Do you need to transfer funds overseas on a regular basis, or even just occasionally? You’ve probably moved on from going to the Bank or the currency transfer shop to do so. But are you still stuck in desktop mode, wading through endless security checks and vague transfer rates in an interminably slow and bureaucratic mire? There is a better way.
Money Transfer Apps are generally very fast and safe. Nowadays, you can stumble upon various money transfer apps that are extremely convenient and practical and simplify money transfers between two parties, in just a couple of clicks.
If you’ve never heard of or used this type of financial service before, then you’re probably not familiar with the way these apps function. This article will help you to find out more about using apps for international money transfers.
The Biggest Advantages Of Using Money Transfer Apps
Save Time And Allow You To Focus On Other Tasks
As previously mentioned, one of the biggest reasons why these apps are so great is due to their convenience. Namely, they allow people to send and receive money from practically any location. For example, you can easily send money to China from the UK online from the comfort of your home. The only thing that you must do is to download the software and, of course, to have an internet connection.
Additionally, the receiver can store cash in a mobile wallet (which represents a digital version of the wallet a person is carrying in their pocket) and utilize it straight from their smartphone, if their native country enables the required payment infrastructure.
In a nutshell, sending remittances through these apps saves you a lot of time and lets you focus on other important activities in your life and work. Gone are the days when to make an international money transfer you’d have to visit your high street bank branch.
Payments Are Safe
The truth is, all of us want to make sure that the funds are safe and secure every single time cash is being moved around, employed to make payments, and many other money-related processes.
That’s precisely one of the reasons why these mobile apps are an amazing option. They are actually a lot safer in comparison to carrying money around in order to transfer it because there’s no risk of being robbed by anybody.
Now, there are still people who think that having funds stored in a virtual wallet is not the safest thing in the world and that’s completely understandable, however, although online cyber fraud is still an issue it is usually due to direct person-to-person manipulation by scammers. In purely technical terms the chances of someone stealing your money while they are in a virtual wallet are definitely minimal.
Bear in mind that these types of apps are made to be extremely secure and safe through the use of the newest cyber secure developments, like encryption and 2-factor authorisation. Furthermore, this technology is continuously evolving, meaning that if new threats arise the technology will develop a tool that’s going to combat a particular issue.
Another great thing about money transfer apps is the fact that your card details aren’t stored on the app, meaning that your account and its details are perfectly safe.
What Else Needs To Be Mentioned?
Keep Track Of The Funds Remitted
In case you didn’t know, these apps aid you in calculating and keeping track of the cash you transfer. Moreover, you can get an insight into a record of your transaction from within money transfer apps.
What’s spectacular about this feature is the fact that it helps both the receiver and sender manage their finances. For instance, if someone you know has a certain goal, like saving money for a car, you can supervise the amount of cash you send home and decrease it or increase it (depending on the urgency and the amount you can afford at a particular moment).
On the other hand, the receiver can store cash in their mobile wallet and, at the same time, measure progress towards his/her goal.
They Are Very Fast
The reality is that most of us are leading pretty hectic and chaotic lives, and we just want to do all tasks as fast as we can. And that’s precisely what can be achieved with these apps. It doesn’t matter whether you are purchasing something online, or making a payment, you won’t have to worry that you’ll waste your time doing these tasks.
On the contrary. Namely, these apps are incredibly fast and effective, which makes them very convenient. With them, practically any transaction can be approved immediately, which means that if you urgently need cash, or you simply want to speed up the process of paying for something, you’ll be able to do so without experiencing any issues.
What’s interesting is the fact that these apps are frequently much faster than swiping your card. This just goes to show that this option is not ideal for moving funds only, but also perfect for paying your bills or shopping online.
Money Transfers Are Always Available
Transferring cash, or shopping whenever your heart desires, is for sure a huge advantage, especially for people who work from the comfort of their homes. Since these apps can easily be accessed at any given moment, when you’re working around the clock, and you are not always capable of moving your money or simply purchasing something, it’s nice to know that you have this option at your disposal.
Of course, you can always opt for a web portal, however, in these instances, you would have to do a lot more things (such as getting out of bed) to make the payment. Luckily, that’s not the case with money transfer apps. You can make payments wherever you are.
Having More And More Places To Pay
It seems like everyone is starting to embrace these apps, including retailers. Namely, a vast majority of them have already accepted mobile payments, with more and more shops adding this technology every single day.
Mobile payment connoisseurs believe that the number of retailers (who will accept mobile pay) is expected to grow drastically in the coming years.
Finally, a note of caution. Make sure that you are fully aware of any fees and currency conversion rates. If you are transferring large sums then small differences in fees and rates can add up to a considerable sum. There is no need to trade convenience for cost, just shop around and find the mix of features that work best for you.