For many reasons, money transfer apps solutions are very popular:
- These allow you to send money quickly abroad. Cross-border transfers usually take between one and five business days. This procedure can be completed in minutes or hours with an international money transfer request.
- The sender pays a lower fee than if they used a bank. Banks charge money transfer fees for payment processing, currency exchange, and other fees. To receive money from overseas, a recipient may need to pay a margin. There is no set amount. It is dependent on the country, the currency and the transaction speed. averages 6-9%. An average commission for mobile applications is 1%. This is a substantial savings.
- In remote areas, people can exchange money even if there aren't any banks. Remote residents can send and receive money online. They can contact support if they have any problems.
Migrant workers prefer international money transfer apps. They offer financial assistance to their relatives at more favorable terms.
Online payment platforms transform your smartphone into a pocket bank, allowing you to pay bills remotely and send money. You can also buy goods and services using these online payment platforms. Online banking and international money transfer apps are both promising options for financial institutions.
The basic functions of an international money transfer app
A platform for cross-border transactions must possess 10 essential functions in order to function correctly and allow clients from other countries to use it.
- Registration. The user should be able to create an account via email or phone number. You don't need to add additional steps to make the task easier.
- Meticulous UX/UI design. Only clients will choose an application if they can understand its logic. It should be able to complete tasks at minimal cost and without discomfort. It is important that users are sure they have sent money correctly and that the recipient will receive it. The software's interface is made easier by a laconic design that includes clear navigation, cards and animation elements.
- Data confidentiality. An international money transfer app owned by a company must be licensed by the relevant government authorities in the country where it is used. To ensure that their activities are legal, the organization should be familiar with local regulations regarding personal information protection and industry laws.
- Online wallet. This feature makes international money transfer apps a universal payment method. It is possible to send money and pay for goods using your phone without having to use bank card details.
- Bill payment. It is a great option for users to pay their bills and transfer money between different platforms. It is not necessary to switch between platforms.
- Transaction statistics. An archive of transactions can be used to analyze them and compare expenses. This will allow the user to make informed decisions about how to manage his finances.
- Chatbot. The platform allows users to send money and they do not always fully understand the process. It is worthwhile to set up 24/7 support via AI-based chatbots. Virtual assistants can offer advice and support customers even when operators are unavailable.
- Notifications about transactions. Push notifications are required for users to be notified about the status of transactions and other details.
- Multilingual interface. Multilingual users can use an international money transfer app. Many participants don't speak English, which is an international language for communication. It is important to analyze the audience for the platform and create a list of countries in which the software can be used. It will then be possible to identify the most popular languages in each region and add them to the platform.
- Currency exchange. The system automatically exchanges money when a sender sends money in one currency to a recipient in another. The platform sets the rate and users can receive the currency they want at any hour of the day.
How to create an international money transfer app
The same process is followed for international money transfer software development as financial software development. However, you should follow the following steps:
Do market research
Many software solutions are already dominating the global market. You must research the market to avoid being lost among your competitors and to attract the right audience. This will allow you to evaluate the market and determine what is most relevant to your niche or what solutions are available to it. An in-depth analysis will determine the needs for a new product.
Learn about the target audience
You must understand the meaning of convenience for your clients in order to create an easy-to-use product. It is crucial to decide who will use the online money transfer service. It is important to understand the expectations and needs of those sending money overseas. This will allow you to identify which features can simplify international transfers and make your customers happy.
Request permission to offer online payment services
Each country in which the software is to be used must grant permission for international online transfers. It is important to review local laws and verify that the application meets all requirements. A lawyer can help you with legal matters and will prepare all necessary documents (terms, privacy policies, etc.). The project will not fail if you are familiar with the laws.
Develop and design an international money transfer app
When a company builds a localized application, UI/UX developers and designers should remember that text in different languages does not take up the same amount of space. The design of color, symbols, and animal symbols can vary from one country to the next. It is therefore worth creating an interface that does not take into consideration language features.
Try the product
Internationalization testing might be necessary for program security. It is important to ensure that the system does not contain UI bugs and that the text is correctly displayed. You should check the format of the date, time and other distinguishing elements. Also, look at how currency symbols are displayed. This is essential for the product's functionality regardless of where the user lives.
International money transfer applications are slowly replacing traditional banking transactions. Millions of people use the most popular services, Venmo and Cash App. It's no surprise that they allow users to send money instantly overseas, with minimal commission. New FinTech products that simplify transaction processes will undoubtedly be on the market.
It is important to be able to create software that can handle cross-border payments. It is worth speaking with a financial software company that has expertise in building online banking platforms. This IT partner can help you transform your idea into an international money transfer app that is secure, stable, and multifunctional.