Money Transfer App - All About What is A Money Transfer App

31 Oct 2021

Open a DBS Bank Account Now

Simplify your payments with safe and secure Money Transfer appsKey Takeaways

Money Transfer Apps allow you to digitally send money to friends and family and even pay for goods and services.

They offer robust security features that protect your money.

They give you the freedom to transfer funds from anywhere, at any time

Domestic cash transfers are processed instantly.

Some banks also offer international Money Transfer Apps with preferential exchange rates and low handling fees.

The way we manage financial transactions has entirely changed in the aftermath of the coronavirus pandemic. From small and big grocery shop owners to service providers and retail vendors, everybody has started accepting digital payments instead of cash and bank cards. Whether it is about transferring funds to friends and family, making online bill payments, or paying for your cab ride, all you need is a smartphone and the right Money Transfer App.What is a Money Transfer App?A Money Transfer App is a platform that allows you to conduct financial transactions via digital or online modes without the involvement of any physical exchange of money. Both parties, the payer and the payee, use electronic mediums to exchange money. You can securely transfer money to anyone you want, domestically and internationally, using Money Transfer Apps.Money Transfer Apps and Popular Payment MethodsMobile WalletsA mobile wallet is a digital version of a physical wallet where you can load money to buy different services and products. You can use a digital wallet on your internet-enabled smartphone by simply downloading the application from the iOS App Store or Android Google Play Store. After entering essential information like your name, credit card or debit card information, you can start using your mobile wallet. This mode of money transfer can easily replace both cash and cards as it allows you to make payments with a single tap.UPIUnified Payment Interface (UPI) has made sending funds from one bank account to another with your mobile phone an easy task. In this payment method, you can initiate direct bank-to-bank payments via mobile apps. You can transfer money via UPI by entering the Virtual Payment Address (VPA) of the receiver, their phone number, account number and IFSC code or by scanning a QR code. Open a DBS Bank Account Now Features of Money Transfer AppsThe best Money Transfer Apps have the following features:

They allow you to accept and send mobile payments from anywhere, anytime, using any internet-enabled device like a smartphone or tablet.

You can conduct both domestic and international transactions money transfers with Money Transfer Apps. Domestic transfers are primarily free of cost, while international transactions attract nominal transfer fees.

Fund transfers are completed rapidly with Money Transfer Apps. Domestic money transfers take only a few minutes, while international money transfers take up to two days.

Money Transfer Apps store data securely. To ensure total protection, Mobile app developers add extra layers of protection with features like biometric authentication with digital fingerprints, OTP verification, and QR codes that allow app users to conduct secure transactions.

International Money Transfer Apps operate in multiple currencies. You can choose from the available foreign currencies, and your app will calculate the exchange rate for you.

Final NoteYou can freely download most of the best Money Transfer Apps. The money transfer fees depend on your chosen mode of transfer. For international money transfers, you need to monitor currency exchange rates and bank fees.Download digibank by DBS and leverage the ibanking platform to send money overseas in a hassle-free way. Open a DBS Bank Account Now *Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.