As international travel starts to open up again and the possibilities for remote working more than ever, the chances of someone needing to send or receive money abroad is higher than ever. Although lots of us are used to using online banking and simply sending money instantly to friends and family in the same country, it isn’t always so simple when wanting to send money to someone overseas. That doesn’t mean it’s impossible or that you should worry about doing it, but it does mean that you should do a little research to ensure that the money transfer app you are opting to use is the right one for you and your needs. There are many different money transfer apps on the market so it can be difficult to find out which one to choose. Here we give you some tips on what to consider.
What Are They Going To Charge?
One of the first things you’ll want to be aware of is how much they charge. This could vary depending on the currencies and amounts involved so be sure to do your research so you know what you are getting into before you commit. It is also worth looking at what exchange rate information they use and how often they update their statistics. Ideally, you want a money transfer app that uses the most up to date currency conversion rate possible.
Upfront About Their Fees
As much as knowing the fees a company charges is important, the way they charge is also important. If you have to go to a website for the small print or they don’t make it clear exactly what their fees are then they might be an app that is best avoided. After all, the last thing you want to do is send your money to someone and find that there is a hidden fee, or even worse that the person you have sent money to gets charged. Much better to find an app that offers clear and easy to understand fees.
How Quickly Will The Person Receive Their Money?
If you’re sending someone money then the chances are you want them to receive it quickly. Although many money transfer apps do offer instant money transfer services, you shouldn’t assume that this is the case. Instead, make sure that you look in advance at any timescales involved in sending your money. That way, if you do opt to use a money transfer app that takes a little longer then you can line up any transactions you want to carry out in advance.
How Easy is The Service To Use?
Whether you’re sending a money transfer as a one-off or you’re looking for something as a longer-term solution, you don’t want to spend ages doing it. Although you’re not going to know the exact process needed to send money before you do it, it is worth considering how user friendly their website or app seems to be when it comes to researching what they offer and signing up. If it seems too complicated or long-winded then it could be assumed that their actual sending money process is the same and as such, you might opt to sign up to an alternative money sending service instead.
Do They Do Exactly What You Need?
We all have different needs when it comes to sending money to someone else. Consider what your needs are and make sure that any money transfer app you’re considering ticks the boxes. For example, if you have a particular currency you’re likely to want to send, make sure that this is one they offer. Most apps are pretty flexible and offer a wide range of services but it is worth checking these first just to make sure.
Do They Have a Good Reputation?
With any service you’re going to use, you really want peace of mind that using them is the right decision and money transfer apps are no exception. If you know any friends that have used an app like this before then you could ask them for any recommendations. If that isn’t the case then you can check websites like Trustpilot to see if the app you want to use is listed and if anyone has left any comments. The odd negative comment is nothing to be too worried about but if they generally have all negative comments then it might be an app you want to avoid. Looking at their social media pages or even a quick Google search might give you an idea of what people are saying about the app. You’re interested in and whether they are going to be the right choice for you.
When You Should Sign Up
The good news is that when it comes to money transfer apps, there are different ones to choose from. This means that whatever you need to send when you need to send it and however quickly you need it to get there – there will be an option for you. If you think that there will be a chance you’ll need to send money in the future, the best thing you can do is start your research now. That way you can check out which ones offer the most secure services, what (if any) fees you are likely to pay and get yourself signed up.
By signing up now you can ensure that your account is verified and good to go, so when the time comes that you do need to send money to someone you’ll be able to get logged in and started without delay. If you leave it to the last minute then you run the risk of your account taking longer to be verified or there be a problem on sign-up which delays you being able to send the money you need to someone.
However – be assured, once you have made your decision and you’re all signed up, with the right money transfer app sending money overseas should be completely hassle-free.
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