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Home Fintech How to Create a Money Transfer App For Remittance Businesses – The Ultimate Guide

How to Create a Money Transfer App For Remittance Businesses – The Ultimate Guide

(18 min)
Peter Shubenok
Managing Director
How to create a money transfer app for a remittance business RNDpoint

The demand for money transfer apps is skyrocketing. With global digital remittance transactions reaching a staggering $390 billion in 2022 alone (source: Grand View Research). 

It’s high time to seize this profitable opportunity and develop a money transfer app for your remittance business.

In this comprehensive guide, I will walk you through the crucial steps of creating a successful money transfer app that will attract a wide audience and position your business.


What Is the Point of a Money Transfer App?

A money transfer app is like having a virtual wallet that a person can use to send money to anyone with just a few taps on their phone. They can link their bank account or credit card to the app, and then use the app to send money to someone else’s bank account or debit card.

The main feature of money transfer platforms is that they make it easy and convenient to send money quickly and securely without the hassle of writing checks or carrying cash. 

The user can send and receive funds as well as track their transactions anytime, anywhere. Also, mobile remittance apps offer additional features like bill payment, splitting expenses with friends, and even international money transfers.

Most often, transfers are made from a bank card to Visa/MasterCard, electronic wallets, or regular bank accounts. Some apps suggest using an email address or phone number.

A money transfer app acts as an intermediary in financial transactions. Product features should be determined by the category to which it belongs and its type.

transfer apps for remittance businesses_RNDpoint

Review of Money Transfer Platforms Market

Research And Markets reports that the global digital remittance market in 2022 was $19.65 billion. By 2030 it will increase to $60.05 billion (CAGR 15%).

Global Digital Remittance Market
Fig 1. Global Digital Remittance Market, 2022-2030. Source: Research And Markets.

Statista predicts that by 2027 there will be 18.6 million users in the Digital Remittances segment. By comparison, in 2022, the number was 12.8 million. This proves that in the next few years, the popularity of this method will grow steadily.

Number of users in the Digital Remittances segment
Fig. 2. Number of users in the Digital Remittances segment. Source: Statista.

Notably, personal transfers dominated this global market in 2022 – 44% of global revenues. Remittances from migrant workers, who sent money to their own country, also occupied a significant share.

Global Digital Remittance Market, By End Use 2022 (%)
Fig. 3. Global Digital Remittance Market, By End Use 2022 (%). Source: Grand View Research

Experts identify several key market drivers:

  • Increasing globalization. Active business and personal transactions across borders increase the need for fast and reliable international remittance apps.
  • Convenience. Availability and speed of transfers are especially important for younger generations, who are used to conducting most of their transactions digitally.
  • Lower costs. Transfer services offer lower commissions and faster transfer speeds compared to traditional methods.
  • Security. Apps guarantee secure transactions thanks to advanced encryption and fraud protection measures that give users peace of mind when sending money.
  • Growing use of cryptocurrency. Mobile apps allow users to send and receive digital currencies and are likely to become increasingly popular.

The pandemic has stimulated the use of digital platforms by financial institutions. Also, individuals have become more active in using digital payments, including paying for online purchases. According to Visa Back to Business Study 2021, 68% of consumers preferred more touchless ways to pay.

Do you want to take a highly competitive position in this market? Then provide your audience with a solution with valuable features.


Types of Money Transfer Apps

There are several types of apps for remittance, each with its own unique features and capabilities. I’ll describe some of the most common types:

Bank-Owned Apps

Many major banks offer their own transfer apps. Customers can send money directly from their bank account to another person. The feature is that the app integrates with the bank’s online banking platform. This allows customers to manage all their finances in one place.


All popular U.S. banks support Zelle. Chase QuickPay is an easy way to send/receive money through Zelle in minutes.

Standalone Apps

Unlike the previous type, these apps are not owned by a specific bank. The user can add their bank account or credit card to make transactions. The app allows you to send money to other app users or directly to a recipient’s bank account.


