5 Best Money Transfer Apps (2023 Review)

Whether you need to send money to your parents back home, pay for your child’s school fees abroad, or fund your overseas shopping, money transfer apps are an increasingly popular way to move your funds internationally. 

The best money transfer apps offer low fees, quick transfers, and transparent pricing. But with so many choices in the market, it’s essential to do your research on the money transfer app best suited for you.

Today, we’ll discuss the best money transfer apps to consider:

TL;DR: 5 Recommendations for Money Transfer Apps

	Transaction Fees	Currencies Supported	Transfer Amounts	Estimated Transfer Speed
Wise	0.35% – 1% + small flat fee	Send to and from 23 currencies; or send only to another 28 (full list)	No minimum transfer amount; maximum depends on currency (full list)	Same day to 3 business days
Instarem	0.25% – 1%	Send from 9 currencies including USD, EURO, AUD, CAD, GBP, HKD, INR, MYR, and SGD; receive in 20+ currencies	Minimums and maximums depend on currency (full list)	Same day to 2+ business days
Western Union	No remittance fees, but there may be a markup on exchange rates	Over 130 currencies (full list)	If sending online: Up to $1,000 daily, $3,000 weekly, or $6,000 monthly	Same day to 5 business days
Revolut	0.3% (minimum $0.30, maximum $9)	Add in 18 currencies including AUD, CAD, HKD, JPY, USD, and ZAR. Transfer funds in 30 currencies.	No minimum, but Singapore users can only transact up to S$30,000 or foreign currency equivalent per year.	Same day to 5 business days
SingX	0.25% to 1%	Send in SGD and USD; receive in 21 currencies, including AUD, INR, CNY, IDR, THB.	Up to S$1 million, but limits vary depending on the country	Same day to 2 business days

#1 – Wise

Wise (full review) launched in 2011 as an online money transfer service based in London. The two founders chose the name because they believed their users were “wise” to recognise the hidden fees and markups that traditional remittance services charged.

Fees: Wise pegs its conversion rates to mid-market rates — what banks use when they trade with one another — and adds a small variable fee upwards of 0.35% per transfer. There are no charges for your recipient to receive money in the 10 accepted currencies. You’ll also see all fees upfront before deciding to make a transfer.

Minimums: No minimum transfer amount is required, but each currency has its maximum transfer limit. Check on the specific currency you’re sending to see these limits.

Availability: You can transfer money in 80 countries and 54 currencies, including countries such as Australia, Malaysia, Japan, United Arab Emirates, and Sweden. With Wise, you can transfer the money to a bank account or another Wise account.

Speed: Wise is reliably fast. Expect transactions for popular currencies to be completed within hours tops. Other transactions can take up to three working days. Larger transfer amounts will also take longer.

Other perks: You can apply for a Wise debit Mastercard that allows you to spend in the local currency wherever you go plus withdraw up to $350 for free at ATMs overseas. The card can be used in more than 200 countries.

The Wise app also allows you to track your daily transactions and analyse your spending for the month — making it easier to keep track of overseas expenditures.

For whom is Wise best: Those looking to use the account not only to send money abroad but also keep tabs on spending. Wise is low-cost and has transparent fees with speedy service.

#2 – Instarem

Instarem (full review) is a money transfer service headquartered in Singapore — which also means it’s one of the options on this list that you can use PayNow with. It supports fewer currencies than Wise but sometimes has lower fees for popular transfer channels.

Fees: Conversion fees are pegged to mid-market rates. Variable fees are between 0.25% and 1%. Like Wise, you’ll see all fees upfront before making a transfer.

Minimums: Varies depending on the currency; notably, sending to India requires 4,000 INR minimum and sending to Canada requires 50 CAD minimum.

Availability: Instarem allows you to send money to over 55 countries. However, currently you can only send in 9 currencies and convert the money into another 20+ currencies for your recipient. Recipients must have a bank account; cash pick-up is only available for the Philippines.

Speed: Instarem boasts instant or same-day transfer speeds, which might immediately seal the deal for some folks out there. However, certain transfer channels may take two or more working days.

Other perks: Instarem has a rewards program that lets you earn points when you make transfers. You can exchange the points for a small discount on future transfers.

