Many people today utilise mobile apps to send and receive money instead of traditional bank accounts. The main benefit of a money transfer app is that it allows you to send money internationally at a minimal cost.
Due to the high costs and limited availability of international bank transfers, international wire transfers using money apps are increasingly popular. If you’ve never sent or received money through an app before, you may be concerned about its security. In short, international money transfer apps are safe.
In this article, we’ll delve deeper into the topic, outlining why international money transfer apps are secure and what you can do to stay safe when using them online.
Table of Contents
Why international money transfer apps are safe
If you’ve ever sent international money transfers using an app, you know that the process is very similar to sending money through your bank. Since they charge less and are speedier, some may even argue that they are vastly superior.
When comparing a bank transfer to a money transfer app, most experts feel the latter is superior. When it comes to security, money apps are fool proof. Users’ funds are protected in many of the same ways that banks’ are.
Strong security measures are also used to forestall the occurrence of theft and fraud. To argue that mobile banking apps are as safe as traditional banking institutions would be an overstatement.
That said, below are some extra tips you can use to enhance your security when sending international money transfers.
Use a secure device
While making international money transfers, it’s important to use a device you control. These days, it’s pretty uncommon for smartphones to automatically remember the login details of anyone uses them; this means that even when you’re not using your phone, anybody has access to it could potentially access the financial app you use.
If you must use someone else’s device, take extra precautions to ensure that no traces of your personal data have been left behind.
Apps that facilitate money transfers are incredibly helpful and convenient, especially when moving money across international borders. If you plan on utilising one, you should be extremely cautious and do everything you can to safeguard your personal information and financial assets.
Also read: The best EFT payment service in South Africa
Check on privacy
Whenever possible, conduct financial transactions in a discreet location. That way, no one can spy on your actions and steal your identity.
When someone makes a transfer from their transfer app account in a public place where others can see over their shoulder, it opens the door to a surprising number of fraudulent transactions.
While making a transfer, find a peaceful place to do so. While connecting to a public Wi-Fi network, it is important to use a Virtual Private Network. Hackers frequently get access to public Wi-Fi networks in order to “farm” for information.
Install a VPN
Use a virtual private network (VPN) to keep your money transfer secure. Virtual private networks increase safety by hiding your online footprint and IP address. With a virtual private network (VPN) between you and the outside world, it would be extremely difficult for hackers to get your financial details.