  • PayPal. The well-known electronic payment system for sending/receiving transfers.
  • Venmo. An American mobile payment service that belongs to PayPal.
  • Cash App. Payment service for transferring funds to another account via an app or e-mail.

International Money Transfer Apps

These digital products make it possible to transfer money outside the country. It is only natural that the fees are higher than for domestic transfers. However, this is justified because of the speed and security of transactions at the global level.


  • TransferWise. A popular online system for money transfers abroad.
  • WorldRemit. A service for sending/receiving funds instantly anywhere in the world with low fees.
  • Xoom. Reliable service for sending funds, phone top-ups, and bill payments worldwide.

Crypto Wallet Apps

This is a separate category of apps due to its specific nature. They are not designed for fiat, but for digital funds based on blockchain (cryptocurrency). The user can store and send bitcoin, Ethereum, and other cryptocurrencies. It is a decentralized way to send funds outside traditional banking systems.


  • Coinbase. A secure platform for storing, transferring, buying, and selling cryptocurrencies.
  • Binance. App for cryptocurrency exchange trading and crypto payments.
  • BitPay. Service for easy bitcoin management directly on your smartphone.

It’s worth noting that some apps may fit into multiple categories (for example, PayPal offers both domestic and international money transfer services). I should also note that the app can target a specific audience.

For example, individuals use P2P services to transfer funds from card to card (CashApp, mentioned above). But B2B services are designed for one-time or regular payments between businesses (businesses often choose Stripe for this).

Regardless of type, each platform ensures the availability, speed, and reliability of transfers. It is not surprising that more and more people choose this method for their purposes, and the market is growing.

Contact RNDpoint team to discuss your requirements for a remittance app

Remittance App Key Features

Here are the features that must be implemented in your money transfer app.


Provide an opportunity to register and fill out a profile: (personal info, bank account, billing address, payment card details). 

It is important that each user can set up authorization (via PIN, graphic key, fingerprint) and receive requests. RNDpoint has implemented all these features in P2P Money Transfer App (project under NDA). See the project screenshots below.

P2P Money Transfer App by RNDpoint
Fig. 4. P2P Money Transfer App by RNDpoint, Profile settings

Sending and Receiving Money

The app must offer transfers within the country and abroad (in different currencies), intrabank and interbank.

Several transfer methods should be introduced:

  • To bank account. The user enters the recipient’s name, address, and account number. If it is an international money transfer app, the details must include SWIFT, IBAN of a client’s bank.
  • To a bank card. The payer specifies all the necessary card details: the cardholder’s name, card number, and expiration date.
  • In-app. In this case, it is enough for the payer to add the recipient’s email address or phone number. It can also be an e-wallet address or an account ID.

The option to save templates for transfers to your card, cell phone, etc., will be helpful. This is one of the features of the P2P Money Transfer App I discussed above.

Money transfer options and Templates
Fig 5. P2P Money Transfer App by RNDpoint, Money transfer options and Templates

Paying Bills

Take care of convenience and optimize the billing process. Here, you also can prepare templates for services requiring regular payments: water, electricity, telecommunications, insurance, university education, and so on. 

If the exact date and payment amount are known, the withdrawal process can be automated.

Transaction History

Users of money transfer platforms should be aware of the transaction processes. Let them view transfers (by country, sender, recipient, period) and fees in real time. Automate the generation of reports based on this data.

Balance Management

The balance should be automatically updated upon receipt/withdrawal. Add several ways to deposit funds (from a card, bank account, etc.) and withdraw them (to an account, card, etc.). 

Currency Conversion

In addition to monitoring currency exchange rates, you need the ability to convert to the desired currencies. This is an important function of the app for international transfers. 

The app should offer currency conversion options to ensure that the recipient receives the correct amount of money in their local currency.

