5 international money transfer apps leading the UK market
By Gloria Methri
Money transfer apps have excelled in the past decade with an increasing number of them offering the ability to send money across the world using different currencies in a way is simple that, easy, and pain-free. New FinTechs offer online-only services that deliver straight to local bank accounts around the world.
More than 800 million people receive money from friends and family working or living abroad. These funds represent a significant source of income and development.
However, inefficient money transfer processes and platforms mean these funds can be unnecessarily held up, leading to missed opportunities.
Security remains a key provision with money transfer apps, ensuring that customers’ transactions are protected through a combination of features to keep them safe, which should include strong encryption between devices.
Whilst there are over 100 UK apps offering such money transfer services, and with constant new entrants, a few key companies currently lead the way. Industry leaders in the UK include:
Atlantic Money is an international money transfer provider that offers international transfers at a flat fixed fee of £3 or €3 at the current exchange rate – for transactions up to millions.
Founded in 2020 by Robinhood alumni, Neeraj Baid and Patrick Kavanagh, Atlantic Money is available in 29 countries following its official launch in July 2022. Initially launched as an iOS application, Atlantic Money became available for Android users in January 2023 and is currently working on its web version as well.
Revolut is a global financial super app offering money transfer and exchange services in the UK. It offers multi-currency accounts that you can manage in its mobile app, and transfer money in 29 currencies to a broad range of countries.
The Revolut service different ways you can have your money delivered to the recipient which makes it a convenient option for many customers. Users can access all their services through the Revolut app, including account opening and management and money transfers.
TransferGo is a global money transfer company that supports migrant workers to send money back to their relatives without paying unnecessary bank fees. The app enables overseas money transfers with the help of a digital account-to-account business model.
Since it removes the costs of international transfers, TransferGo is a fit for businesses to pay their suppliers. It charges a fixed fee for transferring money as well as a 0.6% to 1.5% fee for the currency conversion per transaction.
Wise is a fast and intuitive money transfer solution that can be used online or in the Wise app, for payments with the mid-market rate and low fees from 0.43%.
Besides money transfers, Wise has digital accounts for individuals and businesses which can hold 40+ currencies and send payments to 80+ countries. Users can also get a linked Wise card to spend in 170+ countries, and local bank details to get paid conveniently to Wise in 9 currencies.
The Wise app offers easy ways to manage the Wise account, send payments, check balances and convert funds.
The Xe Money Transfer app lets you exchange money at a more competitive exchange rate than you would find at the bank and makes tracking multiple exchange rates a breeze. With over 500,000 locations throughout the world, the Xe app makes it easy to send money to family or friends, without the need for a bank account.
XE tools include the XE Currency Converter, forex news and analysis, and the XE Currency App, which has received over 7 million downloads. XE clients have booked billions of dollars in payments through the XE Trade online foreign exchange payments service, and its commercial-grade currency feed is used by thousands corporate clients from SMEs to Fortune 500 companies.
IBSi Daily News Analysis
November 28, 2023
A $4 trillion Islamic banking market to be driven by FinTech, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage