If you’re over 40, you surely still remember the hassle of going to a physical bank branch nearby, or at the very least pick up the (landline) phone, to use your banks. If you want to transfer money to a friend, you would have to give him cash, pay him with a check, or head all the way to your bank to provide your friends details, which were then quickly scribbled on a piece of scrappy paper and faxed over to someone at the head office.

The advancements made with personal finance service, and utmostly banks, have made a tremendous impact on our life. We can spend less time on certain actions and spend more time leisuring.

With that being said, not all money transfer applications are made alike. Most bank and money transfer apps are quite good, and adaptable to multiple devices, but there are a few that are simply a work of art.

Venmo

PayPal owned Venmo is one of the most popular money transfer apps in this genre. For USA-based users who want to transfer money within their country, Venmo provides an hassle free option of doing so. It’s so simple that anyone can use it, but so slick and fast that there is no real reason why would anyone not use it. You can connect Venmo direct into your checking account and it will not cost you anything to send or receive money into your account. The service does charge 3% per credit-card funded transaction.

Tangerine 

Tangerine bank is a subsidiary of Scotiabank, the third biggest bank in Canada. What Tangerine is about is a true A to Z online banking experience. When you have an account with Tangerine bank, there is little you cannot do online. Their app is extremely easy to use, and transferring money through a bank locally is inexpensive and fast.

World First

Elected the best money transfer app for this year, World First has a lot of positives going for it. The company has great reviews online, a very friendly website, and  a really smooth mobile app. What you can do with World First app isn’t nearly as simple as what Venmo offers. With World First you could transfer money from your bank account abroad, with World First serving as the middleman and performing the currency exchange as per your specifications, all of that for a discounted price against banks.

Transferwise

Transferwise is a company you must have heard of by now. It is not very different from World First or any of the other companies specializing in cross border payments, in the way it operates, but its levels of transparency and user experience are just remarkable.

Payoneer

Payoneer has also received a lot of recognition as both a tech and payments company. The solution the company offers is completely unique and very hard to replicate. If you sign up to Payoneer you are able to receive funds into your Payoneer account. The payee must be a business. The special part is that with Payoneer you can actually withdraw your funds as cash money via any ATM. In fact, this solution is so unique and the payment operation runs so smooth that even mighty Google has decided to rely on it. It may be not as cheap as Transferwise but Payoneer serves as a completely different function for different type of audience.

This concludes my list of the top 5 money transfer apps in the world in 2018. There are hundreds or thousand more apps and companies providing similar services, some may be better, but you can be rest assured the ones on this list are at the very least among the best money transfer apps right now.