Deposits, Loans, and Credits

Another function is related to obtaining additional funds. It can be deposits, loans, etc. The borrower can apply and receive funds. The lender approves/rejects the request and notifies the borrower of the need for repayments. Communication between the parties plays an essential role here.

Payment Requests

Users should be able to request payments from others, such as friends or family members, by sending them a payment request through the app. This allows both parties to be aware of and manage scheduled transactions.

Payment by Installments

If you want your app to be used for purchases, add the option to pay in installments. The purchase price is divided into several equal parts, which are withdrawn within a short time. It will make you popular with a broad audience of online shoppers.


It is critical that user data and transactions are secure. The app should offer advanced security features, such as:

  • Encryption of payment data.
  • AI fraud detection.
  • Adding an electronic signature.
  • Two-factor authentication.
  • Biometric authentication.
  • 3D Secure for card protection.
  • Identity verification using KYC/AML.
  • Compliance standards (PCI DSS, ISO 20022, PSD2, and GDPR).

With enormous experience in outsourcing financial software development, RNDpoint knows how to secure your application. See the security section of P2P Money Transfer app created by the RNDpoint team.

Security section
Fig 6. P2P Money Transfer App by RNDpoint, Security section

Customer Support

The app should offer reliable and responsive customer support, with clear instructions for how to contact support in case of any issues or questions. This will help improve the user experience and build audience trust in the app.


Users need to receive notifications about all actions on bank accounts: receiving a transfer, debiting funds, replenishing the balance, etc. It can also be newsletters, for example, about updating the functionality.

Additional Features

Some apps for remittance may also offer additional features, e.g., splitting payments with friends or the ability to donate to charity through the app. It all depends on the preferences of your audience.

To make the application even more convenient, connect it to third-party services and systems.

RNDpoint specializes in developing advanced money transfer apps that empower remittance businesses to stay ahead of the curve. Contact us to learn all the details.


Success story. How RNDpoint developed a money transfer app from scratch in just 6 months

At RNDpoint, we have implemented dozens of projects related to the remittance industry. One of them was a money transfer app for a large European bank. We developed it from scratch. All the work took us 6 months.

Bank’s request. Our team has to develop a P2P payment app from scratch. With this application, the Bank wanted to expand its services.

UI/UX design. This was a separate big task. At the top of the list was the requirement that elements of the application load as quickly as possible.

Implementation. Firstly, our team created a prototype of the application, and then the Bank entrusted us with the development of the entire platform. 

We implemented all the necessary integrations with third-party systems and the Bank’s payment gateways.

In addition, we trained Bank employees to maintain the application, as well as provided technical support and development of new functionality.

Our team created a functional and easy-to-use admin panel so that bank employees can manage the application without involving software development specialists.

Functionality developed: 

  • Money transfers
  • Money requests
  • Sign-up and onboarding process 
  • Admin panel 
  • Bill splitting  
  • Customizable templates
  • Card ordering
  • Promotional games settings
  • Virtual card design

Result. Over the course of six months, we successfully created a comprehensive money transfer app, equipped with all the essential features and functionality. Our work received a commendation from the Bank, expressing their utmost satisfaction.

Read the full success story here.

Integrations of a Money Transfer App

Integrations empower money transfer platforms. There are two options of integrations for such apps.

First option. The money transfer app should definitely be integrated with: 

  1. Local transfer providers: interstate euro bank transfers (SEPA) or payment transactions through a special electronic network between US banks (ACH).
  2. International transfer systems (SWIFT, Western Union, MoneyGram): sending funds worldwide.
  3. Currency exchange systems: currency conversion in accordance with the current exchange rate.

Second option. Implement integration with:

Transfer aggregators like Airwallex or CurrencyCloud. It will give you access to the main features for transactions in different currencies.

We recommend analyzing the experience of companies that have managed to become famous at the global level.
Save time with RNDpoint’s expert services for integration with a money transfer app. You are to guarantee users the speed and security of transfers, as well as provide constant access to all the necessary information.

