It’s no secret that most people are increasing their reliance on mobile devices. You can book a hotel room that’s on the other side of the world. You can even use your mobile device to learn a new language. Another way to use your mobile device is to transfer money to your loved ones. Here are six of the best qualities of money transferring apps.
- Speed
Speed is the most important factor I look for in a money transfer app. Checks are an outdated way of sending and receiving money. They could take several days or weeks to be processed. Meanwhile, money transfers are instant and can take one to two days the most.
This speed makes it easier to keep track of your bills and manage your expenses. I avoid fees and late charges that can quickly add up if I were to send my payments via check.
- Security
Another reason I don’t like to pay with a check is that it can cause security risks. There’s a likelihood that my check could end up in the wrong hands. In the event that a check is lost or stolen, I could face late fees while convincing creditors that I tried to make an on-time payment. Oftentimes, creditors will not side with the customer unless you can provide proof that your check is lost or stolen.
Thieves can use my account number and routing number to gain access to my funds. With all of this personal information in their hands, they could drain my bank account. As a result, I don’t use checks anymore. Money transfers send you instant confirmation and prevent this problem from happening.
- Simplicity
Along with that security is simplicity. Sending money through a money transfer app is quicker and easier than ever. Instead of going to the bank to send money, I just send that money through my mobile device. I don’t have to leave work early before the bank closes. It’s a great way to show my loved ones that I care and I’m looking out for them.
These mobile apps were created for busy individuals like me and you. I love that these apps are user-friendly since I’m not tech-savvy. All I use my smartphone for is for sending emails. This provides me with greater peace of mind since I’m sending the payment safely and securely.
- Money Management
Money transfer apps also allow me to keep better track of my money. I now know where it’s coming and going. When I send the money transfer, it’s automatically recorded in my monthly statement. I no longer have to hold onto paper receipts.
This allows me to keep better track of my payments. When I set financial goals for a down payment on a house or a vacation, this app lets me know if I have enough money to achieve that goal.
- Bill Payments
A wide variety of money transfer apps provide a one-stop service for paying bills on time. I can easily pay all of my bills on one app. This provides greater convenience since this service is available to me at all times, with no additional fees. Electricity bills, mobile bills, and other utility bills can be done in just a few short minutes.
- Banking Services
These money transfer apps allow me to access my transactions at any given time. Both financial and non-financial services are available to me 24/7. It’s become more convenient to access my funds on my smartphone. Thanks to money transfer apps, I no longer have to be involved with the big banks or credit unions. I keep all of my money in one place.