• 10 Best Money Transfer Apps in India 2021 (BHIM, Amazon Pay, and more) 1
  • 10 Best Money Transfer Apps in India 2021 (BHIM, Amazon Pay, and more) 2
  • 10 Best Money Transfer Apps in India 2021 (BHIM, Amazon Pay, and more) 3
  • 10 Best Money Transfer Apps in India 2021 (BHIM, Amazon Pay, and more) 4
  • 10 Best Money Transfer Apps in India 2021 (BHIM, Amazon Pay, and more) 5

10 Best Money Transfer Apps in India 2021 (BHIM, Amazon Pay, and more)

Isn't it amazing how the internet has changed the world? From bringing people closer through social media to paying bills online, the internet has fast-tracked so many processes that used to be time-consuming and stressful. One of them is money transfer. Thanks to the advent of money transfer apps, now we can sit in the comfort of our homes and transfer money to any place.


The major players in the market like Google, PhonePe, PayPal, and Transferwise compete in the market by offering new-age Indians several features like easy user interface, quicker transfers, low transfer fees, and wallet options. Below is a guide to the various features money transfer apps offer their customers.

  • Last updated: 12-08-2021
  • 357 views
Table of Contents

Compare the Best Money Transfer Apps in India

Image
1
Google Inc. Google Pay 1

Google Inc.

2
PhonePe PhonePe 1

PhonePe

3
One97 Communications Paytm 1

One97 Communications

4
Western Union Western Union 1

Western Union

5
Amazon Amazon Pay 1

Amazon

6
Remitly Global Inc. Remitly 1

Remitly Global Inc.

7
National Payments Corporation of India BHIM UPI 1

National Payments Corporation of India

8
PayPal PayPal 1

PayPal

9
MobiKwik MobiKwik 1

MobiKwik

10
Facebook WhatsApp 1

Facebook

Name

Google Pay

PhonePe

Paytm

Western Union

Amazon Pay

Remitly

BHIM UPI

PayPal

MobiKwik

WhatsApp

Features

Faster and Reliable UPI App

UPI App With Wallet Option

Open an Online Bank Account Too

Zero Transfer Fees for International Transactions

Transfer, Pay and Shop Online Using One App

Send Money to Bank Account and UPI Address

UPI App by National Payments Corporation of India

Supports Domestic and International Transactions

Simple User Interface and Faster Payments

Faster Communication and Money Transfer

Price Starts at₹0.00₹0.00₹0.00₹0.00₹0.00₹0.00₹0.00₹0.00₹0.00₹0.00
Domestic/InternationalDomesticDomesticDomesticInternationalDomesticInternationalDomesticBothDomesticDomestic
Transfer feesNoNoNo0No$3.99 for transfers less $1000No2.5% + ₹3NoNo
Transfer speedImmediateImmediateImmediate0 to 1 business daysImmediateEconomy - 3 to 5 business days | Express - 4 hoursImmediate3-5 business daysImmediateImmediate
Exchange rate---Fixed-Fixed-Mid-market rate + Markup--
Wallet availableNoYesYesNoYesNoNoNoYesNo
Recharge and bill paymentsYesYesYesNoYesNoYesNoYesNo
Link

10 Best Money Transfer Apps in India

Here is a list of the ten most popular money transfer apps in India. Some of them are exclusively for domestic or international transactions, and some of them support both. Choose one based on your needs and parameters.

1
Domestic/InternationalDomestic
Transfer feesNo
Transfer speedImmediate
Exchange rate-
Wallet availableNo
Recharge and bill paymentsYes
2
Domestic/InternationalDomestic
Transfer feesNo
Transfer speedImmediate
Exchange rate-
Wallet availableYes
Recharge and bill paymentsYes
3
Domestic/InternationalDomestic
Transfer feesNo
Transfer speedImmediate
Exchange rate-
Wallet availableYes
Recharge and bill paymentsYes
4
Domestic/InternationalInternational
Transfer fees0
Transfer speed0 to 1 business days
Exchange rateFixed
Wallet availableNo
Recharge and bill paymentsNo
5
Domestic/InternationalDomestic
Transfer feesNo
Transfer speedImmediate
Exchange rate-
Wallet availableYes
Recharge and bill paymentsYes
6
Domestic/InternationalInternational
Transfer fees$3.99 for transfers less $1000
Transfer speedEconomy - 3 to 5 business days | Express - 4 hours
Exchange rateFixed
Wallet availableNo
Recharge and bill paymentsNo
7
Domestic/InternationalDomestic
Transfer feesNo
Transfer speedImmediate
Exchange rate-
Wallet availableNo
Recharge and bill paymentsYes
8
Domestic/InternationalBoth
Transfer fees2.5% + ₹3
Transfer speed3-5 business days
Exchange rateMid-market rate + Markup
Wallet availableNo
Recharge and bill paymentsNo
9
Domestic/InternationalDomestic
Transfer feesNo
Transfer speedImmediate
Exchange rate-
Wallet availableYes
Recharge and bill paymentsYes
10
Domestic/InternationalDomestic
Transfer feesNo
Transfer speedImmediate
Exchange rate-
Wallet availableNo
Recharge and bill paymentsNo

How to Choose a Money Transfer App in India - Buying Guide

We have gathered points that you can look for to smoothen your money transferring process. Transfer speed, UPI, Rupay, and more other things that you must check before you access the app. 

