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How to Create a Money Transfer App: a Comprehensive Guide on Money Transfer App Development

November 13, 2022



Mykola Breslavskyi


Mykola Breslavskyi


Table of contents

Traditional banks with their bureaucracy and queues are rapidly losing customers' loyalty. At the same time, digital solutions like payment apps are gaining momentum. And it’s not surprising! Global digital finance market is on the rise with a wide variety of apps: personal finance apps, online banking apps, money transfer apps, etc. The last ones will be the topic of our focus in this article. So if you want to get to know more about money transfer apps and understand the specifics of its development, this guide is right for you!

Transfer App Development Market Overview

A Money Transfer App is a digital platform thanks to which you can conduct any kind of financial transactions - money transfer, international payments, social payments, etc.. Also, such software is called a peer-to-peer (P2P) app. It means that you can transfer money from person to person, from entity to entity. Money transfer via such apps has no hidden fees, is cheap, almost instantaneous, and secure. That’s why the transfer app market is expanding every year.

Based on Business Wire research, general mobile payment adoption will grow significantly by 2027 with an expected value of $10 trillion. According to Grand View Research, the global money transfer market was estimated at $17.88 billion in 2021 and is very likely to grow with a CAGR of 15% from 2022 to 2030. At the same time, the number of users is predicted to reach 18.6 million by 2027.

Such statistics prove that remittance app development is a promising niche. So it's high time to enter the market with a new transfer app! However, if you want to outpace your competitors, you should think of an innovative approach and keep in the loop of the latest trends.

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Smart Speakers

Nowadays smart speakers go far beyond ordinary homework assignments. You can book a cab, purchase tickets, get information regarding the current traffic load and…transfer money. All you need to do is to give several voice commands to Alexa or another smart device that you have. Users love this feature because it saves a lot of time that is usually needed to log in to the banking app, wait until the necessary page will be loaded, and so on.
However, there are some pitfalls you should be ready for. Some people still have a lack of trust to voice systems because they can’t feel them physically and think that it can harm their security and privacy. Also, there are still some inconveniences related to understanding different accents, especially if they are non-American.

Transfer via messengers

If you still use Facebook Messenger only for texting and sharing photos or videos with friends, the following info may be surprising for you. Within this app, you can also send and receive money. It’s convenient because you can conduct a money transfer to any country by following a few simple steps.
It’s worth noting that the competition between messengers in which you can send money is not so high yet. Facebook Messenger and WeChat are the most popular ones but their payment function is still unavailable to many users. So it’s a great chance to become a successful newcomer that integrates a money transfer feature into the messenger.

AI-based features

You can use AI to make your money transfer app more advanced in many ways: to improve security, provide users with statistics and smart recommendations, increase users’ loyalty by adding AI chatbot etc. Moreover, it seems that soon AI can be used to manage rates and fees that are usually charged for the money transfer. Keep this in mind to make your users fall in love with your app!

Advanced Security Measures

Incorporating advanced security measures is vital when developing a money transfer app to protect sensitive financial information and prevent unauthorized access. Utilize encryption protocols to secure data transmission between the app and the server, ensuring that user details and transactional data remain confidential. Implement multi-factor authentication methods, such as biometric authentication or one-time passwords, to add an extra layer of security during login and transaction verification. Regularly update the app's security protocols and stay informed about emerging security threats to proactively address vulnerabilities. By prioritizing robust security features, you can instill confidence in users and ensure the safety of their financial transactions within your money transfer app.

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Mykola Breslavskyi

Fintech Expert

Skilled, experienced fintech expert from Perfsol is ready to answer any questions regarding the design and development of fintech software products. Choose a platform to speak, ask questions, and we'll certainly answer.

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PayPal is a fintech giant famous all over the world. As of 2022, the number of its users is approximately 430 million. This financial app is available in more than 200 countries and allows people to make money transfers in 25 currencies. It is reliable, flexible, and easy to use. You can effortlessly track any money transfer you conduct. However, sometimes it has issues with customer support and too high transaction fees.


This app is recognized as the best one for international transfers. WorldRemit provides various options to send and receive money online: bank transfer, transfer directly to a mobile money account, etc. This app for money transfer has more than 5,7 million users worldwide, is available in 130 countries and offers money transfers in 70 currencies.

Cash App

Cash App is loved by users because of many reasons but the most popular one is zero transaction fees. Even though the app doesn’t transfer the money instantaneously (you should wait for the money to be delivered to the recipient in 1 or 3 days), it’s convenient and provides a great user experience. As of 2021, Cash App had more than 44 million active users monthly. This is available only in the USA and the UK. Within the Cash App, you can send payments in 50 currencies to 190 countries.

Stages of Creating a Money Transfer App

As any fintech software development, the creation of the money transfer app is a comprehensive process. You can hire a freelancer that will most likely jump into code creation at once or hire a software development company that will offer you not just tech but also business-oriented services.
For example, at our money transfer app development company Perfsol your project workflow will look like this:

  • Analysis of your business specifics, market conditions, competitors, trends, growth potential, etc.
  • Strategic planning that will help you to clear out the precise time and budget required for your money transfer app development
  • Creation of the prototype that is the first tangible version of your product and can be edited and changed as many times as needed to make your app the best for its users
  • UI/UX design which ensures that your app will look eye-catchy, be easy to perceive and navigate
  • Code creation and its thorough testing
  • Presentation of all the software development deliverables to the client
  • Launching to the app stores
  • Consistent tech support of your money transfer app

Estimate your Money Transfer App development costs for 24 hours!

Let’s calculate the cost of developing an app based on your requirements together. Get in touch with our team, and we’ll be happy to help you with a free initial app estimate.

How to Build a Money Transfer App and Cut the Development Costs

To be honest, it’s almost impossible to provide precise numbers as app development costs depend on many factors: the complexity of the features and design, tech stack (usage of the advanced technologies in particular), the urgency of the development, and many others. According to some resources, on average money transfer app creation can cost you from $120k to $400k.

Bonus Tip

You can significantly cut development costs by hiring an offshore fintech app development team. We recommend paying special attention to Eastern European software development companies because they can deliver high-quality software for a relatively low price.

Perfsol from Ukraine has a large team of seasoned professionals that have vast experience in the fintech industry. Check out our portfolio and feel free to contact us if you have any questions regarding money transfer app development.

Mykola Breslavskyi


Mykola Breslavskyi


I am passionate about technologies. Adore solving challenges of our customers: going under the tech problem and trying to deal with a reason rather than a symptom. I do believe that is why our clients choose Perfsol.


  • What are the money transfer development trends for 2023?

    The biggest trend for the upcoming years is the usage of advanced technologies such as AI, voice systems, machine learning, etc. Also, pay attention to the ability to transfer money in messengers - this feature is relatively new and competition is not so high yet. It’s your chance to innovate.

  • How much does it cost to develop a money transfer app?

    Any software development cost depends on the vast variety of factors such as features complexity, specifics of the design, and technologies that are required for the particular project. It’s hard to provide precise numbers, however, based on the data from different resources, money transfer app development can cost you from $120k to $400k.

  • How to cut app development costs?

    To make your software development process more cost-savvy, you can start with MVP creation. MVP is the most basic version of your app that contains the crucial features only. However, it can be already launched to the market so you can attract your first users, gather their feedback, find new investors, etc. You can earn money and continue the development of the full version of your P2P money transfer app at the same time. Additionally, you can hire an offshore development team from Ukraine and get software for the most optimal price-quality ratio.

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