Top International Money Transfer APIs Apps for Forex, Remittance, Cross-Border Payments
- Arpan Desai
- Jan 24
- 11 min read
Updated: Sep 1
Introduction
The remittance and international money transfer industry is undergoing a digital revolution. Traditional banking systems are being supplemented and, in many cases, replaced by innovative APIs and apps that facilitate global money transfers. Companies like Currencycloud, Fincra, and others are at the forefront of this change, making cross-border transactions faster, more cost-effective, and accessible. In this blog, we will explore the market landscape, growth trends, challenges, gaps, and strategies for building apps in this space.
Key takeaways for building Forex Payments APIs
Market Overview and Growth
The global remittance market was valued at $701 billion in 2022 and is projected to reach $1.1 trillion by 2030, growing at a CAGR of 5.2% during the forecast period. Key drivers of this growth include increased migration, globalization of trade, and technological advancements in payment systems.
APIs Driving Growth: The rise of fintech APIs, such as those provided by Currencycloud, Rapyd, and Routefusion, has significantly contributed to this expansion by enabling seamless cross-border transactions.
Emerging Markets: Countries in Asia, Africa, and Latin America are seeing rapid growth in remittance volumes due to large expatriate populations and the rise of mobile money solutions.
Digital-First Solutions: Approximately 60% of remittances are now processed digitally, a trend accelerated by COVID-19 and the growing preference for app-based solutions.
Challenges in the Industry
Despite its growth, the remittance and money transfer space faces significant challenges:
Regulatory Complexity
Compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations varies by country.
Navigating licensing requirements for operating across multiple jurisdictions can be costly and time-consuming.
High Costs
Traditional banks charge an average fee of 6-8% for international transfers, making remittance services unaffordable for some users.
Even some digital solutions struggle to provide truly low-cost transfers due to hidden FX margins.
Limited Financial Inclusion
Over 1.7 billion people worldwide remain unbanked, posing a challenge for digital solutions that require a bank account or smartphone.
Currency Volatility
Fluctuating exchange rates can significantly affect the value of remittances, especially for users in developing nations.
Security Risks
Cross-border transactions are often targeted by fraudsters, necessitating robust security measures such as encryption and multi-factor authentication.
Company | Services | Features | Availability | Website |
Fincra | Virtual accounts in USD, EUR, GBP, NGN; multi-currency accounts; payment collections | Easy API integration; real-time notifications | USD, EUR, GBP, NGN-supported regions | |
TransferMate | Global accounts with virtual IBANs; local payment capabilities; automated reconciliation | Secure fund management; API integrations | Over 200 countries; 140+ currencies | |
Payset | Dedicated virtual IBAN accounts; multi-currency wallets; currency exchange | Supports 38 currency pairs; prepaid business cards | Regions supporting IBANs | |
Rapyd | Virtual accounts; card acquiring; cross-border payments | 900+ payment methods; real-time FX | Globally in 190+ countries | |
PaymentEarth | Virtual IBAN accounts in 28 currencies; international payment services | Hedging strategies; batch processing | 28 currencies; supported regions | |
LightRemit by Lightnet | Virtual bank accounts; multi-currency support; remittance services | Currency conversion; intuitive dashboard | 120 territories; 50+ currencies | |
Papaya Global | Virtual IBAN accounts for payroll; secure fund segregation; local payments | Automated payroll; compliance solutions | 140+ countries globally | |
Routefusion | Virtual accounts; cross-border payments; real-time network payments | Unified API; local pay-ins and payouts | Globally with 180 currencies |
1. Fincra
Services:
Offers virtual accounts in USD, EUR, GBP, and NGN, enabling businesses to receive payments globally.
Provides multi-currency accounts and seamless payment collections.
Features:
Easy integration via APIs.
Real-time payment notifications and transaction tracking.
Pricing Model:
Specific pricing details are not publicly disclosed. It's recommended to contact Fincra directly for a customized quote.
Availability:
Services are available to businesses operating in supported regions. For detailed availability, refer to Fincra's official website.
2. TransferMate
Services:
Provides Global Accounts with virtual IBANs in over 30 currencies, allowing businesses to store value and transact worldwide.
Offers local payment capabilities and automated reconciliation.
