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Payment Apps

Artiom Pucinskij
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Artiom Pucinskij
3 minutes
December 15th, 2023
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What are mobile payment apps?

Money transfer apps are internet-powered software applications designed and developed by transfer operators and distributed through platforms such as Play Store and App Store. The apps have all the functionalities users need to transfer money on the go and can usually be downloaded both as mobile and desktop applications.

Their portability, slick user interfaces, and all-round convenience is a big plus, especially for the younger and savvy market segment.

Compare different money transfer apps

How mobile payment apps work

Users with mobile devices running on android or iOS systems can download the apps onto their devices and make transfers on the go. Once you are logged into an app, you can easily perform a variety of actions including tracking your transfers and sending money to a friend.

If you already have an account with a money transfer operator, you will just need to download the app and sign in, you will then be able to use the app immediately. New users have to register for an account using the app and proceed to make their transfers.

Are they free?

Almost all money transfer apps are free to download, so you won’t need to pay a penny to have the app on your phone. Having said that, users are required to pay for the services as per the provider’s billing structure, so the process of transferring money won’t be completely free. Here are some of the charges to expect when using a payment app:

  • Transfer fees: This is the fee users pay to transfer money using their mobile apps to their beneficiaries. It is made up of the cost incurred by the money transfer operator to facilitate the transfer and a small margin for their profits.

  • Exchange rate margins: Some providers like TransferWise and TorFX offer their customers the real exchange rate also called the mid-market rate or interbank rate. Others like WorldRemit and Instarem add a margin on top of the mid-market rate.

What you can do on a mobile payment app

Money transfer apps are loaded with features that enable users to take total control of their transfers. However, the features are not universal and largely depend on the money transfer operator behind the app. Here are some of the common functionalities to expect, but always check the details of the specific app you’re downloading for the features available:

Account signup
Beneficiary management
Check exchange rates
Check transfer fees
Send Money
Payment method management
Track a transfer
View transaction history
Cancel a transfer
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Mobile payment app reviews

Do all money transfer providers have apps?

Not all providers have payment apps. For instance, TransferMate, Currency Solutions, Global Reach, Halo Financial, Foreign Currency Direct, among others, do not have apps. They restrict their services to the web app available through an online-based platform.

Nevertheless, these platforms are usually built with mobile-friendly features that give users an app-like experience. The platforms adjust their pixels based on the screen size of the device being used to access them.

Best money transfer providers with apps

Contributors

Artiom Pucinskij
Artiom Pucinskij is a seasoned financial content strategist who holds an impressive background in marketing from the University of Portsmouth. With years of dedicated experience in the personal finance and remittance sectors, Artiom has become an integral part of MoneyTransfers.com's growth.