The advancement and immense progress in technology have made it possible for people to send and receive money instantly via mobile, without any human contact.
Wonderful right? Gone are the days when there was no other way of sending money without burning fare or fuel and enduring a toe-numbing queue.
Nowadays, all you need is a smartphone, reliable network and an account in a reliable company like WorldRemit, Azimo, Payoneer, TransferWise and CurrencyFair. The process of sending and receiving funds is now easier and more convenient than ever.
It is now possible to transfer cash within minutes and at the location of your choice.
Learn more about the four major money transfer app comparison parameters.
Convenience with a money transfer app
A money transfer app is entirely useful and convenient. The fact that you can use money apps anywhere, anytime means that they are extremely necessary and efficient.
Assuming your loved one, from another country is in dire need of financial assistance or a huge business deal is about to happen and all the parties are waiting for money from you...What do you do? If you have a money money transfer app, all you will have to do is reach for your phone and send the money. Otherwise, you will be forced to physically go to the bank to complete the transaction.
Cheaper services with a money transfer app
Back when the only way to complete a money transfer was via human contact, the service was extremely expensive. All the involved sectors are trying to offer cross-border money services at affordable prices. Even the European Union requires that IBAN (money transfer) in SEPA zones fee be equal to or less than the national fee.
However, note that money transfer fees are not the same in all regions. Money transfer charges different from one region to another, depending on the region's policies. For instance, you will find that some regions charge £15 for an outgoing wire while others charge £30. We will discuss more comparing prices later in the article.
Transfer security with a money transfer app
There are many reasons why anyone can be worried about the security of their money. One could be a victim of a robbery or fraud that left them traumatised while others are just paranoid. Yes, some people have extreme conditions where they cannot carry cash money.
Being concerned about the security of your money is important. No one wakes up planning to lose a check or cash. However, people who are a step ahead are the ones who use money transfer apps. Such people enjoy the top-notch protection of all their personal or financial data.
Speedy payments with a money transfer app
Money transfer apps are fast. Now, you can make a funds transfer to your family or friends within minutes, on your smartphone, tablet or laptop.
In worst scenarios, assuming your loved one needs money for an urgent purpose. The only way to ensure that the money arrives almost instantly is via money transfer apps.
From sickness to house rent, school fee, business deals, subscriptions, shopping, paying for other goods and services and money transfer apps will help you. Your money will be sent and received ion the other end, minutes after filling all the necessary information and pressing send.
You get offers for inviting friends
Money transfer apps usually offer money to customers who invite other customers. The prize money differs from site to site. However, some people have made a living out of affiliating for money transfer apps.
The sites offer links or banners which you can use to invite your friends to join. You then receive a commission once your friend creates an account and performs a transaction, using your link.
So how do you compare money transfer apps?
Are you looking for a reliable money transfer app? Knowing how to select the proper money app is important. Remember that this is an app that you will connect to your bank and use to transfer funds to friends, family and business purposes.
As the financial technology (fintech) sector continues to rapidly grow, financial service companies are striving to improve their international money transfer services. Money companies are coming up with features and extra services to attract and retain more customers.
Also, in these times, financial companies that facilitate money transfers are very competitive, in their services, products and rates. Therefore, it is not wise to rush into deciding which app to use.
Check the user-friendliness of the money transfer app site.
How user-friendly is the app? What is the readability of the app? What is the colour theme of the app? Is the app easy to use and are the different features easy to locate?
The first good quality of a reliable money transfer app is its user-friendliness.
Customers have better experience sending or receiving money via an easy-to-use app. While too many bright colours might distract the user, dull graphics might feel unattractive.
Check the app, to ensure that you can easily locate all icons and features on the app. Where are the profile settings? Where do you send the money?
Check the history of the money transfer app.
How long has the money app been in operation? What is the rating of their services in that period? What kind of reputation does the app have?
Well-appointed money transfer apps like Payoneer, WorldRemit, Transferwise, Azimo and CurrencyFair have an impressive history to back them up. It is financially safer to use a company that has years of experience in offering money transfer services.
The best money app is the one that offers quick, safe and convenient service, at an affordable fee. Compare the different fees charged to the various money transfer apps, before making the final decision.
Device Availability of the money transfer app.
How available is the money app?
Compare the device availability of the money apps in question, to determine which app befits you. The best cross-border payment apps
Geo Availability of the money transfer app.
Unfortunately, not all money apps are available worldwide.
As you compare money apps, remember that they have different Geo availability. Check to see if the money app is available in your country and the country where your recipient resides.
That's a major factor especially for all remittances to and from African countries.
Extra Features of the money transfer app.
The primary purpose of a money transfer app is to facilitate payments from one bank to another or country to another. In efforts to ensure customer satisfaction, different money apps have added extra features.
Apps like TransferWise come with currency conversion and a minimum 'send' limit of £8. As for CurrencyFair, you can send any amount of money abroad.
What type of pickup is available for the recipient? The most common forms of pickup are through the bank or cash.
Does the app allow direct business payments into your account, from abroad companies like Amazon? Does the company offer bank cards?
Read Terms and Conditions of the money transfer app.
It is in the 'Terms and Conditions' page that you will find details on transaction timelines. You will also be able to know if there are any restrictions or possible penalties.
Provider comparison: Africa country list
On the below given country list you find the available money transfer apps per African country. There are some countries which are served by every provider, such as South Africa. Or other countries which are supported only by a single provider, such as Liberia by WorldRemit or Western Sahara by Azimo.
Provider comparison: How much money does the recipient get?
In order to find the best money transfer app for you, we have to dive in the details and compare the different money transfer providers in real case scenarios.
I did this for four cases:
- Send money from Germany to Ghana (EUR to GHS)
- Send money from Germany to South Africa (EUR to ZAR)
- Send money from Great Britain to Ghana (GBP to GHS)
- Send money from Great Britain to South Africa (GBP to ZAR)
And that's the outcome showing how much money arrives in the pockets of the recipient:
Money Transfer App Comparison Conclusion
Your money sending app should offer fast, easy and good valued services. Sending money back home, whether it is in the Middle East or Africa, is now much faster and ample. Thanks to all financial technology companies that have made it possible for anyone to receive and send money across borders.