We do so many things online including learning, shopping, and even communicating with friends and family. However, many people are still going to banks and other financial institutions to send money to their loved ones abroad. On the other end of the spectrum, we have young people who have turned to money transfer apps. They are a convenient option for many people, and their popularity means there are legitimate reasons why people are using them today.
They are a Secure Option
One of the main worries people have about sending money abroad is its safety. You do not want to lose your hard earned money and you want to ensure your loved one receives the money safely. Money transfer services have made security their main selling point because these services are very safe and secure.
These apps are regulated by industry standards, which ensure they are safe before they are released to the public. Second, they use up-to-date technology and practices to ensure all transfers and transactions cannot be intercepted or made available to an unauthorised third party.
They also allow you to track every step of the transfer, from initiation to sending and ultimately to collection on the other end. All these factors combined give users people of mind.
They Are Easy To Use for Friends and Family
When sending money abroad, you want to be sure that a loved one has a convenient option to collect the money you have sent. The money transfer app from Ria Money Transfer, for example, allows you to choose different options for how a loved one will collect the money. These include cash pickups at locations in over 165 countries, bank accounts, and a mobile wallet.
They Save Users Money
Saving money on fees and currency exchange is very important for people who frequently send money abroad. While it may seem like a small percentage of the amount sent or received, these fees can add up over time. By keeping their fees as low as possible, money transfer apps ensure your loved one receives more money.
The two main reasons for the low fees are competition and pressure from the World Bank, UN and G20. With more companies introducing money transfer apps to the market, users have more options and these companies have to position their apps as the best choice. Price is a great differentiating factor.
The World Bank, UN, and G20 know that most funds transferred through money transfer apps flow from developed countries to developing countries. For this reason, they want to make sure as much of it as possible reaches the people in developing nations, and the best way of doing so is by keeping fees as low as possible.
They Can Save You Time
In the past, you had to visit a financial institution and spend a few minutes or hours queueing to send money abroad. You no longer have to do this as you can transfer funds wherever you are, whenever you wish, using a mobile transfer app.
Sending money domestically and abroad has become easier and more convenient due to the rise of money transfer apps. You can send money, pay bills, support a loved one, or even pay a worker wherever they are in the world as conveniently and cost-efficiently using such apps.
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