5 Best International Money Transfer Apps Reviewed 2024

International money transfer apps allow you to send payments to friends, family and businesses all around the world, right from your phone or smart device. Money transfer apps are typically offered by specialists in digital transfers and multi-currency accounts - which means there’s a smooth in-app onboarding so you can get an account, get verified, and get your money moving, all without even leaving the house.

There are plenty of international money transfer apps available to customers in Canada. However, each has different features, fees, exchange rates and delivery times - comparing a few is the best way to find the right one for you. Read on to learn more about the 5 best international money transfer apps for Canadian customers.

5 Best Online Money Transfer Apps in 2022

Here’s a quick summary of the best online money transfer apps 2022 for Canada - and what we love about them:

• Remitly: great for low cost payments to friends and family, on popular remittance routes

• MoneyGram: serves almost the entire globe, with bank transfers and cash collection payments - bank transfers usually arrive fairly quickly

• Western Union: send personal payments almost anywhere in the world, to bank accounts or for cash collection

• Wise: multi-currency accounts for personal and business customers, to hold 50+ currencies, send payments to 80+ countries, with the mid-market exchange rate

• XE Money Transfer: send money to bank accounts in in 130+ countries, in 100 currencies - often with no transfer fee

To come up with our ranking, we’ve looked at customer review and rating data, from both the Apple App store and the Google Play store, starting with the most popular according to existing customers. You’ll notice that most providers have far more reviews posted on Google Play, so we’ll rank according to overall Google Play ratings here.

There’s a more detailed look at each of our providers coming up next - first, an overview:

* Rating and review data was taken on 16th September 2022 from App store and Play Store

Provider 1 - Wise

• Fees and exchange rates: mid-market exchange rate, and low transparent fees from 0.41%

• Safety: Registered in Canada with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and licensed in Québec by the Autorité des marchés financiers (AMF)

• Speed: 50%+ of transfers are instant, 90% arrive in 24 hours

• Customer reviews: 4.2/5 rating on Play Store, from 216,000+ reviews; 4.6/5 rating on the App Store from 25,000+ reviews

Wise offers one off and recurring international money transfers, and multi-currency accounts for personal and business customers. Create an account and get verified through the Wise app to start, and you’ll be able to send payments to 80+ countries with the mid-market exchange rate and low, transparent transfer fees.

If you’d like a full Wise multi-currency account you can open one online or in the app, to hold 50+ currencies, and receive payments for free from 30+ countries. There’s a linked debit card for easy spending and withdrawals, too. There’s no monthly fee or minimum balance to pay, so you can just use your account as and when you need it for travel, shopping with international ecommerce retailers, or sending international payments.

Wise international payments are typically quick, with more than half arriving instantly. You’ll see a delivery estimate in the app when you set up your payment, and can track the transfer in the app easily once it’s on its way. There are limits on the amount you can send per currency, but these are generally high - at around 1 million GBP or the currency equivalent.

Wise pros and cons

Pros:

• Mid-market exchange rates and transparent service fees

• Send payments or open a multi-currency account in the Wise app

• Transfers are fast - over 50% arrive instantly

Cons:

• Services, fees and delivery times vary based on destination

• No cash pay out options available, transfers to bank accounts only

• There’s a one time fee to open a business account or get a debit card

Provider 2 - Remitly

• Fees and exchange rates: fees vary by destination country and service - exchange rates may include a markup

• Safety: licensed to operate in all Canadian provinces and territories

• Speed: delivery times vary - express payments may be instant, while economy transfers can take a few days

• Customer reviews: 4.8/5 rating on Play Store, from over 5 million reviews; 4.9/5 rating on the App Store from 845,000+ reviews

Remitly payments can be made from 21 countries, to around 100 countries on popular remittance routes. Depending on the country you’re sending to you may be able to choose from bank deposits, cash collection, mobile money transfers or home delivery. Fees vary, but you can often select a faster Express service, or a cheaper Economy service depending on your preferences.

Remitly transfers are intended for personal use only. Limits apply based on your account tier, including maximum limits per day, 7 days, 30 days and 180 days. With a Tier 1 account, requiring just your basic information you can send up to 999 CAD per day, or 18,000 CAD per month. Upgrade to the Tier 3 account by uploading your verification documents and providing more details about your payments, to send up to 9,999 CAD per day, or 60,000 CAD every 180 days.

Remitly offers simple international transfers from large global economies, on common remittance routes. It’s extremely popular with its users, and can be a great way to get money quickly - and with a low fee - to someone on the other side of the world, even if they don’t have access to a bank account. However, as you can’t make business transfers, and Remitly payments can not be made from one send country to another, it’s not the perfect match for everyone.

