If you’ve ever sent money overseas, or if you’re familiar with the process, then you might be familiar with traditional methods of money transfer. These methods usually involve visiting a bank or other institution, such as Western Union or Moneygram to send funds to family or friends. However, there are now money transfer apps that can be used to transfer money internationally with the tap of your phone screen.
These money transfer apps work much the same way traditional money transfers for banks do, but with some added benefits. Below are some of the key differences between money transfer apps and traditional brick-and-mortar money transfer institutions.
What is a Money Transfer App?
Money transfer apps work much the same as traditional apps on your phone or mobile device. They can be downloaded onto your device, and provide an easy way for you to send money and funds to your friends and family overseas. Like traditional apps, they need to be compatible with your device and might need to be updated from time to time.
However, the hassle of money transfer apps virtually ends there! There are now over 800 million people that receive money from overseas family members, meaning these apps are made to accommodate these people.
Where Can I Download a Money Transfer App?
Money transfer apps are widely available through any app platform you can think of. From the Android or Google Play store to the Apple store for iOS, you can have access to money transfer apps by downloading them from here. You can also download them through a QR code. These QR codes are scanned by the camera of your phone and lead you directly to the download for the app that you need.
Do These Apps Send Money Anywhere?
It’s important to know that these apps will send money internationally, but not to every single country. You will still need to provide information of the BIC, or bank that accepts the money using the SWIFT system, and you will still need to have information such as the receiving person’s bank account information.
Even with this information, an app might still not be able to transfer funds to your loved one’s country, or nearby. Check to see if the app you want to use accepts money transfers to countries in more remote areas of the world. This will allow you to rest easy knowing you can transfer money internationally without a hiccup.
Can a Loved One Pick Up Money in Person?
If your loved one doesn’t have access to a phone or other online tool, don’t worry. These apps also have pick-up locations across the world. For these pick-up locations, your loved one will be able to go to an authorized partner of these apps, such as a store or market, and pick up their money from here.
Make sure that the app you’re using has many locations, so your loved one has more options to pick up their cash. In addition, if your loved one needs to access the money right away and has access to another online app, they can get their cash instantly.
Do Apps Consider Currency Rates?
Apps that are designed for international money transfers know that currency rates will be different between your country and the country you are sending funds. These apps have built-in features, such as transfer rates, so that you can stay informed on how much your loved one will receive. Doing so will allow you to understand exactly how much money your loved one will receive and plan accordingly to send less or more money.