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benefits of transferring money abroad

Benefits of transferring money abroad through mobile banking apps

March 24th, 2020

Benefits of transferring money abroad through mobile banking apps

People are increasingly relying on mobile devices for a variety of services. Nobody had heard of an app when Apple launched its first iPhone in 2007. Fast forward 12 years, and there are almost four million apps available on the App Store.[1] It’s hard to imagine a device without apps – you can use them for everything from booking a taxi to ordering food and even learning a new language. They offer hours of entertainment too – games account for nearly a quarter of all apps.

Considering the growth in the number of mobile devices in use around the world, this should come as no surprise. According to the Global System for Mobile Communication Association (GSMA), the global body representing mobile network operators, in 2019, there were 3.8 billion mobile internet users- roughly half of the world’s population. Over 50% of those users had access to 4G, the fastest mobile broadband, which significantly increased download speeds and enabled a new range of functionality when it launched in Scandinavia in 2009[2].

One of the ways mobile devices are facilitating financial services is by helping people to send and receive money. Figures published by the GSMA in its latest State of the Industry report on Mobile Money show there were 866 million registered mobile money accounts across 90 countries in 2018. They processed an average of US$1.3 billion each day. [3]

Mobile banking apps also make life much easier for expats to send money home to their loved ones because the whole process is safer and more convenient.

Save time for the things that matter
One of the main benefits of mobile banking apps is convenience because it gives customers the benefit of remitting whenever they need to, wherever they are.

Thanks to mobile banking apps, you can now complete the transaction on your mobile device from the comfort of your home. Once you’ve downloaded the app, you only need an internet connection to arrange a mobile money transfer. The receiver can store the funds in a mobile wallet- a digital version of the wallet you carry in your pocket- and spend it directly from their device if their native country supports the necessary payment infrastructure. If not, they can show up at a branch to withdraw cash.

Sending remittances via a mobile money transfer app frees up time that you can dedicate to the essential things in life, such as hanging out with friends or indulging in a hobby, and minimises disruption like having to leave work early.

A simple and secure way to transfer money
Sending remittances using a mobile money transfer app is simple and easy. The apps are designed to be user-friendly, so even if you aren’t tech-savvy, you should be able to navigate them. They’re also secure as you complete all your transactions within the app without having to visit an external website.

For further peace of mind, you can explore other ways of protecting your mobile device, in addition to a PIN. That means if someone steals your device, they’ll have a much harder time accessing it.

Most new mobile devices offer biometric identification involving the verification of a physical characteristic, such as your fingerprint. A criminal might be able to figure out your PIN but replicating an attribute unique to you is more complicated. Another option is to use multi-factor authentication (MFA) which involves using two or more credentials, like a password and a digital token, to access an account. However, while MFA offers an additional layer of protection, it also makes the process of unlocking your device longer, so it may be a step too far for some.

Keep track of the money remitted
Mobile banking apps help you to calculate and keep track of the money you transfer. You can now view a record of your transactions from within the app. This particular feature helps both the sender and the receiver manage their finances. For example, say your family member has set a specific goal, such as saving for a down payment on a house or purchasing a new car. You can monitor the amount you send home and increase or decrease it depending on how much you can afford or how urgently the money is needed. Meanwhile, the receiver can store the funds in their mobile wallet and measure progress towards the target.

How Xpress Money is helping change the remittance ecosystem
Here at Xpress Money, our mission is to make mobile money transfers accessible and affordable. To help us achieve this goal, we are collaborating with some of the most credible financial institutions in the world. Through these partnerships, we aim to deliver greater value to expats as they look for a secure and convenient way to send their hard-earned money home to their loved ones.

We have partnered with several major banks in the Middle East to offer our remittance service: National Bank of Ras Al-Khaimah (RAKBANK), Abu Dhabi Commercial Bank (ADCB), Commercial Bank of Qatar, Commercial Bank of Dubai and Kuwait Finance House. These banks provide mobile money transfer apps which allow customers to manage their accounts and send funds overseas through Xpress Money. You can transfer your money to a bank account or a mobile wallet, arrange for it to be delivered to an address or the receiver can collect the funds from one of our extensive network of over 200,000 agents in 170 countries. For more information about how to transfer money from a mobile banking app, log into the app with your account credentials for any one of the banks mentioned above.

Also, Read: Advantages of Mobile Banking

[1] https://www.statista.com/statistics/268251/number-of-apps-in-the-itunes-app-store-since-2008/
[2] https://www.gsmaintelligence.com/research/?file=001ac4961af287312f9ab7b6e5bc352f&download

One Response to “Benefits of transferring money abroad through mobile banking apps”

  1. Ducont Systems FZ LLC says:

    It feels excellent how technology has made our life so easy. It is now convenient to transfer your money to abroad just by sitting in our home, and you don’t even have to go to banks now, let’s see how much more can this technology will ease our life. Thank you for sharing this with us.