Transferring large amounts with First Direct
Check out our helpful guide to First Direct transfers for large amounts, including transfer times, limits and how to set up your first payment.
Best Money Transfer Apps For UK
If you need to send money from the UK to someone based overseas, using a money transfer app is one of the most convenient options out there. Choose one of the cheapest money transfer apps and you could find you can arrange your payment with nothing more than your phone, and you’ll save money too.
This guide walks through 6 of the best money transfer apps UK, for bank deposits, cash collections and more.
Best Money Transfer Apps in the UK
Let’s walk through our top picks for 6 of the best money transfer apps in the UK. Use this comprehensive guide to compare your options and find the service which suits your specific needs.
Wise
Wise is a fast and intuitive money transfer solution you can use online or in the Wise app, for payments with the mid-market rate and low fees from 0.43%¹. In fact 50% of Wise payments arrive instantly, and 90% are there in 24 hours or less².
As well as money transfers, Wise has digital accounts for individuals and businesses which can hold 40+ currencies, and send payments to 80+ countries. You 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.
App ease of use
The Wise app is well liked by customers and offers easy ways to manage your Wise account, send payments, check balances and convert funds.
Fees and exchange rates
Wise uses the mid market exchange rate whenever you send a payment overseas. Conversion fees vary by currency and start as low as 0.43%.
To give a picture, here’s an example payment - sending 250 GBP to Brazil, to be received in a bank account in BRL:
| Provider | Fee | Exchange rate | Recipient gets |
|---|---|---|---|
| Wise | 4.05 GBP | 1 GBP = 6.26838 BRL | 1,541.71 BRL |
In this case, the exchange rate you see is the live mid market rate at the time of writing (13th July 2023). Before you set up any Wise payment you’ll get a clear quote to see the fees, rate and how much the recipient will get, before you confirm and pay. You’ll also get a delivery estimate so you know when the money may arrive.
App reviews and ratings
Here’s how the Wise app is rated across both iOS and Android options:
| Apple App Store³ | Google Play⁴ | |
|---|---|---|
| Rating (out of 5) | 4.6 | 4.7 |
| Number of reviews | 29.3k | 459k |
*correct at time of writing - 13th July 2023
Payout options
Most Wise payments are sent to bank accounts. However, there are other options, depending on where you’re sending to. Here are the choices you’ll normally have:
- Bank deposit
- Send to another Wise account
- Mobile wallet (supported in some locations such as Kenya and the Philippines)
Remitly
Remitly⁵ allows customers to send money online or in-app, to over 100 countries from the UK. If you’re sending a payment in GBP you’ll often be able to pick between an Express or Economy payment⁶. Express transfers are funded by card, and can often be available immediately or at least very quickly. Economy payments are funded by bank transfer and usually come with lower fees but a slower delivery time.
The exact services you can use with Remitly depend on the country you’re sending to.
App ease of use
Remitly is a popular provider which aims to make it easier to send money to other countries, online and in app. The app is particularly well rated, coming in with almost perfect scores for both iOS and Android applications.
Fees and exchange rates
Remitly fees and exchange rates depend on the country you’re sending to, the pay in and the pay out method. You’ll see your options when you model your transfer in the app - and can often choose to pay a lower fee for a slower Economy transfer or a higher fee for a faster Express transfer. Exchange rates include a markup.
Let’s take a look at how the Remitly fees and exchange rates impact our example payment. To show this we’ll look at how much the recipient gets in the end, when sending 250 GBP to Brazil, to be received in a bank account in BRL. We’ll also show you how the transfer works out with Wise as a comparison:
| Provider | Fee | Exchange rate | Recipient gets |
|---|---|---|---|
| Remitly | 1.99 GBP | 1 GBP = 6.20690 BRL | 1,539.37 BRL |
| Wise | 4.05 GBP | 1 GBP = 6.26838 BRL | 1,541.71 BRL |
*Fees and exchange rates correct at time of writing - 13th July 2023
App reviews and ratings
Here’s how the Remitly app is rated across both iOS and Android options:
| Apple App Store⁷ | Google Play⁸ | |
|---|---|---|
| Rating (out of 5) | 4.9 | 4.8 |
| Number of reviews | 1.2 million | 656k |
*correct at time of writing - 13th July 2023
Safety
Remitly is a safe and trusted provider. In the UK, Remitly is regulated by the FCA, and registered with HMRC.
Payout options
Remitly offers a great range of payout options, which can vary by destination country:
- Cash pickup
- Mobile money
- Home delivery
- Debit card deposit
- Bank deposit
Western Union
Western Union⁹ is one of the most established and well recognised money transfer services in the world, with services offered online, through agents worldwide, and of course, through the Western Union app. You can send money from the UK entirely through the app, or you could choose to set up a payment in the app and then head to a store or agent location to pay and complete the transfer. This has the advantage that you can also pay in cash - a service that’s not often available with money transfer apps.
