We live in an increasingly “cashless” world.
For many Americans, credit cards have eliminated the need to carry checks and cold, hard cash.
And in recent years, a growing number of stores are even rejecting physical payments in favor of mobile payment methods like Apple Pay and Google Pay.
Times are changing, and while legacy payments tend to disappear, they’re being swiftly replaced by popular digital tools known as money transfer apps.
This new mobile technology is fast, forceful, and fueling a brave new world of finance — at home and abroad.
It’s true! If you’re looking for convenient ways to send money to family overseas, money transfer apps are a true game changer.
Here’s everything you need to know about money transfer apps:
What Are Money Transfer Apps?
It’s time for a (very) quick history lesson.
Once upon a time, the transfer of money took practically forever to process. For centuries, civilizations transported money by boats and horse-drawn carriages in perilous journeys that often took months to complete. Fortunately, things finally began to evolve during the industrial revolution.
In the mid 19th century, the invention of the telegraph made electronic wire transfers a reality. And yet, while these advancements certainly sped up the process, transfers were still quite slow. Even in the 1980s, the process of transferring money remained cumbersome, time-consuming, and unreliable.
Then, the internet arrived and changed the financial world forever. Today, money transfers can be completed on a smartphone in just a few minutes and delivered around the world in a matter of days. There’s no longer a need to find a brick-and-mortar bank, because money transfer apps have put global financial services in the palm of our hand.
And what is a money transfer app, exactly?
Sometimes referred to as peer-to-peer (P2P) apps, money transfer apps let you send and receive cash to and from individuals and institutions through your mobile devices.
How Do Money Transfer Apps Work?
Though there are many money transfer apps on the market, most of them work quite similarly.
To transfer funds, a money transfer app simply requires you to create a user profile and link a payment method (i.e. a credit card, debit card, or bank account). While most money transfer apps provide the same basic service, some are better suited to specific situations than others.
For example, money transfer apps like Venmo are chiefly designed as a social tool. Let’s say you get dinner downtown with a group of friends. When the check comes, everyone reaches for their wallets, but one of your friends volunteers, “I got this one! Just Venmo me!”. With a money transfer app like Venmo, you can instantly send the cost of your meal to your friend.
But here’s the catch: while an app like Venmo works great in domestic circumstances, it’s not supported internationally, so you’ll need to look elsewhere for ways to support your loved ones abroad.
For example, let’s say you want to send money overseas for your cousin’s birthday. In this case, you would need to use a specially-designed international money transfer app that provides great exchange rates on a secure, reliable platform.
After all, you’re sending money to a separate country with a different currency. You need to make sure the money arrives safe and sound. That’s exactly why customers around the world prefer the uLink app.
uLink not only provides competitive exchange rates (and a secure platform), but it provides the option for cash pickup, account deposit, and e-wallets to 67 countries and counting. Plus, in select countries, uLink even makes home delivery possible. That’s if you really want to go the extra mile.
Are Money Transfer Apps Hard to Use?
Most money transfer apps work seamlessly.
With the uLink app, for example, you can arrange a payment in just a couple of taps.
What’s more, the uLink app even allows for repeat transactions. In other words, whenever you want to send more money to a previous beneficiary, all you need to do is tap their name in the Activity list, tap Quick Send, confirm the payment amount, and the money will be on its way.
It’s that simple.
Are Money Transfer Apps Fast?
Most money transfer apps complete transactions — i.e. payout funds — in just a few days.
With uLink, the time taken to process a transfer depends on your chosen sending and payout method.
For example, if you send money with a credit card, a debit card, or the uLinkcard Prepaid Mastercard®, the transfer will typically be available within 30 minutes to 1 hour.
Or, if you choose a bank account as your method of payment, the transfer will be available within 4 business days. Although, some account deposits made using a bank account are paid out instantly.
In all situations, uLink makes every effort to ensure the timely processing of transactions for you and your loved ones.
Are Money Transfer Apps Secure?
Let’s face it: the digital age is rife with scams, fraud, and theft. Generally speaking, it’s wise to regard any online financial transaction with a healthy dose of skepticism.
While this tip may seem obvious, always make sure you know your receiver, and only send money to your closest acquaintances. By limiting the amount of people to whom you transfer money, you will significantly reduce the possibility of fraud.
Still, most money transfer apps are highly secure, and at uLink, we make your financial security our #1 priority.
To protect your money, all of our transactions are backed by Grupo Financiero Banorte, one of the largest and most trusted banks in Mexico and Latin America.
To further protect your personal information, the uLink app features advanced encryption systems monitored by Verisign to ensure your funds get home fast and safe — on time, every time.
uLink: Global Remittances Made Easy
Money transfer apps make personal finance easier than ever.
With uLink, you can support your loved ones in a fast, secure, and reliable way.
To get started, all you have to do is:
- Download the uLink app (in the App Store or Google Play)
- Enter your beneficiary’s information
- Add the amount you would like to send
- Select how you would like to pay
- Review and confirm your transaction
With uLink, you’ll always get low fees, great exchange rates, and a convenient way to send money home.
Miles from home — just moments away with uLink.