How to Choose an International Money Transfer App
At some point, we all need to transfer money to another person, whether sending a few bucks to a friend or sending money to your child studying abroad. According to data published by the World Bank global remittances totaled $689 billion in 2018. Lamentably, transferring money can get pretty expensive—especially when it comes to international transfers.
While old money transfer services are moving their operations online, emerging fintech companies are bursting with digital services that deliver straight to local bank accounts worldwide. International money transfer apps have opened up new possibilities for moving money around at a reasonable cost. But with so many choices, it is important to do your research and find the one that is right for you.
Factors to Consider While Choosing the Best International Money Transfer App as per your Needs
All the different features and ways to send and receive money offered by numerous apps available can feel overwhelming after a while. Before finalizing on a money transfer app to use, it's important to understand that each app has different characteristics and qualities that make them better suited to certain kinds of transactions. Here we have broken down the major components to look at when choosing the right app for you:
1. Transfer Fees
If you have ever done an international money transfer before, you might have already encountered the recipient getting less money than you may have assumed. This occurs because the transfer cost and other taxes eat into the total amount transferred initially. Make sure you find a money transfer app that shows all their fees upfront.
You can also keep these costs to a minimum by comparing the total transfer costs and choosing the best exchange rates and lowest fees. The most reliable apps are transparent and provide users with real-time information on how much they are saving. This is how the users know what a great deal they are getting using the money transfer apps.
2. Real-time Exchange Rate
One of the most neglected yet most essential factors to consider while selecting a money remittance app. Since exchange rates keep varying at any time of the day. It can be stressful trying to find beneficial exchange rates. The best international money transfers app include currency calculators that shows live currency exchange rates. They are transparent to their users and provide them with real-time information.
3. Security & Compliance
The security of the app you are using for making international money transfers is very crucial. A 2019 Guardsquare analysis showed less than 50% of the top financial apps on the Android Marketplace are using proper mobile application security.
That is why the app must have a robust server to protect it against hackers stealing your data, including bank account details, identification, card details, and other such personal information you've stored with them. Always choose a licensed app to make international fund transfers.
4. Geographic Location
Not all money transfer apps are available in all countries. It is vital that the app you choose is available in your country and has a wide geographic coverage – including the country to which you wish to send money. So while doing your research on which one to go with, always make sure that you find the one that supports the currencies you wish to transfer and enables transfers to your intended destinations.
5. User Convenience
Sometimes, in the search for low cost and reasonable rates, ease of use can be put on the back burner. However, the whole point of doing an online money transfer via an app is for it to be easy, isn't it? So make sure you use an international money transfer app that is simple to use. You should create, access your account, see your current balance on the app if you store money with them, and send money quickly. It must have a seamless interface that allows you to access your account and transfer money easily.
6. Transfer Speed
How fast you need to send the money can often determine which one you choose and what your eventual fees will be. And especially for those away from home, the speed of transferring money internationally becomes even more essential in times of emergencies. Most of the older systems of money transfers take up days to land in the recipient's accounts. But newer companies, like N2Xpress, use local accounts and sophisticated approaches to make transfers faster.
When looking to find the best international money transfer app, there are many variables at play, and it's challenging to choose the best app to fulfill your requirements. Fluctuating currencies and regulatory changes are factors no one has control over. Yet, calculating the amount correctly, timing the transaction, and mode of the transaction are the choices one can monitor and control. So, before you decide to transfer money internationally, be sure to choose the right app to benefit from quick, easy, and cost-effective options to transfer money overseas.