I recommend analyzing the experience of companies that have managed to become famous at the global level.


Top 5 Money Remittance Apps

We prepared the rating of applications based on up-to-date data from CNBC.


PayPal’s peer-to-peer payment platform that allows individuals to send/receive money.

Venmo is best for: P2P transfers to family and friends in a few clicks.

Customer reviews

  • Play Store rating: 4.2 based on 671K reviews, 10M+ downloads.
  • App Store rating: 4.9 based on 15.3M ratings.


American money transfer system that has partnerships with leading banks and credit unions.

Zelle is best for: fast and secure interbank transfers.

Customer reviews

  • Play Store rating: 4.0 based on 119K reviews, 10M+ downloads.
  • App Store rating: 4.8 based on 447.1K ratings.


Top system for sending/receiving money transfers, paying bills, and shopping.

PayPal is best for: personal (transfer to friends and family, making purchases) and business goals (paying bills to the contractor company).

Customer reviews

  • Play Store rating: 4.3 based on 2.88M reviews, 100M+ downloads.
  • App Store rating: 4.8 based on 6.2M ratings.


A mobile payment service that allows you not only to transfer money but also to invest in stocks and trade bitcoins.

CashApp is best for: budding investors looking for an easy and cost-effective way to trade stocks and bitcoin.

Customer reviews

  • Play Store rating: 4.6 based on 2.23M reviews, 50M+ downloads.
  • App Store rating: 4.8 based on 4.3M ratings.


International money transfer app with fast, transparent, and accessible processes.

Remitly is best for: sending money worldwide to more than 135 countries.

Customer reviews

  • Play Store rating: 4.8 based on 571K reviews, 5M+ downloads.
  • App Store rating: 4.9 based on 231K ratings.

How to build a product that will be highly appreciated by users? Next, I consider the main stages of the process.


How to Create a Money Transfer App?

As a rule, the path from an idea to the release of a product takes 6 stages. The work does not end there: the team starts technical support and maintenance. But first things first.

Ideation and requirements development

It all starts with market research and the search for viable ideas. It is important to analyze the needs of the target audience and study competitors in the industry.

The results of the analysis help determine:

  • Mobile OS: iOS, Android, or cross-platform application.
  • Functionality: types of transfers (P2P, B2B) and methods (to a bank account, to a card, etc.), currencies, and more.
  • Non-functional requirements: scalability, performance, security, compliance standards.
  • Data types and formats that the product will process: currencies, amounts, payment methods, recipient information, transaction IDs, date and time records, transaction fees, and exchange rates.
  • UI requirements: simple and intuitive design, clear and concise instructions, user-friendly forms, payment confirmation, etc.
  • Integrations: third-party services that the app should be connected to.

At this stage, we recommend contacting remittance software providers. RNDpoint can make Solution Discovery in the shortest possible time and help you build an effective strategy.

Remittance business plan

This stage involves the creation of a remittance business plan that should become the foundation for further work.

The plan includes:

  • Project objectives to be achieved.
  • KPIs to track performance.
  • Project duration and work schedule.
  • The budget you can allocate to the project.
  • Roles in the team in accordance with the tasks.
  • Potential risks and ways to overcome them.
  • Approximate indicators of TCO and ROI.

The plan ensures consistency and transparency of teamwork on your international money transfer app.

Digital remittance app design

The stage begins with architecture design and feature prioritization. Next comes UI/UX for all user roles: individuals, business entities, and administrators.

Product designers create a prototype, test it, and decide on the visual style of the app.

