It seems as though we’ve become complacent with having bank accounts, debit and credit cards but not everyone has this luxury. Also, if there is a need to quickly send or receive money, that service isn’t always available unless the sender and receiver have the same bank. While you can always do a P2P transfer from one account holder to another within the same financial institution, there is often a high price tag associated with transferring funds to another establishment in another account holder’s name. If you are wondering just why you should have a money transfer app on your mobile phone, let’s check out the following four reasons.
1. Sending Money Is Secure
When you want to send money through an app, you can be assured that it goes through strong security measures to ensure the funds aren’t intercepted en route. Also, encryption is strong enough to protect your financial information from even the savviest of hackers, so you can feel assured that the money will reach the recipient, and no one will have your financial information in the process.
2. Mobile Money Transfer Apps Are Always Available
Another reason why you might want to use a money transfer app on your mobile device is because it is always available. There is no waiting until a store opens to wire money and the recipient doesn’t need to wait either. It’s a matter of transferring the money received to their own bank, which is instantaneous in most cases, and they immediately have use of their funds.
3. Friends and Family Can Use the Same App
One thing you will want to do is ensure that the money transfer app you use can be available for both Apple (iOS) devices and Android devices. The people you want to send money to or receive money from may not have the same operating system as you on their mobile devices, so make sure that you find an app that has an app corresponding to the major operating systems in use today.
4. Money-Saving Features
Then there is cost to be concerned with. Although you can still wire money in the traditional way, it is far less expensive to do so through a money transfer app in most cases. This is especially important when transferring money to other countries. Some mobile apps, like Ria’s send money app, make the currency conversion for you without costing extra for the service. If you find that you need to send or receive money in a developing nation, for example, knowing how much you are really sending or receiving can be problematic, and costly if more money needs to be transferred.
Actually, it does pay to have a mobile app because you never know where you might be when you need to send or receive money. Having a money transfer app on your cell phone can save a ton of time and frustration. If you want to get money out quickly for a friend or family member in distress, this would be the best way to do that 24/7 at costs that are reasonable.