Features:
Secure fund management with a world-class compliance program.
API integrations for seamless embedding of payment functionalities.
Pricing Model:
TransferMate offers transparent pricing with low fees and competitive FX rates. For specific pricing, it's advisable to contact their sales team.
Availability:
Operates in over 200 countries and territories, supporting 140+ currencies.
3. Payset
Services:
Offers dedicated virtual IBAN accounts and multi-currency wallets for businesses to manage global cash flow.
Provides currency exchange services at competitive rates.
Features:
Supports 38 currency pairs with instant exchange capabilities.
Issues physical and virtual prepaid cards for business expenses.
Pricing Model:
Payset provides a free account for the first three months, with a £49 monthly fee thereafter. For detailed pricing on specific services, refer to their official website.
Availability:
Services are available to businesses in supported regions. For detailed availability, refer to Payset's official website.
4. Rapyd
Services:
Provides virtual accounts that allow businesses to receive payments locally in multiple countries and currencies.
Offers solutions for card acquiring, cross-border payments, and embedded fintech.
Features:
Supports over 900 payment methods across 190+ countries.
Provides multi-currency business accounts and real-time FX capabilities.
Pricing Model:
Rapyd offers a transparent pricing structure, which can be accessed on their official website.
Availability:
Operates globally, supporting businesses in over 190 countries.
5. PaymentEarth
Services:
Offers virtual IBAN accounts in 28 currencies, enabling businesses to send and receive funds globally.
Provides international payment services with transparent rates and efficient processing.
Features:
Offers hedging strategies and forward contracts to manage FX risk.
Provides easy online order entry for batch processing.
Pricing Model:
PaymentEarth emphasizes transparent pricing, showing the exact markup on every FX transfer. For specific rates, it's best to contact them directly.
Availability:
Services are available to businesses in supported regions. For detailed availability, refer to PaymentEarth's official website.
6. LightRemit by Lightnet
Services:
Provides virtual bank accounts with multi-currency support and digital wallet functionalities.
Offers cross-border remittance services with fully digital onboarding.
Features:
Supports currency conversion capabilities.
Provides an intuitive dashboard for easy management of exchange rates.
Pricing Model:
Specific pricing details are not publicly disclosed. It's recommended to contact LightRemit directly for detailed information.
Availability:
Covers over 120 territories with services in more than 50 currencies.
7. Papaya Global
Services:
Offers virtual IBAN accounts tailored for global payroll payments, ensuring timely salary disbursements.
Provides secure fund segregation and local currency payments.
Features:
Ensures compliance with international regulations.
Offers automated payroll solutions with real-time reporting.
Pricing Model:
Papaya Global offers customized pricing based on business needs. For detailed information, it's advisable to contact their sales team.
Availability:
Operates in over 140 countries, supporting businesses with global workforce management.
8. Routefusion
Services:
Provides virtual accounts in multiple countries, facilitating global fund management for businesses and their customers.
Offers cross-border payments in over 180 currencies with real-time network payments.
Features:
Provides a unified API for global payments and accounts.
Offers local pay-ins and payouts in over 140 countries.
Pricing Model:
Routefusion offers flexible pricing tailored to business needs. For specific details, it's best to contact them directly.
Availability:
Services are available globally, supporting businesses in expanding across borders.
Glossary of Terms for International Money Transfer APIs and Apps
Virtual Accounts
Definition: A virtual account is a unique bank account number assigned to a business or individual for the purpose of receiving and managing payments. Unlike traditional accounts, virtual accounts do not exist as physical accounts but are linked to a master account.
Use Case: Businesses use virtual accounts to streamline payment reconciliation by assigning unique identifiers for different payees or transactions.
Global Wallets
Definition: Digital wallets that allow businesses or individuals to hold, manage, and transact in multiple currencies across the globe.
Use Case: A company operating in multiple countries uses a global wallet to pay suppliers in local currencies and receive payments from international customers.
Multi-Currency Accounts
Definition: Bank accounts that enable users to hold and transact in multiple currencies within a single account.
Use Case: Reduces the need for currency conversion when dealing with international payments.
Virtual IBANs (International Bank Account Numbers)
Definition: Virtual IBANs are digital representations of traditional IBANs used to route payments directly to a centralized account while maintaining transaction-level traceability.