Development and Testing

The team performs the following tasks:

  • Developing the app architecture: designing the overall structure of the app (the backend servers, databases, APIs, and UI).
  • Coding: writing the code, including the server-side code, client-side code, and any third-party integrations.
  • Testing the code: testing the code to ensure that it is functional, reliable, and free of errors or bugs (unit, integration, and system testing).
  • Integrating payment gateways: connecting the app to one or more payment gateways to enable secure and seamless money transfers.
  • Developing security features: implementing functions to protect user data and transactions (2FA, encryption, and fraud prevention measures).
  • Implementing compliance requirements: complying with local laws and regulations, including AML and KYC checks.
  • UI testing: to ensure that it works correctly on different devices and operating systems.
  • Performance and load testing: testing under various conditions to ensure that it can handle high loads and perform well under stress.
  • User acceptance testing: testing with end users to ensure that it meets their needs and expectations.

Development and testing are critical to ensure the reliability, functionality, and security of the product. The team uses modern Agile practices to increase the speed and flexibility of these processes.

Deployment and Release

Specialists establish infrastructure for backup and recovery. They also ensure security by setting up DDoS protection, implementing IDS/IPS, and taking other measures. When everything is ready, the product is brought to the market.

Then the app creation goes to another level. The team ensures that the product operates without errors, and maintains security and compliance. If necessary, professionals create and implement new features to meet the changing needs of the audience.

Given the specifics of the application, it is vital that the development is carried out by FinTech experts. RNDpoint team can conduct an in-depth industry study, create a strategy, and calculate the project’s cost.

The Cost of Money Transfer Platforms Development

The cost is formed based on many factors: project size, duration, and number or complexity of functions. The last factor is especially important for startups. RNDpoint recommends that you start by creating the main functionality to assess its viability.

Next, I will give an example of how to calculate the cost of such an app based on the hourly rate in Eastern Europe. According to current Arc data, it is $41-60. I will take the average rate of $50 as a basis.

Take a look at the estimated prices for the creation of a mobile remittance app with basic features:

FunctionTiming in hoursDollar spending
User profile834,150
Account Management1005,000
Cash flow processes1105,500
Payment of bills954,750
Transaction History703,500
Balance management804,000
Deposits and loans854,250
Currency Conversion502,500
Payment Requests452,250
Notification system552,750

So, the MVP functionality for one OS can be developed in 1,436 hours, which will cost $71,800. 

In the case of development for both iOS and Android, the cost will double. Also, take into account the prices for other services: business analysis, project management, testing, and DevOps.

Want to get a project estimate? Contact RNDpoint, and our experts will calculate the total cost, considering your individual requirements.

How to Start a Money Transfer Business with RNDpoint?

RNDpoint has been working in the FinTech market since 2014. Having impressive industry experience, we cope with tasks of any complexity.

RNDpoint provides its customers with a white-label solution for the rapid development of eWallets and mobile remittance apps. Our eWallet white-label payment platform has 3 prebuilt modules:

  • UI design. The platform has complete screens, layouts, and the entire design. If necessary, we make changes to the interface and adapt it to the corporate style.
  • Backend core. Among the main features are registration and authentication, funds transfer, currency exchange, administration, and reporting. We use our own ProcessMIX software to automate the development of decision-making logic.
  • Integration layer. Integration with various third-party systems is possible: payment providers, card issuing partners, banking partners, KYC/AML services, notifications, and analytics. With ProcessMIX, we speed up the implementation of integrations by 3 times and reduce the cost by 2 times.

This approach significantly increases the speed of work. On average, we develop an MVP in 2–4 months. Our team supports your project from idea to release and provides post-release support if required.



What should a money transfer app be like to earn popularity with your audience and bring you profit? Functional, reliable, and easy to use at the same time.

Implement valuable features: quick transfers, transaction history, currency exchange, balance management, etc. Ensure security and compliance, take care of the user experience and adapt the app to all necessary devices and platforms.


What is a money transfer app?
What are the most popular examples of money transfer apps?
How to start a money transfer business?
How to create a money transfer app?
How much does it cost to create a money transfer app?


Peter Shubenok
Peter Shubenok
Managing Director
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