How Does Money Transfer Apps Work?

As an international student living overseas, at some point, you will require to either send or receive funds from your home country. With different currencies, banks, waiting period, and charges, international money transfer can be complicated and expensive. Fortunately, digital transfers and apps exist for doing the hard work for you. They save time, money, and effort. But are you wondering how does all this work through apps? Here is a complete guide.

Online money transfer is the electronic way of transferring money anywhere across the world. Often, this gets done through your bank account. The same way physical money gets exchanged between people, the money is transferred here digitally. Some dedicated apps and portals carry out these operations. They are independent of banks and avoid any complications which arise between bank accounts in varied countries.

Benefits of using money transfer apps

Easy to use

Using the online money transfer app is extremely easy. You need to set up a bank account with the chosen bank app. You then should provide formal Government documents and address documents to verify your account and initiate the transaction. The bank or the concerned service need to know which country you want to send the funds to and the amount you wish to transfer. Type the recipient’s name, bank details, and pay using the preferred option.

Transfer from anywhere

They enable you to transfer money from anywhere, anytime. Since the apps and websites are accessible online, you need a decent data connection and a smartphone, tablet, or computer to complete the transfer. You need not visit the agent physically and wait in long queues. Transfer the money anytime that is suitable for you – day or night.

Flexibility 

The best part about using the international money transfer app is choosing how to send money to the recipient and how they receive it. The options available to you depends on where you and the receiver live. But the payment options for online transfer include credit, debit, or prepaid card, bank transfer, Apple, Android Pay, Klarna, Poli, and Trustly. If the beneficiary has a bank account, you can directly transfer the amount to their account.

Multiple currencies

These apps are operational for multiple currencies. You can view a list of cash, and your transfer app shows the calculated exchange rate.

Transparent charges

Usually, online remittance is instant, affordable, and offers better exchange rates than traditional banks. It means your recipient will receive more money for using, which is essential. When you use a conventional bank, it is not uncommon for the recipient’s bank to charge a fee, and in some scenarios, the costs are not fixed until the payment gets done. With digital transfers, you generally are aware of the charges beforehand.

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