Use Case: Companies use virtual IBANs to collect payments locally in different countries without opening physical bank accounts.
API Integration
Definition: Application Programming Interfaces (APIs) that allow businesses to integrate payment and wallet functionalities directly into their platforms.
Use Case: Fintech companies use APIs to embed currency conversion, payment tracking, and wallet management into their apps.
Currency Conversion
Definition: The process of converting one currency into another, often at market or competitive rates.
Use Case: A global wallet facilitates seamless currency conversion for businesses transacting internationally.
Cross-Border Payments
Definition: Financial transactions where the payer and the recipient are in different countries.
Use Case: Cross-border payments are critical for global trade, enabling businesses to pay international suppliers.
Reconciliation
Definition: The process of matching transactions with corresponding records to ensure accuracy and completeness in financial statements.
Use Case: Virtual accounts simplify reconciliation by tagging payments with unique identifiers.
Compliance
Definition: Adherence to regulatory requirements such as anti-money laundering (AML) and know-your-customer (KYC) standards.
Use Case: Global wallet providers ensure compliance to facilitate secure and legal international transactions
Multi-Currency Wallets
Definition: A digital wallet that allows users to store and transact in multiple currencies simultaneously.
Use Case: Freelancers working with clients worldwide use multi-currency wallets to receive payments in different currencies
Local Payment Capabilities
Definition: The ability to process payments locally in different countries using local banking networks.
Use Case: Businesses use local payment capabilities to avoid cross-border fees and delays.
Foreign Exchange (FX) Risk
Definition: The financial risk associated with changes in exchange rates when dealing with multiple currencies.
Use Case: Global wallets often include FX hedging tools to mitigate these risks.
Fund Segregation
Definition: The practice of separating client funds from operational funds to ensure safety and compliance.
Use Case: Virtual account providers use fund segregation to protect customer deposits.
Digital Onboarding
Definition: The process of registering and verifying users or businesses online without physical documentation.
Use Case: Global wallet providers use digital onboarding for quick and seamless customer acquisition.
Payment Automation
Definition: The use of technology to automate repetitive payment-related tasks, such as invoicing, approvals, and reconciliations.
Use Case: Payment automation reduces errors and speeds up cross-border transactions.
Real-Time Payments
Definition: Financial transactions that are processed and settled instantly or within seconds.
Use Case: Virtual accounts enable real-time payments for better cash flow management.
Competitive FX Rates
Definition: Exchange rates offered by service providers that are closer to interbank rates, reducing costs for currency conversion.
Use Case: Businesses leverage competitive FX rates to save money on international transactions.
Hedging Tools
Definition: Financial instruments or strategies used to mitigate the risk of currency fluctuations.
Use Case: Companies use hedging tools within global wallets to lock in favorable rates for future transactions.
Global Payroll
Definition: The process of managing salary payments for employees located in different countries.
Use Case: Virtual IBANs simplify global payroll by enabling payments in local currencies.
Fraud Prevention
Definition: Measures and technologies used to detect and prevent fraudulent activities.
Use Case: Global wallet providers use fraud prevention tools to protect users and ensure secure transactions.
Seamless Integration
Definition: The ability to connect systems, tools, or platforms effortlessly, ensuring smooth data and process flows.
Use Case: Businesses use seamless integration to connect global wallets with accounting or ERP systems.
Mass Payouts
Definition: The process of disbursing payments to multiple recipients in one transaction.
Use Case: Global wallets enable mass payouts to freelancers or suppliers worldwide
Dynamic Routing
Definition: The process of selecting the most efficient payment route based on cost, speed, and reliability.
Use Case: Virtual account platforms use dynamic routing to optimize cross-border transactions.
People also ask for:
What is an international money transfer API? An API that lets your app create, price, fund, FX-convert, and disburse cross-border payments programmatically—plus fetch status, handle webhooks, and reconcile.
Which are the top cross-border payout APIs I should evaluate? Commonly-evaluated options include Wise Platform, Currencycloud, Airwallex, Nium, Thunes, Visa Direct, and Mastercard Cross-Border Services (mix of bank-to-bank, local payout networks, and card-push rails).
