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The widespread liberalization of the financial services sector has revolutionized the way that people transact. An increasing number of tech startups is populating the money transfer landscape, with the result that banks and financial institutions are having to play catch up to fintech operations.
The proliferation of non-bank entities is fast-tracking more efficient money transfer services for all manner of purposes. Businesses and individuals transfer funds abroad for many different purposes, including remittances, payment of study fees abroad, property purchases and gifts. The complexity of sending funds through banks has put paid to the notion that these institutions are the de facto sending medium for forex transfers.
Banks have been struggling to keep pace with online money transfer services, by dint of their increased efficiency. Lower costs of operations for money transfer services allow them to provide better rates, lower fees, and better overall customer service than banks. The problem with banks is that they typically look to maximize gains with scant regard for customer needs.
The spreads charged by banks – the difference between the price they buy forex and the price they sell forex – is always favorable to banks and not to senders/receivers. Many of the leading money transfer services today offer flexibility in terms of the options available to customers for buying forex at the best rates. Fintech startups are also mobile friendly and they avail their services to clients on iOS and Android devices.
Leading Money Transfer Services
The sheer number of mobile users is reason enough to consider mobile friendly money transfer services. Customers are rapidly moving away from people-based money transfer systems to fully automated options. This means that top providers of money transfers, like TransferWise, WorldRemit, OFX, Azimo, FairFX, TorFX, Currencies Direct, and World First are worthy contenders. Among the many benefits of using these companies’ services are multi-device availability, a wide range of payment options, feature-rich tools and resources.
Clients are advised to thoroughly research these options. For anyone wanting to transfer money abroad, the mobile option is a sensible choice. However, certain criteria must be met. These include pricing, regulation, and compatibility. Reputable apps for overseas transfers must meet all of these important criteria to be considered. Regulatory matters are equally important as well.
For the majority of people, the most important aspect of any money transfer service is its price. When the non-bank forex rates are superior to the rates offered by banks and other non-bank institutions, then it’s always a consideration. Fortunately, many online money transfer services offer considerably better FX rates than e-Wallets like PayPal. Another important consideration is compatibility with mobile devices. Convenience is a big factor with mobile money transfers but if the platforms have not been optimized for these services, it’s a non-starter.
That these money transfer services are mobile, tablet, and phablet friendly is essential to users. The merits of mobile apps are evident in several factors, namely: ease of use, around-the-clock accessibility, and instant transfers. Unfortunately, several mobile apps are error prone too. The option of multiple tabs is absent for the most part and mobile is not quite as safe as PC-based services. The smaller screen sizes of mobile devices is their saving grace. They limit features and functionality to the bare essentials.
For money transfer purposes, there is an increasing trend towards mobile functionality. This bodes well for people on the go. Desktop accessibility is limiting in terms of accessibility, however the option for multi-tabbing is readily available too. The immediacy of mobile money transfers is its biggest plus point. Mobile is ideal for smaller-value global transfers while desktop bodes well for larger transactions.