses her energy on helping others achieve financial freedom through smart money management and investment opportunities.

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Last Updated: September 21, 2020

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