Whether you are sending money overseas or transferring cash for a restaurant bill, a secure fund transfer app makes it simpler.
Instead of running to an ATM, customers can use a fund transfer app that has been downloading on their mobile device to settle up any bills, anywhere and anytime.
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The benefits of a fund transfer app
There are numerous benefits to using a fund transfer app. It’s extremely convenient compared to the alternatives. Depending on the app that a customer chooses, there is either no cost for international transfers or a low cost.
When it comes to cost, it really depends on what the individual or business is looking for. For day-to-day payment activities, most people will use their mobile banking app that has the capability to quickly transfer funds.
On these banking apps, customers can set up direct debits that will automatically go out on the date chosen. However, when it comes to sending money overseas it can get a bit more complex. Banks can add on quite high charges so it is more financially smart to use other apps.
Revolut
Revolut, the digital-only challenger bank allows customers to send fast, free and secure money transfers to bank accounts in over 130 countries. On the app, a customer can hold up to 25 different currencies.
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By GlobalDataOne of the biggest pros to using Revolut is its impressive currency conversion rates. When using Revolut, customers are getting the same rate that banks pay to exchange currency.
If a customer has the app then the process is simple. The user just has to load money onto their Revolut account via a debit card, credit card or bank transfer.
After that, they simply select the recipient and the amount of money. Security is a top priority for the bank. Revolut will notify the customer on the app when a payment has been made, eliminating any chance of a payment escaping without the knowledge of the user.
Transferwise
TransferWise is an online fund transfer app which lets customers transfer money up to eight times more cheaply than with a bank. The process is frictionless and secure.
The currency conversion process uses the real and current exchange rate. This means that the customer can avoid traditional banking fees altogether.
The customer is never left in the dark as transaction costs are always transparent.
TransferWise has also built a borderless account. It lets you hold over 40 different currencies and send and spend money overseas easily using your contactless TransferWise debit Mastercard.
TransferWise is fully regulated by the Financial Conduct Authority. The fund transfer app will also verify its users to protect against fraud and money laundering.