Select According to the Nature of Your Transactions

Select According to the Nature of Your Transactions

Are you looking for an app you can use to pay merchants, transfer money to your family or friends within India? You should make sure that the app you choose supports domestic payments. But, if you think that you might have to do international transactions as well, you can opt for an app that supports both, or else you will have to use different apps.  

It is always wise to choose different apps for domestic and international transactions in India as all the money transfer apps, exclusively for domestic transactions, never charge you any extra money for the transfers, while apps that support both may charge you extra, for example, PayPal.

UPI Apps Support Domestic Transactions

UPI Apps Support Domestic Transactions

The new norm in the realm of online money transfer is the Unified Payments Interface, a real-time money transfer/payment system developed by the National Payments Corporation of India.


The initial setup of connecting your bank account and debit or credit card may take some time, but after that it's just a matter of entering the recipient's UPI id or scanning a QR code, entering the amount, and inputting the security PIN. You don't have to go through the hassle of entering long account numbers and waste time searching for the IFSC codes.

Another reason for this technology's drastic increase in popularity is, you don't have to carry cash or cards everywhere. And more and more merchants are embracing this change and have started displaying their UPI account's QR codes for people to scan and pay them instantly.

Check if International Transactions Are Supported

Check if International Transactions Are Supported

Not all money transfer apps come with an international money transfer option. The ones that have will always charge you a fee for transferring money abroad. The fee that they deduct is usually denoted as transfer fees, which include service fees, and in some cases, bank transfer fees too. It all depends on the type of international transfer you do.


If the international recipient does not have the app that you're using to transfer money, you may have to send the money directly to their bank account. In this case, you may have to pay an extra amount as bank transfer fees.

Check if International Transactions Are Supported

Before opting for an app/service, make sure to check the following: exchange rate, transfer fees, and maximum transfer time. These factors are not the same for every service provider. A lower exchange rate and higher transfer fees will bring down the amount that reaches your recipient's bank account.

Suppose you are sending INR 10,000 to someone through Transferwise, which offers a mid-market exchange rate, the recipient would get INR 9500 worth of US dollar equivalent. But if your choice was an app that offers a fixed exchange rate, the recipient may only get INR 9000 even if there is an increase in the exchange rate during the day.

One more important thing to check before you choose an app for your international transactions is whether that app supports transactions to be carried in that particular country. Some apps support receiving money from a particular country but may not support sending money to the same.

Find Out if Rupay Card Is Supported

Find Out if Rupay Card Is Supported

RuPay card was launched by the National Payments Corporation of India for domestic transactions only. You won't be able to use your RuPay card abroad, nor some money transfer apps support linking RuPay cards to your account. So, check the FAQ section of a company's website before you create an account.


One example of a popular money transfer app that doesn't support Rupay Card is Google Pay. You may be able to link your bank account, but when the final step of confirming your debit card details comes, the app will show you an error. So check your app's FAQ section for Rupay Card support before entering your bank details.

Consider the Money Transfer Speed Too

Consider the Money Transfer Speed Too

Most companies provide you the maximum time it could take for a transaction to get completed. For example, some companies say one day, while others promise to finish the transaction within a few hours. But most of the time, the money will reflect in the recipient's account much quicker. They mention the maximum time so you can plan your business accordingly.


Have you tried sending a parcel? You can choose the shipping speed; the more money you pay, the quicker your parcel reaches the destination. Similarly, some money transfer companies offer you the choice of standard transfer and instant transfer


They promise to credit the recipient's bank account faster if you choose the instant payment option and pay more money for that. The extra amount you have to pay differs from one service provider to another.

For Easy Transactions, Get One With a Wallet Option

For Easy Transactions, Get One With a Wallet Option

Digital money wallets became popular right after the UPI technology took over India by storm. The reason being, it is so much faster than even UPI payment. When using a UPI app, you have to enter the secret PIN and wait for the app to connect with the bank and get the transaction done. If the bank servers are down, your transactions will not go through.


