Brianna KamienskiThere are many hurdles to sending money across borders. Unlike sending cash from one state to another, sending money internationally involves navigating pesky exchange rates, fees, and security risks that can make it more trouble than it’s worth.
Thankfully, there are a handful of reliable, affordable international money transfer apps out there that make it easy to send money to international friends or family. The trick is to know what to look for. Platforms that can guarantee things like transparent pricing and data security are the best long-term solutions for those sending money overseas.
With that in mind, here are five features to look for in any international money transfer app:
1. Low Fees and Transparent Pricing
These two go hand in hand, as some money transfer apps will claim one price only to hit users with hidden fees later on in the process. Choose an app that discloses all fees at the beginning of the process, with clear delineations of exchange rates and conversion fees. Apps like Boss Money go a step further by including a built-in calculator to show the specific amount a recipient will receive from each transfer. These calculators make it simple to understand exactly how much each transfer will cost and what gets taken out in the process.
2. Quick Transfer
Speed is another important factor in any international money transfer app, as delayed transfers can result in headaches for both the sender and the recipient. When friends or family back home are in need of funds, a waiting period of several business days just won’t cut it. Many apps will deliver funds within 24 hours or even within minutes, depending on the method of delivery. Choose an app that balances speed with security in order to send cash abroad quickly and safely.
3. Secure Exchange
It’s important to avoid fraud and identity theft by choosing a money transfer platform with reliable security features. Make sure to choose an app that encrypts every transaction to ensure that no personal details fall into the hands of cybercriminals or hackers. It’s also a good idea to choose one that provides access to real-time updates, allowing the sender to monitor when the money is delivered and when the recipient picks up the funds.
4. Options For Delivery
Another handy feature for international money transfer apps is the ability to choose from multiple delivery options. Apps like BOSS Money, for example, allow senders to send funds to a recipient’s bank account, debit card, mobile wallet, cash pickup, and even home delivery in select locations.
5. Perks
Lastly, international money transfer apps often provide certain perks to attract new customers. This can include features such as gift cards for referrals, $0 introductory fees, and special exchange rates for first-time transfers. If an app offers attractive perks to new customers and ticks all the other boxes on this list, it may be worth giving it a shot, even if one already has a preferred money transfer app.
Choosing An International Money Transfer App
The best international money transfer apps are fast and secure, but most of all, they make it possible to send cash internationally with ease. Whether sending money to family back home or to friends traveling abroad, money transfer apps are replacing the need for traditional banking and making life more convenient for families across the globe. As long as an app doesn’t compromise on security or sneak in extra hidden fees, it should be easy to find plenty of good contenders to choose from.