As evidenced by the phenomenal growth of startups like Revolut, money transfer platforms are capturing more of the $160 billion of remittance flowing out of European countries each year. With dozens of services competing for consumer’s attention, including household names like Western Union and PayPal, which money transfer companies are having the most success in Europe? Is there a product that consumers like the most?
NimbleFins took a look at the data to find out.

While detailed data on remittances is quite limited, they were able to measure the relative success of the top money transfer services in each country by looking at their mobile app’s download rankings on the Apple App Store. It turns out that PayPal, relative-newcomer Revolut and TransferWise are winning in nearly every country, but there are exceptions. For example, Skrill ranked in the top 5 in 24 countries.

With a dozen other mobile apps rounding out the top 5 across all the countries, it seems competition for low-fee money transfer apps is still fierce.

To determine which apps are most popular with consumers for transferring money to friends and family, they analysed download data from the Apple App store. Here’s a sample of what they found:
  • The top 5 money transfer apps in Hungary were PayPal Mobile Cash, Revolut, TransferWise, Skrill and WorldRemit
  • Across 31 countries in Europe, PayPal, Revolut and TransferWise were the most popular overall with the best download ranks
  • Competition remains intense, however, as the top 5 across all the countries in our study included a wide array of other services as well, including QIWI Wallet, Western Union, WorldRemit, Skrill, Yandex.Money, TransferGo, WebMoney, Neteller, Ecopayz, MoneyGram, Payoneer and Pingit

money transfer apps

Of the 31 countries we studied from Iceland to Russia, PayPal was the most downloaded money transfer app in 22 areas including the United Kingdom, Germany, France and Spain—the European countries from which people send the most money abroad. Revolut was the second most downloaded money transfer app overall, and ranked 1st for downloads in seven countries: Poland, Portugal, Ireland, Romania, the Czech Republic, Latvia and Lithuania. TransferWise was the third most downloaded app.

Source: NimbleFins – Erin Yurday

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