Finance

Why Use an App for Money Transfers?

When it comes to sending money to loved ones overseas, it’s important to use a trusted app to send money internationally. Gone are the days when sending a check or even cash through the mail was acceptable.

Today, there are many apps that you can use to safely and securely transfer your funds to a loved one. Using an app gives you peace of mind, and helps protect your funds. Below are some of the many benefits of using an app to send money internationally.

Security

Now, more than ever, it’s important to protect any funds being sent overseas or transferred in general. That’s because criminals will stop at nothing to steal your precious funds.

Billions have already been stolen from COVID relief funds through fraud. What makes money transferred internationally any safer? Because of the increasing need for money during the pandemic, it’s important to protect the security of your money by using an app.

With an app, there’s no need to physically send money. You also don’t risk having cash stolen while you walk to and from a wire transfer location.

Fast Transfer

Because transactions are done online, this means a faster transfer to loved ones overseas. Many apps allow you to transfer money instantly within their app, if not for a small service fee.

Fast money transfers also reduce the risk of your funds being stolen while in the middle of a transfer. Apps allow you to instantly transfer your funds, which can help during an emergency.

Ease of Use

Apps have been developed to emphasize ease of use. Today, apps keep in mind that people from all over the world are using their services to transfer money. This makes it easier to transfer money using an app by following simple commands.

Language filters can be used to translate the most basic concepts of the app, but most will be easy to use at first glance. Most apps will have a built-in transfer rate calculator, payment method, and receiving method.

For those that want to transfer money quickly to their loved ones but need help doing so, there’s nothing better than using an app that has millions of transfers and was made specifically for international money transfers.

Know Transfer Rates

Transfer rates are the rate of transfer from U.S. dollars to international currency. For instance, people sending money to Mexico will have to transfer the amount of money they have from U.S. dollars to pesos.

The better the transfer rate, the better it will be for loved ones across the world. Older methods of transferring funds required that someone visit a transfer center first to be informed of the transfer rates for that day.

However, apps now make it easy to know transfer rates ahead of time before sending money. This makes it easier for people to know how much money to send to their loved ones, as well as understand when is the best time to send money.

Not only is this beneficial for the person sending the money, but also to the family members who need the funds most.

Better Documentation

The IRS sets no limit to the amount of money people can send overseas. However, they are required to report a certain amount of money over $10,000 U.S. dollars. Fortunately, you can rest assured that your bank is keeping track of your transfers, as well as your app.

Many apps give users the ability to track their money transfer using a pin or order number. Referring to this pin is an easy way to know where your money is going and when it arrives for your loved ones.

Because apps are mobile, this also gives users the ability to track their transfers from anywhere they are.

Final Thoughts

With so much money stolen and heightened levels of crime, it’s important to use the safest and most secure method possible to transfer funds internationally. Apps give users the power to track their funds through a mobile app, increased security, and ease of use. All of these are critical for people that want to send money to loved ones and ensure it gets to them on time.

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