Remittances are simply money transferred from migrants to their home country or to a foreign country. A money transfer app aids in transactions between two accounts while charging a fee with each transaction. In today’s world, money transfer app is the most used way to send remittances both locally and internationally. These apps come with many advantages over traditional banking methods.
A money transfer app makes your life easier and makes you feel closer to your loved ones – even continents apart. Whatever your reason is, you have to find the best method that is fast, cheaper according to transaction fees, secure, and also reliable. Not every money transfer app is reliable and available in every country. A money transfer app is without a doubt one of the most logical methods to send money overseas. And you can use it from anywhere. Here’s why you should use a money transfer app:
Affordability of the International Money Transfer App
The transaction fee of sending money to and from another country using a money transfer app is lower than transacting using traditional banking methods. Hence, making it more affordable. Sending money from one bank to another is expensive because of the many additional fees included and exchange rates.
The money transferred using the app will be the same amount received without being levied.
Most of the international money transfer companies offer exchange rates close to the mid-market exchange rates. So, using the app is advantageous because you do not experience additional markups, unlike banks.
The Quickness of the International Money Transfer App
Using the traditional banking methods to transfer money takes days or even weeks to reach the receiver. However, using a money transfer app has no wait times and is faster than traditional banking ways. The receiver gets the money within minutes upon request by the sender.
The transfer speed depends on the sender. They can either use express, where money is transferred instantly but with a small fee, or the economy way where money will take 3-5 business days to reach the receiver and is often with no fee.
Since it is faster to do the transactions using the app way, it frees up time that you can use to do other important things. This is unlike a traditional banking system whereby you would have to visit a physical bank and go through the hassle of in-person paperwork. Also, you can find long queues or even find it closed – hence time-consuming. It is a big inconvenience to both the sender and receiver.
The convenience of the International Money Transfer App
With a money transfer app, you can transact and even track your payments anytime you want through your online account. This online account is from the currency transfer company you are using. It makes it very convenient for everyone and also gives you peace of mind.
This makes it easy to transfer money from anywhere in the world without visiting a physical branch. You can make the transactions from the comfort of your home whenever you need to.
The use of a money transfer app is convenient because you are not limited to locations available where you live. Let’s say you live in a rural place with no access to banks, it can be hard to send money overseas. But with the app, you can use it anytime, anywhere.
The app makes it easier to monitor all transactions because it keeps records. Therefore, it becomes easier to manage finances.
Easy Use of the International Money Transfer App
A money transfer app is very user-friendly. The only thing you need to do is download your favorable app then sign in with your username and password. You can even use the biometric features like fingerprints or face recognition provided by some apps.
An internet connection, a smart device like a phone, and details of the beneficiary is all that you need while transferring money. Hence making it very easy to use. The receiver receives the money in form of an e-wallet. This is a digital version of the regular pocket wallet and even they can spend the money directly from their device. But in some countries which do not support that payment method, they can go to a branch and withdraw the money.
Security of the International Money Transfer App
The advantage of a money transfer app is that they are secure unlike sending a cheque that can be risky. Anything can happen – it can either get stolen or lost. The fact that money transfer app is something available online means that transactions are encrypted. Also, once you are done with transacting money using the app, you get a confirmation message that it is successful. If you do not get notified then you can take further steps to look into the problem.
Furthermore, most people lock their smartphones using passwords or fingerprints so it becomes very hard for someone else other than the owner to gain access to the money transfer app on your phone and steal your funds.
So folks, that is why it is convenient to send remittances using a money transfer app. Feel free to choose the option best for you.