Technology has transformed operations in various sectors, especially money transfer. There are several companies such as Western Union that have revolutionized the way money is moved around the world.
Gone are days when sending money used to take days or even weeks. But with the introduction of money transfer apps, paying for bills and sending money to friends and relatives has become much easier.
How do money transfer apps work?
Assuming you want to send your younger brother in college money for upkeep or a birthday gift. All you need to do is open the money transfer app on your phone, select your younger brother’s contact and enter the amount you wish to send. Your brother can choose to withdraw the money from the app or send it to his bank account.
Are money transfer apps safe?
Money transfer apps are secure. But just like any other money transfer service, they are not foolproof. You can compare money transfer apps to find the right one for your needs. The safety of your money largely depends on you. For example, if you enter the wrong details while sending money, then it means the cash will end up in the wrong hands.
In most cases, there’s little the bank or money transfer service can do if the person refuses to refund the money. As such, you should always be extra careful when transferring money to avoid sending it to the wrong recipient.
Importance of money transfer apps today
- They are convenient and simple to operate
One of the biggest advantages of money transfer apps is that they are readily available for use. Unlike traditional banks that operate on fixed business hours, you can send and receive cash through money transfer apps at any time of day or night. Besides, they are simple and straightforward to use as opposed to other modes of money transfer.
- Money transfer apps are safe and secure
Money transfer companies such as Western Union have invested a lot in developing applications for money transfer. Their objective is to ensure that your money is always safe and reaches the intended recipient on time. It is your responsibility to ensure that you follow all the instructions provided by the money transfer company to prevent any security breaches.
- They can help you save money
There’s no doubt that sending money through mobile transfer apps is cheaper than using traditional banks. This means that you can save a lot of money, especially if you frequently send money using different money transfer apps.
- They are available anywhere
The other major advantage of mobile transfer applications is that they are available anywhere. This means you can transfer money anytime you want as opposed to traditional banks where you are forced to drive or walk some distance in order to transact.
- It’s easy to register and use
Last but not least, it is very easy to get started with money transfer apps. You don’t need to visit a bank and submit a lot of paperwork. All you need is a smartphone to download the application and register.
In general, money transfer apps play a big role in the financial sector.