Money transfer apps are a dime dozen nowadays. We see this in the ubiquity of money transfer services at the Google Play Store and the App Store. All manner of money transfer apps are now available – from the established banking giants to the FinTech startups.
International money transfers are a booming business for banks and traditional financial institutions. Fortunately, alternative money transfer companies have entered the scene and they are far more cost-effective than the big banks.
People are no longer required to frequent land-based banks and financial institutions, wait in line, and complete mounds of paperwork to send money abroad. Now, international remittances can be conducted at the click of a button, from your smartphone or tablet. Believe it or not, a simple swipe is all that’s required to give your money wings.
Many top-tier mobile money transfer apps have built-in functionality that even supports voice activated transfers. Compared to the traditional route – money transfer apps are turning heads and devastating traditional banking channels.
Such is the innovation currently taking place that it is entirely possible to use wearable technology that supports these apps for money transfers. Various services are now readily available to clientele around the world, such as P2P transfers with low fees, interbank rates and substantially cheaper fees than big banks. Armed with your mobile, you can download these apps, and save big-league when making transferring funds abroad.
There are many trusted mobile applications to transfer money abroad, including the Transferwise App, and the World First App. All that’s required to get started is a quick and easy registration on the respective website.
Once you’ve established an account, you can send money or receive money through the app. It doesn’t matter whether you’re in the same country as the sender/receiver or based on a different continent.
That’s the beauty of money transfer apps – they work anywhere there is an Internet connection. Other money transfer apps include the TorFX App, OFX App, WorldRemit App, Payoneer App, Azimo App, FairFX App, and Currencies Direct App. Established financial institutions and ranking money transfer services such as Western Union also offer money transfer apps.
Should You Use a Money Transfer App?
Absolutely! Of course, customers must pay attention to the credibility of the app in question, and the perception among users. Three central issues need to be addressed when it comes to top-rated money transfer apps: availability, regulation, and pricing.
Mobile apps have many advantages over traditional desktop money transfer options. For starters, mobile apps are always available, easy to use, and you can complete the transaction in a few clicks or swipes.
There are also a few disadvantages with mobile functionality, including the error-laden nature of these money transfer services, and you generally cannot access live support when using these apps. Security is always an issue to bear in mind, so it pays to read expert opinions and gauge public sentiment vis-à-vis money transfer apps.
Also Check: Mobile USSD Transfer Codes For All Banks
Will Cryptocurrency Move in the Same Direction as Money Transfer Apps?
Cryptocurrency, aka digital currency, is fast becoming the go-to medium for global payments. Adoption is increasing globally and thanks to the security offered by the blockchain network, it is easier than ever to process payments and ‘money transfers’ via popular cryptocurrency exchanges like Coindesk and send funds to other users instantly.
The widespread appeal of cryptocurrency is another reason so many folks believe it is the future of international money transfers. Cryptocurrency is preferred to fiat currency for many reasons. For starters, there is anonymity, zero or low costs of transactions processing, no need for banks, financial institutions or middlemen, and there is no risk of fraud along the way.
Every computer on a blockchain network, and in a transaction is known as a node. No single entity can adversely affect the integrity of the blockchain network, making this the ideal way to transfer money internationally.
Once cryptocurrency exchanges and platforms enjoy widespread adoption in emerging market economies, and across developed economies, there is no reason to doubt that money transfer apps for crypto may soon outstrip fiat currency transfers on a global scale. Before we get to that point, there are several gremlins to contend with – such as trust, regulation, technology, and the tangible concept of money itself!