A money transfer app, or otherwise known as a peer-to-peer app, enables you to transfer cash from one person to the other or one person to an organization. It helps you achieve such a transfer quickly and at an affordable fee. The entire transaction is equally safe and secure. You can link your bank account to the money transfer app if you wish to.
With just a few taps on your mobile device, you can make money transfers from your application. There are different factors that you need to consider when choosing a money transfer app to use, which we will cover in this article.
How Does a Money Transfer App Work?
For starters, it’s important to understand the basic idea of how a money transfer app works. They allow you to transfer money not only within your boundaries but also abroad. Well, they work by either holding your funds then you can send them to the recipient of your choice, or by getting the funds from your personal wallet or bank account. Whichever is convenient for you should be the method you use when using such apps.
Most of these apps are personalized in such a way that they cater to individual needs when it comes to money transfers.
Are They Safe to Use?
Well, since they work online, where there are numerous cybercrimes in this current era, money transfer apps are not completely indispensable. They can be vulnerable to hacking and other malicious activities online that can lead to loss of funds. But what you need to check when selecting an app to send money is their level of security.
The fact that there’s cybercrime isn't an excuse enough for a money transfer app to lose your funds. They should have enough security features that ward off ill minds from hacking and performing other unscrupulous activities. The truth is that some apps have faced challenges in the past in terms of hacking and money loss. But the one you choose should be implementing tactics aimed at countering such acts. Otherwise, what’s the need of using an app that can lead to the loss of your hard-earned money?
How Long Does it Take to Transfer Money?
Well, the duration varies based on several factors. So, it’s a one size fits all kind of arrangement. Typically, sending money within the same borders is cheaper than sending it abroad. Some of the transfers that people make take place right away – instantaneously. While on the other hand, some may take a whole lot of time to actualize. There are transactions that even go for days before the recipient gets the funds in their device.
The duration it takes to send money will also depend on the money transfer app that you’re using. Some are just outright slow, while others ensure that funds reach the recipient in a timely fashion.
Choosing the Best Money Transfer App
When it comes to choosing an app that helps you transfer money locally or abroad, you have to be careful with the decision that you make. Any slight mistake can be costly, as you are dealing with money here.
There are several factors that you need to consider to ensure that your choice is right and that you don’t regret it by losing your money or time on the way. Here’s what you need to look at:
This is the first thing that should come to mind when deciding what app to use for money transfers. With a wide pool of digital money apps, there’s one way that you can separate the chaff from the grain. And this is through analyzing security features.
We are in an era filled with a lot of cybercrimes. And we wouldn’t want you to fall prey to ill-minded individuals who are after money they didn’t work for. So, in this case, you have to make security a priority. Some of the features of security that you can look at include fraud detection ability and two-factor authentication. Of course, there are other features to look at in addition to these two, and you can gauge your decision by looking at them.
What do other customers say about that money transfer app? Are they positive about it or are they filled with bitter or critical comments? This can help you to know whether the app is right or not for you. A decent money transfer app should have a fair amount of positive reviews online.
How much does the app charge you whenever you’re making transfers? This is something that you need to confirm even before you start using the app. Often, people start using money transfer apps without checking their fees carefully. Later on, they begin to realize the numerous hidden fees that the app has.
What kind of features does the app have? Are there certain features that distinguish it from the rest? This should help you make a better decision.
By this far, we hope that you now understand what a money transfer app is, and a few other things about it. We recommend checking out the Afriex money transfer app, as it has amazing features and perks.