Remitly pros and cons

Pros:

• Easy online and in-app payments - super popular with customers

• Choose from different fee options depending on whether speed or cost is more important

• Send money for bank deposit, cash collection, to a mobile money account or for home delivery

Cons:

• Exchange rates may include a markup, and fees do vary by service and destination country

• Not all services are available in all countries served

• Payments can not be made between send countries

Provider 3 - MoneyGram

• Fees and exchange rates: fees vary by destination country and service - exchange rates may include a markup

• Safety: Fully regulated in Canada and around the world

• Speed: depends on the destination country, usually from one hour to one business day

• Customer reviews: 4.6/5 rating on Play Store, from 1 million+ reviews; 4.9/5 rating on the App Store from 335,000+ reviews

MoneyGram offers payments to almost every country in the world, with variable fees and exchange rates. You can arrange your payment easily in the MoneyGram app, with a choice of delivery options depending on where you’re sending to. It’s usually possible to send payments to a bank account or for cash collection at a MoneyGram agent near to your recipient.

Payments direct to bank accounts can be fairly quick, depending on your destination country. Popular currency routes can mean transfers arrive in just an hour, with other destinations taking about one working day to land.

MoneyGram payments do have limits, which can vary based on the destination and market conditions. Usually you’ll be able to send up to 999 CAD per payment within the MoneyGram app. If you need to send more you may be able to through a MoneyGram agent - but the fees and exchange rates you get may be less favourable than those you’d get from sending in the app.

MoneyGram pros and cons

Pros:

• Send almost anywhere in the world

• Good range of pay out options

• Pay with card or by bank transfer within the app

Cons:

• Exchange rates will include a markup

• Fees and services vary by destination country

• Delivery times vary based on where you’re sending to

Provider 4 - Western Union

• Fees and exchange rates: fees vary by destination country and service - exchange rates may include a markup

• Safety: authorised and regulated in Canada and around the world

• Speed: cash collection payments can be available in minutes, bank deposits take up to 2 days

• Customer reviews: 4.5/5 rating on Play Store, from over 248,000 reviews; 4.8/5 rating on the App Store from 532,000+ reviews

Western Union is one of the world’s biggest money transfer companies, with services in person, online and through their app. You can make payments for cash collection, to bank accounts or to mobile wallets - and you can pay in the app by card or through a bank transfer to Western Union.

Western Union fees vary based on the service you want and the destination country. You’ll be able to see a quote and all your payment and delivery options in the app before you confirm. It’s good to know that the exchange rates can also vary based on the payment type, and will include an exchange rate markup.

How much you can send with Western Union depends on how you want to pay. You can send up to 5,000 CAD if you’re paying by card. Alternatively if you want to use a bank transfer you’ll be able to send up to 999 CAD, or you can start your transfer in the app and then pay in cash at an agent, up to a limit of 7,500 CAD.  Western Union advises you only make payments to people you know and trust - never send to anyone you don’t know, as transfers can not usually be reversed once they’re initiated.

Western Union pros and cons

Pros:

• Send to almost any country in the world

• Cash collection payments are almost instant

• Easy to register an account and get started through the Western Union app

Cons:

• Fees vary based on service and destination country

• Exchange rates include a variable markup

• Not all services are available in all destinations

Provider 5 - XE Money Transfer

• Fees and exchange rates: exchange rates include a markup, a transfer fee may apply, but this is sometimes waived

• Safety: regulated in Canada by FINTRAC and by other authorities around the world

• Speed: 1 - 4 days

• Customer reviews:  3.6/5 rating on Play Store, from 110,000+ reviews; 4.3/5 rating on the App Store from 5,000+ reviews

XE Money Transfer has been in business for over 25 years, and covers a really impressive range of nearly 130 countries and around 100 currencies. You can set up your payment in the XE app, where you’ll also be able to find handy information like live and historic mid-market exchange rates. XE Money Transfer doesn’t always charge an upfront transfer fee - this depends on where you’re sending to and the value of your payment. However, exchange rate markups will apply.

You can send up to the currency equivalent of 535,000 CAD from Canada with XE Money Transfer - and if you need to make a higher value payment, the team may still be able to help if you give them a call.

XE Money Transfer pros and cons

Pros:

• Huge range of countries and currencies

• Easy to send payment in the XE app

• Access currency data and information to decide when’s best to send your payment

Cons:

• Exchange rates include a markup

• Delivery times aren’t always that great

• You can’t pay in cash for transfers

What is the best app for transferring money?

There’s no one best international money transfer app - different options suit different customer needs. Here’s a quick overview so you can pick the best one for your specific payment:

Conclusion

There are plenty of different international money transfer apps you might choose from - and each one will suit a different customer, with different payment needs.

At Exiap you can compare providers transparently, to find the best money transfer service for your needs based on both the fees and exchange rates available. All information on Exiap is updated dynamically so you know you’ll get the most up to date detail available.

Use this guide as a starting point to pick the right one for you - and don’t forget to check out the Exiap comparison page to get more live fee and exchange rate information.