App reviews and ratings
Here’s how the Western Union app is rated across both iOS and Android options:
| Apple App Store¹⁰ | Google Play¹¹ | |
|---|---|---|
| Rating (out of 5) | 4.8 | 4.6 |
| Number of reviews | 622k+ | 274k |
*correct at time of writing - 13th July 2023
Fees and exchange rates
Western Union fees and exchange rates vary based on the destination you’re sending to, as well as the way you set up your payment. Both the way you pay, and the channel - in app, online or in store - can make a difference, so you’ll need to check which works best for your payment. Exchange rates include a markup.
Here’s how the Western Union fees and exchange rates impact the example payment we used earlier, of 250 GBP to Brazil, to be received in a bank account in BRL, set against Wise as a comparison:
| Provider | Fee | Exchange rate | Recipient gets |
|---|---|---|---|
| Western Union | 0 GBP | 1 GBP = 6.22794 BRL | 1,556.99 BRL |
| Wise | 4.05 GBP | 1 GBP = 6.26838 BRL | 1,541.71 BRL |
*Fees and exchange rates correct at time of writing - 13th July 2023
App reviews and ratings
Here’s how the Western Union app is rated across both iOS and Android options:
| Apple App Store¹⁰ | Google Play¹¹ | |
|---|---|---|
| Rating (out of 5) | 4.8 | 4.6 |
| Number of reviews | 622k+ | 274k |
*correct at time of writing - 13th July 2023
Safety
Western Union is safe to use. In the UK, Western Union services are offered through the Western Union international arm, which is regulated in Europe, and also subject to oversight from the FCA in the UK.
Payout options
Western Union payout options can vary by destination country, and include:
- Cash pickup
- Mobile wallet
- Bank deposit
Revolut
Revolut¹² offers multi-currency accounts you can manage in their app, and also money transfers you can send in 29 currencies to a broad range of countries. The Revolut service is primarily based on their app, but there are different ways you can have your money delivered to the recipient which makes it a convenient option for many customers.
App ease of use
Revolut describes itself as a financial super app - you can access all their services through the Revolut app, including account opening and management and money transfers. The app is well rated and easy to use.
Fees and exchange rates
Revolut has several different account tiers for customers in the UK. You can choose an account which has no monthly fee to pay, but which comes with a relatively limited range of features, or you can upgrade to an account with monthly charges to get all of the Revolut services and lots of fee free transactions.
The exchange rate you get with Wise may depend on your account type and how you use it. All accounts have some currency exchange which uses the mid-market rate with no markup. However, this may be limited, and a fair usage fee applies once your plan limit is exhausted. There are also extra fees for out of hours currency exchange and for a couple of more exotic currencies.
Let’s take a look at the Revolut fees and exchange rates when sending 250 GBP to Brazil, with Wise as a comparison. This payment assumes there’s no out of hours or exotic currency fees, so do check the details for your specific payment before you start:
| Provider | Fee | Exchange rate | Recipient gets |
|---|---|---|---|
| Revolut | 2.5 GBP | 1 GBP = 6.2666 BRL | 1,566.65 BRL |
| Wise | 4.05 GBP | 1 GBP = 6.26838 BRL | 1,541.71 BRL |
*Fees and exchange rates correct at time of writing - 13th July 2023
App reviews and ratings
Here’s how the Revolut app is rated across both iOS and Android options:
| Apple App Store¹³ | Google Play¹⁴ | |
|---|---|---|
| Rating (out of 5) | 4.7 | 4.6 |
| Number of reviews | 36.1k | 2.36 million |
*correct at time of writing - 13th July 2023
Safety
Revolut is regulated in the UK by the FCA and is also overseen by a range of other bodies where it trades in other countries and regions.
Payout options
Revolut payout options can vary by destination country and include:
- Payment to other Revolut accounts
- Mobile money (not yet available in the UK)
- Card deposit
- Bank deposit
InstaRem
You can use the InstaRem¹⁵ app to send payments with just your phone, to 60 countries from the UK. The fees and exchange rates that apply are clearly shown in the app before you confirm your payment, and so you can compare them to other services to see which is best for you.
App ease of use
The InstaRem app doesn't have a large volume of reviews online compared to other money transfer apps we’ve profiled. However, the aggregate ratings are pretty solid, so it’s worth checking out if the interface suits you personally.
Fees and exchange rates
InstaRem fees vary by destination, and the exchange rates include a markup. However, as markups are variable based on the currency, you’ll need to compare your specific payment with InstaRem against other providers to see if it represents good value for you.