How do forex (FX) APIs differ from money-transfer APIs? FX APIs quote and execute currency conversions (sometimes hedging); money-transfer APIs move value to recipients. Many platforms bundle both so you can price and pay in one flow.
What payout methods do these APIs support? Typical endpoints: bank accounts, cards (push-to-card), mobile wallets, and sometimes cash pickup—availability varies by corridor and provider.
How fast are cross-border payouts? Speed depends on the rail: card-push networks (e.g., Visa Direct) can deliver funds near real-time in supported markets; local bank rails range from instant to T+2 depending on corridor and compliance checks.
Do any APIs include multi-currency/virtual accounts? Yes—some platforms expose multi-currency accounts and local account details you can open via API to collect and hold balances before converting/paying out.
Can I collect (pay-in) and disburse (payout) with one provider?Several offer both—e.g., Nium exposes Pay-In (collections) and Payout APIs under one developer hub.
What compliance (KYC/AML/sanctions) steps are typically required?Providers run KYC/KYB on your business during onboarding and require you to capture sender/recipient data and purpose-of-payment fields that some central banks mandate for cross-border transactions.
How do I choose the “best” API for my use case? Prioritize: (a) corridor coverage & payout types you need, (b) FX pricing model and spreads, (c) speed & cut-off times, (d) compliance lift, (e) reporting/reconciliation, (f) SLAs/support, and (g) total cost (FX + transfer + lift fees).
What does integration usually look like? A typical flow: quote FX → create beneficiary → create transfer → fund/approve → receive webhooks → poll/confirm status → reconcile. Most vendors provide step-by-step guides and SDKs.
Is there a sandbox? Yes—major providers expose sandbox/demo environments so you can prototype without moving real money.
Can these APIs push funds to cards? Yes—card networks expose push-to-card rails via developer APIs (e.g., Visa Direct, Mastercard Cross-Border Services). Useful for faster gig-worker or marketplace payouts where eligible.
Can I track transfer status and get webhooks? Most platforms offer status endpoints and callbacks; e.g., Visa Direct has sender/receive APIs and callback notifications for payout status updates.
How are FX rates handled?Some providers stream executable rates and let you convert on-demand or lock rates before funding to reduce slippage; others price per transfer.
What fees should I expect? A combination of FX spread, transfer fee, and sometimes network/lift fees. Total cost varies by corridor, funding method, and compliance requirements.
Do these APIs cover mobile wallets and cash pickup? Yes—certain payout networks support mobile wallets and cash pickup in specific countries (commonly via a partner network).
What data do I need to send with a cross-border payment? Beyond standard beneficiary details (name, account, bank codes), some countries require payment purpose codes and additional documents to clear compliance.
Can I build a white-label remittance app on top of these APIs?Yes—many teams embed onboarding, rate quotes, and payout flows using provider APIs while keeping UX under their own brand (subject to licensing and program rules).
Do I need my own money-transmitter or EMI license? It depends on your model and geography. Some providers can sponsor under their regulatory umbrella for specific use cases; others require you to be licensed or work via an acquiring partner (especially for card-push programs).
What’s the difference between card-push vs bank-to-bank payouts? Card-push (OCT/AFT) typically achieves near real-time availability to eligible cards; bank-to-bank uses local or SWIFT rails with timing dependent on corridors and cut-offs. Use case, geography, and cost usually drive the choice.
Do these platforms help with reconciliation and reporting? Yes—APIs and dashboards expose transfers, balances, FX conversions, and statements so you can automate reconciliation and ledgering.
Can I start with FX only and add payouts later? Many providers let you start with rates/convert features, then add payouts as you complete due diligence and corridor approvals.
Are there rate-limit or throughput constraints? Yes, but they’re usually generous and negotiable for enterprise use—speak to the provider if you expect high-volume batch payouts.
What’s a realistic MVP timeline? With a sandbox and a single corridor, teams often MVP in days/weeks; production go-live depends on KYB, compliance sign-offs, and corridor enablement.
Where can I read the official docs before shortlisting? Start here: Wise Platform Docs, Currencycloud Developer Portal, Airwallex Docs, Nium Developer Hub, Thunes Money Transfer API, Visa Direct (Payouts), Mastercard Cross-Border Services.
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