The money in your digital wallet can be used directly, as the app doesn't have to connect with the bank servers to complete the transaction. Depending on your app settings, you may not even have to enter a secret PIN. This is beneficial when you are doing bill payments and recharges online.

But keep in mind that transferring money from a digital wallet to a bank account may attract transaction fees. Check your app's FAQ section before moving your money from your digital wallet to a bank account.

Look for Less Exchange Rate and Transfer Fees

Look for Less Exchange Rate and Transfer Fees

Exchange rates and transfer fees are different for different money transfer services. When transferring money abroad, a currency conversion takes place. For example, when you send money from your Indian bank account to an American bank account, rupees gets converted to dollars.


As we all know, the value of currencies all over the world changes constantly. Some money transfer apps only change their exchange rate once a day, while some offer mid-market exchange rate that is based on the buy and sell value of a currency at any point in time. It gets too technical if we explain it further and only end up confusing you. So let us give you an example.

Look for Less Exchange Rate and Transfer Fees

Say, the value of $1 is INR 70 at a particular point in time. And if this is the rate when a money exchange app starts a day, this will be the exchange rate for that currency throughout the day. Even if $1 becomes INR 75, you will not get the benefit of that.

Transfer fees also differ from one app to another. But before you choose a service with low transfer fees, check their transfer speeds too. You may save some money on the transfer fees, but if the transaction takes a full day to complete, it may not be worth it, depending on your needs.

Apps for a Smarter Way

Apps for a Smarter Way

In this stressful world, starting your day with a positive mindset can set you on a path to success. And meditation is the right way to do it. Take a look at our recommendations for the ten best meditation apps available to download in India.

Summary

Online money transfer apps make our life so much easier. As we have talked about in the buying guide, it is always wise to use a separate app for domestic transactions and international transactions to avoid paying unnecessary extra charges.

While choosing an app with a wallet option, check the app's FAQ section to find out the wallet to bank account transfer fees, if any. 

Author - Arun F Xaviour

Related Posts

  • 10 Best Online Courses for Digital Marketing in India 2021(Coursera, SimpliLearn, and more)
    10 Best Online Courses for Digital Marketing in India 2021(Coursera, SimpliLearn, and more)
    Digital marketing is an exciting and booming industry. And since the world has moved all the business online, digital marketing has gained even more prominence. However, there is a talent gap; the demand for digital marketers exceeds the supply, making digital marketing a promising career.Plus, the trends keep changing every day, and if you’d like to work in an evolving industry, digital marketing will be an exciting career option. Aspiring digital marketers, business owners, website owners, freelancers, and professionals can participate in a marketing course to up their sales or businesses. So keep learning and exploring!
    Investment and asset management
    720 views
  • 10 Best Websites for Freelancers in India 2021 (Fiverr, Upwork, and more)
    10 Best Websites for Freelancers in India 2021 (Fiverr, Upwork, and more)
    While several job search websites post openings for freelancers all over the world, this article will focus only on those that facilitate accepting payments and serve as a middleman that connects freelancers with potential clients. But the competition is really high, and you need to know which ones will provide you with a constant stream of income. The majority of them will charge you a service fee, but you can find free platforms as well.Here is a list of the ten best websites in India where freelancers can find gigs and earn a living. The list comprises the popular ones like Freelancer, Upwork, Fiverr, and lesser-known platforms like Toptal and Hubstaff Talent. We also have a guide that explains the features to look for and how to choose one or multiple platforms and make your presence known as a professional freelancer.
    Investment and asset management
    391 views
  • 10 Best Mutual Funds Apps in India 2021 (Groww, myCAMS, and More)
    10 Best Mutual Funds Apps in India 2021 (Groww, myCAMS, and More)
    When it comes to investing, mutual funds find a spot among the top investment options. Investing in mutual funds is one of the best ways to earn long terms gains. They are a great way to diversify your portfolio, giving you the possibility of making higher returns with a low to moderate risk.Nowadays, mobile applications such as Zerodha Coin, ETMoney and many others have made investing super easy. These apps offer endless benefits from zero commission investments, small SIPs, tax benefit schemes to easy-payment options, and smooth UI. The best part? – your funds are handled by professionals having in-depth knowledge of the industry. Read this article to know the best mutual funds apps in India right now.
    Investment and asset management
    450 views
  • 10 Best Investment Apps in India 2021 (5paisa, Upstox, and more)
    10 Best Investment Apps in India 2021 (5paisa, Upstox, and more)
    Most of us know how to make money, but little do we know how to manage it. Currently, there is a lot of buzz going around about investing and trading. With so many online investment platforms, investing has become easier than ever. Nowadays, mobile applications such as Upstox, 5paisa and many others have become a hit among Indians for providing a great investing experience. With these, you get several benefits – from trade via charts, discounted brokerage, to creating customized watchlists, learning through videos, etc. Follow this article to know the best investment apps in India of 2021.
    Investment and asset management
    615 views
  • 10 Best Startup Ideas in India 2021 (Meatable, MasterClass, and more)
    10 Best Startup Ideas in India 2021 (Meatable, MasterClass, and more)
    Hear us out, young entrepreneurs. Dreaming about starting your own business doesn't have to stay a dream forever. The idea of starting and running a company may seem frightening, but success demands risks and sleepless nights. Here is an article to help you choose a startup idea that has the potential to disrupt an industry.Our top 10 list explores a couple of startups (Meatable, MasterClass, Kisan Network, and more) that are already on their journey to becoming tough competitors for traditional businesses. Don't forget to read our guide that follows to learn some core concepts every aspiring entrepreneur should be aware of before the brainstorming sessions begin.
    Investment and asset management
    619 views
  • Popular Posts