Let’s take a look at how the InstaRem fees and exchange rates impact our example payment of sending 250 GBP to Brazil, to be received in a bank account in BRL, compared to Wise:
| Provider | Fee | Exchange rate | Recipient gets |
|---|---|---|---|
| InstaRem | 7.5 GBP | 1 GBP = 6.2098 BRL | 1,505.88 BRL |
| Wise | 4.05 GBP | 1 GBP = 6.26838 BRL | 1,541.71 BRL |
*Fees and exchange rates correct at time of writing - 13th July 2023
App reviews and ratings
Here’s how the InstaRem app is rated across both iOS and Android options:
| Apple App Store¹⁶ | Google Play¹⁷ | |
|---|---|---|
| Rating (out of 5) | 4.2 | 4.4 |
| Number of reviews | 1000 | 7.67k |
*correct at time of writing - 13th July 2023
Safety
InstaRem is licensed and regulated by the FCA in the UK and also by a broad selection of other authorities around the world. It’s considered to be a safe and legit service.
Payout options
InstaRem payout has a selection of options which include:
- Cash collection (Philippines only)
- Visa debit card deposit
- Bank deposit
Ria Money Transfer
You can send money with Ria Money Transfer¹⁸ online, in stores and agent locations and in the Ria Money Transfer app. From the UK, Ria Money Transfer payments are supported to an impressive 165+ countries globally so the chances are that the route you need is served.
App ease of use
The Ria Money Transfer app is very well rated by customers. As well as offering easy and intuitive payments, you can also make quick repeat transfers, find a local agent and work out the best way to collect your own payments at Ria Money Transfer agents, too.
Fees and exchange rates
The fees and rates you get from Ria Money Transfer depend on where you’re sending from and to. You can’t get a quote for your transfer without signing up for a Ria Money Transfer account, so you’ll need to do that to check if the service is the best one for your specific payment. Ria Money Transfer exchange rates include a markup.
App reviews and ratings
Here’s how the Ria Money Transfer app is rated across both iOS and Android options:
| Apple App Store¹⁹ | Google Play²⁰ | |
|---|---|---|
| Rating (out of 5) | 4.9 | 4.8 |
| Number of reviews | 77.4k | 68.6k |
*correct at time of writing - 13th July 2023
Safety
Ria Money Transfer is safe to use, with automatic and manual anti-fraud measures running 24/7 to keep customers safe.
Payout options
Ria Money Transfer payout options can vary by destination country, and include:
- Cash pickup
- Mobile wallet
- Bank Deposit
How to Easily Transfer Money Using Wise
Throughout our review of the best money transfers in the UK, we’ve seen how an example payment measures up against Wise.
The good news is that you can easily generate an instant no obligation quote for your specific transfer on the Wise website or in the Wise app, to compare against other money transfer services. Wise payments use the mid-market rate with no markup, and low fees from 0.43%. You’ll be able to set up an account online or in the Wise app easily, by entering your personal and contact information and uploading a snap of your ID and address documents.
Wise may request additional documents to verify a customer's identity.
Once you have an account set up, here’s a quick step by step on how to transfer money with Wise:
- Log into the Wise app or head to the desktop site
- Click Send money
- Enter the amount and currency you want to send, or that you want the recipient to get
- Select the way you want to pay - usually bank transfer, Apple Pay or card
- Check everything over, and confirm if you want to proceed
You’ll be able to see a delivery estimate before you set up your transfer so you know when to expect your money to be deposited. Easy.
FAQ
Which money transfer app is cheapest for bank transfers?
There’s no single best or cheapest app for bank transfers. All of the top money transfer apps we’ve looked at in this guide offer payments for bank deposits, so the best way to get a great deal is to compare a few and see which has the best fees and exchange rates for your specific payment.
Which money transfer app is cheapest for cash collections?
Fees and exchange rates used by money transfer services tend to depend on factors like the currency and value you’re sending. To see which works best for your payment, compare some of the apps we’ve looked at here, such as Western Union and Ria Money Transfer.
Can I use these money transfer apps abroad?
Many of the apps we have detailed here have broad global coverage and can be used from abroad as well as the UK. Double check the details with the app you prefer before you get started.
What do I need when signing up to money transfer apps?
To sign up to any money transfer app you’ll usually need to be verified by uploading an image of a proof of ID - like your passport - and a proof of address - like a utility bill or government letter in your name. Different apps have their own processes, but they’re usually pretty simple to use and well explained - take a look at the specific requirement for your preferred app before you start.
- Pricing/fees: Please seeTerms of Use for your region or visit WiseFees & Pricing for the most up to date pricing and fee information
- Speed: Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
- Wise - App store
- Wise - Google play
- Remitly
- Remitly guide to GBP transfers
- Remitly - Apple App Store
- Remitly - Google Play
- Western Union
- Western Union - Apple App Store
- Western Union - Google Play
- Revolut money transfer
- Revolut - Apple App Store
- Revolut - Google Play
- InstaRem
Last check date: 13th July 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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