5 Best International Money Transfer Apps in India

**International money transfer apps are becoming more and more popular. People are using them to send money to friends and family overseas, make tuition payments, and pay contractors overseas. These apps are easy to use and often charge lower fees than traditional banks.

In this review of the 5 Best International Money Transfer Apps, we help you to decide which app is best suited to your needs. We look at the pros and cons of each app, the services they offer, their fees, available currencies, and more.

1. CurrencyFair: Low fees and favorable exchange markups. Users can set and match their ideal exchange rate on their exchange marketplace.

2. Wise: Mid-market exchange rate, transparent fees and fast transfers, send money to 80 countries.

3. Instarem: Inexpensive and transparent, Instarem has a simple user-interface, as well as many business features. Their InstaPoints loyalty program offers an incentive for regular users.

4. PayPal: One of the most well-established money transfer services with a very large customer base. Offers speedy transfers in most cases to almost anywhere in the world.

5. Western Union: Pioneered the international wire transfer service more than 150 years ago and remains popular in the industry. Their more than 500,000 agents worldwide make it a popular choice for cash pickup transfers.

* This article is meant to provide an objective comparison between providers by using freely available information from the App Store and Google Play Store. The scores were taken from the App Store and Google Play Store on 21 September 2022.

1. CurrencyFair

Fees and exchange rates: 2.50 GBP + 0.45% exchange markup

Safety: Regulated by the Central Bank of Ireland. Uses transaction tracking, strict account verification, and monitoring.

Speed: Transfer within 1 - 5 business days

Customer reviews: 4.7/5 from 250 reviews on Apple App Store, 3.6/5 from 784 reviews on Google Play Store.

Based in Dublin, Ireland, CurrencyFair has been providing international money transfer services for more than a decade. The company has been growing in popularity over the last couple of years due to their low exchange fees and zero transfer limits. Their innovative peer-to-peer exchange marketplace sets them apart from competitors.

The exchange marketplace lets users set the exchange rate that they want in a certain currency, then wait for another user to match that rate. There are no hidden costs involved in the process and users always know exactly what they are paying before completing the transaction. Users can save a lot of money through the exchange, but it requires patience.

Users who want to make transfers immediately can choose the current best rate on the marketplace.

Advantages of sending money with CurrencyFair

• Low fees and good exchange rates.

• Send money to almost anywhere in the world  (more than 150 countries).

• No transaction limits: There is no limit on the amount of money that users can send per transaction or the number of transactions (within local regulations).

• Peer-to-peer exchange marketplace: Lets users set and track their preferred exchange rate by matching with others wanting to purchase that currency at that particular rate.

• AWS security built-in: Hosted on the AWS cloud platform which boasts high levels of security.

Disadvantages of sending money with CurrencyFair

• Supports only a handful of currencies: Indian Rupees can’t be used to make transfers.

• Not available to all: Users in many countries in Africa, the Middle East, and Asia can’t open accounts

• No cash send option: Can only transfer funds to a bank account

• Exchange marketplace may require patience: Matching exchange rates can take a long time as it is linked to currency demand and popularity, as well as exchange fluctuations.

The user interface is clean and relatively straightforward at the beginning of the transfer process. However, the complexity and options increase as the user progresses through the process, causing text on certain pages to become quite small. This may be difficult to read for those with visual impairments.

2. Wise

Fees and exchange rates:   132.67 INR + 2.04% variable fee

Safety: Regulated by Reserve Bank of India. Dedicated anti-fraud team, real-time account activity notifications, and more.

Speed: Transfer within one business day

Customer reviews: 4.6/5 from 259,000 reviews on Apple App Store, 4.2/5 from 217,000 reviews on Google Play Store.

Formerly known as TransferWise, Wise was founded in 2011. By offering low fees, user-friendly features, and high transparency, the service has grown in popularity over the last 10 years.

The company is also known for employing some of the best security and data protection measures in the industry. This allows users to send and receive foreign payments with confidence and ease.

Advantages of sending money with Wise

• Mid-market exchange rates and transparent fees.

• Fast transfers: Many transactions take only 1 to 2 business days.

• User-friendly interface that is clear and very simple.

• Safe to use: Uses transaction and data protection methods to protect transactions and data from malicious interference.

• Guarantees exchange rates for a set amount of time

Disadvantages of sending money with Wise

• No cash pickup option: Money can only be sent to a bank account.

• Variable fees: Not all fees are the same when sending to different countries (but you'll always be able to see how much you're being charged).

• Only accessible online, with no option to send money from a physical location.

Wise is known for its user experience, especially on mobile. The interface is clean, clear, intuitive, and clutter-free. This makes the app easy to use and speeds up the transfer process.

3. Instarem

Fees and exchange rates: 0 - 1% of the transfer amount

Safety: Regulated by 9 financial regulators across the globe. Built-in security features, regular system vulnerability assessment, and more.

Speed: Transfer within 1 to 2 business days

Customer reviews: 3.9/5 from 503 reviews on Apple App Store. 3.8/5 from 6,560 reviews on Google Play Store.

