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If you have moved to another country, then you may need to send or receive money from overseas. Traditionally, money transfers have been carried out by banks, but these can be expensive and time-consuming. Improvements in mobile phone technology, however, have given rise to money transfer apps that claim to simplify the experience and make it more cost-effective. However, many people are wondering if these apps will replace banks for international money transfers or if traditional methods are the best. Here are 4 reasons to use a money transfer app rather than a bank.
They Are Easy to Use
Platforms such as Ria’s send money app are easy to use. Once you have set up your account and provided proof of identity, you can transfer money. You do not need to find a bank in a city you don’t know and then hope that it is open. You don’t have to consider the difference in time zones or wait for hours for your transfer to happen as it is almost instantaneous. This can save you a lot of time that could be better spent doing other things. Money transfer apps are designed to be as user-friendly as possible, so don’t worry if you are not technically gifted or you haven’t used an app before, you will probably find they are easier to use than you thought.
They Are Secure
Some people don’t use money transfer apps as they fear their funds won’t be secure. However, these days, apps use security and encryption to keep your security details safe. The best ones will use two-factor authentication and send you notifications when you send or receive money to ensure you are aware of the transaction. There have been occasions when security measures have been breached, but this is true of both money transfer apps and banks, and on the whole, apps are very secure and safe to use.
They Offer Transparent Fees
Money transfer apps aren’t free, but they do pride themselves on being upfront about their charges. As they are based online and don’t have a physical presence, they are often cheaper to use than traditional banks. A traditional bank will often have hidden fees that you won’t be aware of until the transaction has taken place.
Exchange Rates
Apps will usually transfer money a lot faster than traditional banks. This means that if the exchange rate is favourable, you can take advantage of it. As traditional banks are slower to transfer money, you may not get the exchange rate you thought you had. Currencies can fluctuate wildly from day to day and the exchange rate you are offered could be a bit of a gamble, especially in countries with fluctuating currency rates. You are less likely to experience this problem with a money transfer app, as the process is a lot quicker, and you are more likely to get the exchange rate you were expecting.
Money transfer apps are the future and with more people travelling and living abroad, having an easy way to transfer money rather than having to rely on traditional methods is imperative.
