Are Money Transfer Apps Useful and Safe? Here’s What You Should Do

Instead of using bank accounts for transfers, many people now use money transfer applications. The primary advantage of using a money transfer app is that they allow you to send money abroad with very low fees. International bank transfers are usually not possible, and when they are, the fees are huge–and so this is where international wire transfers via money applications become useful.  If you have never used a money transfer application before, then you are probably wondering whether they are safe or not. The answer is yes, they are.

This article will explore this subject in greater detail, explaining why they are safe, and what you need to do to protect yourself online:

Are Money Transfer Apps Safe?

If you have ever used a money transfer app before, you will know that they are really no different than direct bank transfers. In fact, some would argue that they are considerably better because they offer lower fees and are quicker. If you are trying to decide between a bank transfer or money transfer app, then most experts would agree the money app transfer is better. In terms of safety, money apps are very safe. Like banks, many are insured, protecting users’ money. Robust security measures are also introduced, in order to prevent theft and fraud from occurring. It’s fair to say that money apps are just as secure as banks. When you consider this and all of its benefits, it is clear that money apps are a much better option for making transfers than traditional banks are.


Moving away from the advantages of using money transfer apps and onto what you need to do to protect yourself when you are transferring money through them, let’s start with insurance. You need to make sure that any money transfer app you use is insured, in case anything goes wrong with your transaction. If the app you are using isn’t insured then you won’t get your money back in the event of a system failure or the money being intercepted by hackers (which is virtually impossible). You can find out whether an app is insured by contacting their customer service department or reading their website’s FAQ section.


Many experts recommend using a VPN when you are transferring money using a money transfer app. VPNs add an extra layer of security, masking your identity, IP, and personal information. If any hackers were trying to intercept your payment, they would have a very hard time doing so with a VPN shielding you. VPNs are very affordable and also have myriad other benefits, including that they stop your ISP from monitoring your spending habits and internet usage. Most are free to use on a trial basis, though you may have to pay at the end of your trial.


In order to ensure that your money gets to its destination on time and safely, make sure that you have the recipient’s details perfectly written down. More often than not, the main reason that transfers bounce back or don’t reach the person that they are intended for is that the person’s details are not right. Double-check the recipient’s details several times before you make the transfer, just so that you can be sure that they go where you intend them to. Once you have sent them, check your receipt and just confirm again that they have been sent to the right place. If they haven’t you might be able to get the transaction frozen if you act fast.


Always make transfers somewhere private. This is so that nobody can see what you are doing and steal your personal information. You would be surprised at how many frauds are made possible just because somebody logs into their transfer app account and makes a transfer in a public place, with somebody looking over their shoulder. Go somewhere quiet when you are making a transfer. If you are using public Wi-Fi, make sure that you have a VPN activated. It’s very common for public Wi-Fi networks to be hijacked by hackers, who then farm for data.


Make sure that you use your own device when you are sending money. It’s not uncommon for phones these days to automatically save the login information of anybody that uses them, which means that your money app login information could be available for somebody else to see when you are no longer there. If you are going to use somebody else’s device, make sure that you take the time to double-check that your personal information hasn’t been stored.

Money transfer apps are very useful and make sending money much easier, especially when you are sending it internationally. If you intend upon using one, make sure that you take great care and do your best to protect your identity and money.