Another perk on Instarem is the ability to lock in an exchange rate for a period of time. Note that this time period varies from country to country, ranging from two hours to 12 days in all.

You can also subscribe to Instarem’s Rate Watch feature to get alerts whenever you hit your desired exchange rate for a currency pair.

For whom is Instarem best: Those who make frequent international money transfers and want reliable transfers with low fees.

#3 – Western Union

Founded in 1851, Western Union is the oldest money transfer service on this list. Still, it deserves a spot given its expansive network and number of supported currencies. It also has 90+ physical locations in Singapore, so you have the option of sending money via the app, in-person, or a hybrid of the two.

Fees: Western Union doesn’t publish its fees, but you can still look up how much your transfer will cost by signing up for an account. WU makes money from currency exchange, which means you’ll likely pay a markup when you convert.

Minimums: No minimum transfer amount required.

Availability: Western Union has a network of 200 countries and supports over 130 currencies. This range of access is unparalleled by other money transfer services.

And unlike some money transfer apps, Western Union has many physical outlets globally where you can send or receive payments. This is useful for recipients who don’t have bank accounts. Recipients can also get the money via bank transfer or mobile wallet.

Speed: Between one to five business days for international transfers.

Other perks: Like Instarem, Western Union has a rewards program that you can earn points with and redeem discounts on your transfers. 

For whom is Western Union best: Those who want a fuss-free option to send money in currencies or to locations not available on other platforms, especially if recipients don’t have access to a bank account.

#4 – Revolut

Revolut (full review) isn’t strictly a money transfer service: their goal is to build a financial superapp with which users can transfer funds, set budgets, invest, receive payments, and more. Users on the free plan can transfer up to S$5,000 a month for free with no hidden fees.

Fees: Usually close to the interbank exchange rate. Expect markups if you send funds on weekends, though.

If the beneficiary bank is located out of Singapore, fees are pegged at 0.3% (with a minimum fee of S$0.30 and a maximum of S$9). 

A $5 fee applies for SWIFT international transfers if it’s in USD, EUR, GBP and CHF, or $9 for other currencies. 

But if you’re a Revolut Metal accountholder ($19.90/month), you can transfer unlimited funds globally with no foreign exchange or international transfer fees.

Minimums: No minimum transfer amount required.

Availability: You can hold over 150 currencies in your Revolut account and send money in 30 currencies worldwide. Recipients can get the funds either in their bank account or their own Revolut account.

Speed: Revolut is best known for its multi-currency wallet and remittance services. You can instantly send money to bank accounts worldwide and other Revolut users.

Other perks: With Revolut, you can sign up for a Visa debit card to use for your daily spending. Your Revolut account can also double up as a financial tracker with analytics and budgets you can set.

For whom is Revolut best: Those seeking cheaper overall rates for frequent international transfers. Bonus points if you’re transferring euros to Europe because Revolut doesn’t charge transfer fees.

#5 – SingX

As if the name wasn’t a dead giveaway, SingX is another Singapore-based service. Founded by a group of ex-bankers, they pride themselves on offering “cheaper, faster, more convenient payments.”

Fees: Mid-market rate with a variable 0.25-1% transaction fee. More popular transfers tip on the lower side of the fee scale, but currencies less used are closer to the 1% fee.

Minimums: No minimum transfer amount required.

Availability: You can only transfer funds in SGD and USD, but you can convert the money into 21 currencies including AUD, INR, CNY, IDR, THB. SingX requires recipients to have bank accounts. Cash payouts are only available in the Philippines.

Speed: Same-day delivery to most countries, but certain transfer routes can take up to two working days.

Other Perks: SingX has an alert service that notifies you when exchange rates hit a specific target.

For whom is SingX best: Singapore residents who want to avoid extra bank charges when sending money.

Choosing the Right Money Transfer App For You

Money transfer apps give traditional banks a run for their money with their lower fees and higher efficiency. Services like Western Union are best for their wide range of currencies. But if you also intend to use the account to spend and transact in the foreign currency, then a multi-currency account like Wise or Revolut may be better.

To find the right money transfer app for your needs, consider the recipient country and currency as well as how your recipient will receive the payment.