Instarem started operating in 2015, which makes them the youngest international money transfer apps on this list. Although not as popular as the other apps, Instarem offers a solid international remittance service. They are also one of the cheapest providers for transfers in rupees from India.

Instarem was initially only focused on Australasia but has since expanded and currently allows transfer in more than 55 currencies. The company’s loyalty plan, called InstaPoints, rewards users who do regular transfers, as well as referral bonuses. One of Instarem’s strongest points is its Business solution, which allows for easy batch transfers, multi-currency transfers, and more.

Advantages of sending money with Instarem

• Low transfer rate: Users only pay up to 1% of the transfer amount in fees.

• Transparency: Instarem is very transparent regarding their fees and users know upfront what they will pay.

• Quick transfers: Transfers are relatively quick and take between 1 and 2 business days.

• Great for businesses: Strong business-focused service offers many advantages for SMEs in particular.

• Loyalty points: Regular customers earn InstaPoints that can be redeemed for discounts and lower fees.

Disadvantages of sending money with Instarem

• Limited coverage: Instarem currently only serves Australasia, most of Europe, and North America. No coverage in Africa or South America.

• Long account setup process: Setting up an account can take long due to an intensive verification process.

• No credit card support: Users can’t use credit cards to fund transfers.

• User experience: Relatively low user experience ratings on the App and Play stores.

The Instarem mobile app is simple and easy to use with clear instructions and a clear and clutter-free user interface. The app displays transfer fees clearly.

4. Western Union

Fees and exchange rates:  0 INR + currency conversion fee + intermediary bank fee

Safety: Regulated by Reserve Bank of India. Security that includes touch ID on mobile, transfer tracking, encrypted transfers, and PCI DSS-level data protection.

Speed: Transfer within 2 business days

Customer reviews: 4.8/5 from 533,900 reviews on Apple App Store. 4.5/5 from 248,000 reviews on Google Play Store.

One of the top-scoring remittance apps on both the Apple App Store and Google Play Store from more than 750,000 combined reviews and a combined score of 9.3/10.

Western Union was established in 1871 and pioneered wire transfer services. They were the first to send money via telegram. After more than 150 years, Western Union is the largest international money transfer service in the world. The company remains popular, and their more than 500,000 agent locations mean that their services are very accessible. Their desktop and iOS and Android mobile apps extend their reach.

Western Union’s many services, including transfers directly to bank accounts and cash pickups. This service is particularly popular among migrant workers who want to send money to their home country.

Advantages of sending money with Western Union

• Well-established and trustworthy: With a history of more than 150 years, Western Union in the international money transfer industry.

• Cash pickup service is especially popular among migrant workers and developing countries.

• Extensive network: Western Union has more than 500,000 agents spread across the globe, in almost every country.

• Customers can send money in-person from an agent, or their website or mobile apps.

• Customers can track the transfer process via the Western Union mobile app.

Disadvantages of sending money with Western Union

• Fees vary based on service and destination country

• Exchange rates include a variable markup

• Not all services are available in all destinations.

The Western Union app is available on both iOS and Android and works on most modern Desktop browsers.

5. PayPal 

Fees and exchange rates: 0 INR + 3% to 4% conversion rate

Safety: Regulated by Reserve Bank of India. security protocols, including real-time monitoring and account analysis for suspect activity.

Speed: Transfer within one day.

Customer reviews:  4.8/5 from 6.1 million reviews on Apple App Store, 4.4/5 from 2.72 million reviews on Google Play Store.

One of the oldest, and most well-known newer-generation of overseas money transfer providers, PayPal is extremely popular.

It offers a simple and user-friendly interface, fast transfer speed between PayPal accounts, and is widely  acceptance around the world. PayPal also has many security features to fend off scammers.

Advantages of sending money with PayPal

• It is very easy to send money from one PayPal account to another.

• Established and trusted service: Has been providing cash transfer services for more than 20 years and has a track record of being trustworthy and secure.

• Fast transfers: Transfers between PayPal accounts are often almost instant.

Disadvantages of sending money with PayPal

• Requires PayPal accounts: Both recipient and sender need a PayPal account to send and receive money.

• High transfer fees: Most banks charge an extra fee when withdrawing money from a PayPal account.

• Complex fee structure: It can be difficult to tell exactly what fee is charged, and also how the transfer cap is implemented.

Once you have created a PayPal account, the app is very easy to use, with a clear and intuitive interface.

What is the best app for transferring money?

Different apps have different features and you should choose the app with features best suited to your needs. Here’s a brief summary of the five apps listed above:

* The data for the price comparisons shown have been taken from the particular providers’ Indian websites (where available), on 21 September 2022. The information was accurate at time of writing. Check each provider’s site for the most up-to-date information.

Conclusion: What is the best app to send money abroad?

In this article, we explored some of the top international money transfer apps in India. We looked at the services and features that make each app stand out, and what they are most suited for. This article intends to serve as a guide to help you decide which international money transfer provider is best suited to your needs. Remember, each app may not be for everyone, so always do your own research when deciding which app to use.

To make it easier, Exiap lets you compare providers transparently so that you can make an informed decision when choosing the best international money transfer service for you.