in this guide we are going to be reviewing Money transfer app, what it means,
how it works,the features advantage and disadvantages, all will be covered in this Money transfer app review.
What is a money transfer app?
A money transfer app offers the ability to send money across the world using different currencies in a way that is simple, easy, and pain-free.
There is usually a charge associated with such transfers, so make sure you check the fees,
but the best services usually offer reasonable rates that are worth the cost of convenience.
Banks were slow to embrace the internet, allowing a number of third-parties to develop tools to make transferring money between people easy and painless.
Mobile phones and other connected devices have had a serious impact on how we live our day-to-day lives.
Thanks to ever-advancing mobile technology, we can now use our mobile phones to keep up with breaking news, speak to a friend in another country, and even to learn a new language.
Another great opportunity that mobile phones offer is the ability to better control our finances,
even when we’re on the go.Money transfer app review
Banks offering mobile access mainly support some or all of the following services:
- Account Balance Enquiry
- Account Statement Enquiries.
- Cheque Status Enquiry.
- Cheque Book Requests.
- Fund Transfer between Accounts.
- Credit/Debit Alerts.
- Minimum Balance Alerts.
- Bill Payment Alerts.
- Bill Payment.
- Recent Transaction History Requests.
- Information Requests like Interest Rates/Exchange Rates.
Features of mobile banking:
One of the main benefits of mobile banking is the convenience of having banking services close at hand. There’s no need to go to a bank or ATM and wait for the bank to open to check your account balance,
transfer money, pay your bills, or even view your statement. account. You can do it all using your cell phone.
Money transfer transactions can end when banks are open,
but you can check your account balance or get an account statement regardless of time or day.
Your bank account and personal data are completely secure if you use mobile banking services.
The bank will provide you with a set of credentials that you can use to log into your account and make transactions.
This connection information is transmitted to you securely and since you are the only one who knows your username and password,
your account is always secure.
Most banks allow you to activate two-step verification where you can only make bank transactions if you enter
the one-time password (OTP) sent to your registered mobile phone number.
How mobile banking works?
The mobile banking facility works over multiple platforms, with the most basic use of technology for mobile banking being the SMS service.
Customers can send a request via a predefined text code to a number specified by a bank,
and the bank replies accordingly.
This feature works on every mobile device, irrespective of the make, model or network carrier. This is especially useful for people who do not have smartphones or data connectivity.
Next, you have the Interactive Voice Response or IVR facility. Banks set up a helpline number (usually toll-free)
which has an electronically stored menu of options that can be accessed in a text-to-speech
format by pressing the number on the mobile keypad corresponding to the service. However, an IVR can usually only be used for enquiry or emergency based assistance.
Based on sophisticated technology, you have the Wireless Application Protocol (WAP) that is just like an internet banking system for mobile web browsers. The advantage of using mobile banking through a WAP architecture is that you can use all the services without downloading any proprietary software.
Finally, there is the standalone mobile application, which is a highly customisable
and secure channel that allows you to conduct a series of complex transactions.
So when you ask what is mobile banking? It is not just a banking app but a host of text, telephony and internet-based services that complement each other.
Advantages of Mobile Money
Pervasive – Mobile payment covers everything including utility bills, school fees, taxes, and international transfers from family and friends. You can pay your bills,
transfer funds, check account balances, review your recent transaction, andblock your ATM card, etc., all through your smartphone. Everything that your bank does, mobile payment does just as well, and faster.
Cheap – Mobile money transfer avoids the high interest and exchange rates of banks that are, particularly,
steep in certain remote areas of the USA or Canada. Banks offer this service at extremely low to nil charge to customers making mobile money transfers very cost effective.
Safe – Mobile payments are just as safe as bank transfers, since they’re protected by local financial regulations such
as the Consumer Financial Protection Bureau (CFPB) in the United States or the Department for International Development (DFID) in Britain. All transactions are protected by private PIN, while Mobile Money stores a record of each deal.
Accessible – Going to a bank takes time and hassle. Sibel Kusimba, an anthropology lecturer at American University,
contributes part of the attraction of mobile payment to its ease of access. Better still, mobile banking is available round the clock 24/7/365 and is there when you are – unlike your bank.
Bank branches appear on high streets in most towns and cities, but most banking customers hardly step into one of these branches to manage their finances.
The internet allows you to do most of your banking on a computer or laptop from the comfort of your home. Mobile banking, however, takes this convenience a step further. You can now log in to your account from your phone and access it wherever and –
more importantly – whenever you need to. One of the most significant benefits of mobile banking is that it is never closed.
Disadvantages of Mobile Money
Security – While sending money via mobile money transfers is safe,
it is still possible that users may receive fake messages called “Smishing” which ask for Bank details and
because of this, many users fall victim to scam and theft.
Availability – You need an app for mobile banking and certain apps may only be available only on certain high-end smartphones.
In addition to these drawbacks, it is also possible that your bank may start charging you more for the mobile banking services as well as the fact that mobile phones are limited in processing speeds,
screen size and battery life, which may interfere with your payment transference.
More people around the world turn to mobile payments rather than to banks. It’s cheaper, faster, safer and more accessible. On the other hand, you need a high-end smartphone to conduct the service, you may need to pay more in the long run – and watch out for scams.
Even with these drawbacks however, money transfer agencies still see mobile payment as the future for sending funds from one country to another.
Conclusion on Money transfer app review
While you may have dozens of apps on your mobile phone,
there’s surely plenty of room for one of the most important apps to ever exist. If you’re considering downloading a personal finance app to improve your financial health, don’t wait! The benefits are truly endless.
Money transfer app review