Have you ever wondered which is a better, more secure way to transfer money online? Are traditional online banks more secure and trustworthy than money transfer apps?
With the world these days being so fast paced, it’s no wonder we now all expect to be able to do everything at the click of a button. Deliveries that take more than 2 days are considered slow, cheques are seen as something from the stone age and who even carries cash on them anymore!
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The way the world is these days, with everything being online to help with the demand of the people, it’s no surprise more and more of us are taking are banking online as well. With the likes of apps taking over from the now seemly old websites, making transfers and purchases as quick and as simple as turning on the TV. But why are apps so popular and why are they better for transferring money?
Why Use A Money Transfer App?
Firstly, and probably most importantly, money transfer apps are generally more secure than that of an online banking website. They’re strictly regulated by industry standards and apps are harder to hack than most websites. Unlike with website transactions, transactions through an app are encrypted. Also, most smartphones are locked using a password, fingerprint or iris detection of the owner. Meaning even if someone was able to get your phone, they still wouldn’t get access to your details, or money.
Secondly, apps are much easier to use than websites, especially when using on your phone. With online banking, you generally have to sign in to your account using multiple different passwords and codes, and it can be hard to do, especially if you’re trying to do this on a smartphone. However, with an app, all you need to do is login. Apps are created with smartphone users in mind, so they will always be easier and more user friendly. There won’t be any pinching in of the screen to zoom in to make sure you’re clicking the right link, or entering the right amount to send. It’s the quickest and most efficient way of being able to send money online. Read more about it here.
How Does It Work?
Whether you send money through your online bank, or via the app, the outcome is the same, the money is transferred. However, is one more secure than the other? Are there fees involved for one and not the other?
Online money transfer apps often offer a cheaper and faster alternative to the traditional online banking websites. In fact, did you know, it’s also the cheapest way to transfer money internationally as well. Using a money transfer app means you can send money online instantly to anywhere in the world.
The Best Money Transfer Apps
There are so many new money transfer apps popping up these days, it can be hard to know which one to use. Here are our top money transfer apps you should be using…
- Paypal – a very user friendly app that most companies use and allow payments from. No annual or monthly fee, however, some fees do occur when paying other people – unless through the friends and family option.
- Venmo – this apps very popular with both individuals and businesses due to there being no monthly or annual fee. They also have a very simple setup structure so you can get sending money right away.
- World Remit – it offers very quick money transfers and is simple to setup. The only downside are the unpredictable fees that can occur.
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We hope this article has brought you some clarity when it comes to money transfer apps and why they are better than traditional online banking websites.