  • 10 Best Investment Apps in India 2021 (5paisa, Upstox, and more)
    10 Best Investment Apps in India 2021 (5paisa, Upstox, and more)
    Most of us know how to make money, but little do we know how to manage it. Currently, there is a lot of buzz going around about investing and trading. With so many online investment platforms, investing has become easier than ever. Nowadays, mobile applications such as Upstox, 5paisa and many others have become a hit among Indians for providing a great investing experience. With these, you get several benefits – from trade via charts, discounted brokerage, to creating customized watchlists, learning through videos, etc. Follow this article to know the best investment apps in India of 2021.
    Investment and asset management
    615 views
  • 10 Best Online Courses for Digital Marketing in India 2021(Coursera, SimpliLearn, and more)
    10 Best Online Courses for Digital Marketing in India 2021(Coursera, SimpliLearn, and more)
    Digital marketing is an exciting and booming industry. And since the world has moved all the business online, digital marketing has gained even more prominence. However, there is a talent gap; the demand for digital marketers exceeds the supply, making digital marketing a promising career.Plus, the trends keep changing every day, and if you’d like to work in an evolving industry, digital marketing will be an exciting career option. Aspiring digital marketers, business owners, website owners, freelancers, and professionals can participate in a marketing course to up their sales or businesses. So keep learning and exploring!
    Investment and asset management
    720 views
  • 10 Best Startup Ideas in India 2021 (Meatable, MasterClass, and more)
    10 Best Startup Ideas in India 2021 (Meatable, MasterClass, and more)
    Hear us out, young entrepreneurs. Dreaming about starting your own business doesn't have to stay a dream forever. The idea of starting and running a company may seem frightening, but success demands risks and sleepless nights. Here is an article to help you choose a startup idea that has the potential to disrupt an industry.Our top 10 list explores a couple of startups (Meatable, MasterClass, Kisan Network, and more) that are already on their journey to becoming tough competitors for traditional businesses. Don't forget to read our guide that follows to learn some core concepts every aspiring entrepreneur should be aware of before the brainstorming sessions begin.
    Investment and asset management
    619 views
  • 10 Best Mutual Funds Apps in India 2021 (Groww, myCAMS, and More)
    10 Best Mutual Funds Apps in India 2021 (Groww, myCAMS, and More)
    When it comes to investing, mutual funds find a spot among the top investment options. Investing in mutual funds is one of the best ways to earn long terms gains. They are a great way to diversify your portfolio, giving you the possibility of making higher returns with a low to moderate risk.Nowadays, mobile applications such as Zerodha Coin, ETMoney and many others have made investing super easy. These apps offer endless benefits from zero commission investments, small SIPs, tax benefit schemes to easy-payment options, and smooth UI. The best part? – your funds are handled by professionals having in-depth knowledge of the industry. Read this article to know the best mutual funds apps in India right now.
    Investment and asset management
    450 views
  • 10 Best Websites for Freelancers in India 2021 (Fiverr, Upwork, and more)
    10 Best Websites for Freelancers in India 2021 (Fiverr, Upwork, and more)
    While several job search websites post openings for freelancers all over the world, this article will focus only on those that facilitate accepting payments and serve as a middleman that connects freelancers with potential clients. But the competition is really high, and you need to know which ones will provide you with a constant stream of income. The majority of them will charge you a service fee, but you can find free platforms as well.Here is a list of the ten best websites in India where freelancers can find gigs and earn a living. The list comprises the popular ones like Freelancer, Upwork, Fiverr, and lesser-known platforms like Toptal and Hubstaff Talent. We also have a guide that explains the features to look for and how to choose one or multiple platforms and make your presence known as a professional freelancer.
    Investment and asset management
    391 views
  • Search by Category