Using a digital wallet linked to your credit/debit card or your bank account, online payments can be made anywhere around the world. But when finding the right remittance app for money transfers, it doesn’t take long to realize that it ultimately comes down to cost, time, security, and simplicity.
According to the World Bank, Approximately $25 billion in remittances were sent to countries in the Latin America region like Mexico in 2015, the highest amount since 2008. Globally, nearly $600 billion is transferred to other countries around the world each year. With these numbers in mind, it is not surprising that remittance services are a helpful solution to money transfers to friends and loved ones, without concerns about time and distance.
What is Remmitance Payment?
Remittance is the act of transferring funds to another person or entity. Remittances are often done using electronic transfer or wire submission. Transactions of this kind can be completed almost immediately. Also, the term is often used in reference to sending money from one country to other countries.
How do remittance payments work?
Remittance payment apps are becoming the go-to solution for international money transfers. For many people, the convenience and speed of these transactions keep them coming back for more. However, there are a few things you should know about remittance services before making your next transfer.
When executing a money transfer, funds of the remittance amount must be present in the sender’s bank account or mobile wallet. After the transaction has been issued, the funds will be transmitted to the recipient’s account for processing. Once the money is deposited, a foreign exchange rate and banking fee are applied. The funds are now available as local currency, minus the fees, for the recipient to access.
How safe are money transfer apps to use with friends & family?
Money transfer apps are convenient, but not all are always safe to use. They can be easy to misuse or misdirect, especially if you're sending money to the wrong person
However, it is important to understand that if you send money to the wrong recipient, you may not get your funds back. Providers might not help recover misdirected funds. Only send money to people you know and trust.
The following are some tips for using money transfer apps safely:
Avoid sending money to strangers or people who seem suspicious: It's best to stick with family and friends as recipients. If someone asks for money through a social media platform such as Facebook Messenger or WhatsApp, do not respond — these messages are often phishing attempts or scams designed to steal your personal information or account credentials.
Use two-factor authentication (2FA): When available on an app or service that supports it, two-factor authentication is an additional layer of security beyond your password that requires something physical like a security token, one-time code sent via SMS text message, or voice call from a phone number previously registered with a service before logging into your device.
How Tempo compares to other remittance apps
So how does Tempo compare to other remittance apps on the scene?
If you've been wondering about the easiest way to send money internationally, it doesn’t get any more convenient than using a multi-currency digital wallet based remittance service that allows you to manage your funds from your smartphone. Tempo also allows you to buy and sell currencies straight from the Tempo wallet—on the spot!
Also, when comparing Tempo with other remittance apps, there are several factors to consider. Let’s break down some of the key ways in which Tempo compares to your average money transfer app.
1. Transaction fees
A user can send money via a credit card using money payment apps like Paypal by paying 2.90% plus a fixed fee. For international personal transactions using PayPal, bank accounts, or Amex Send, it costs 5%. For international credit card payments, it costs $4.99 plus 3.49% plus a fixed fee.
With Tempo, while users are offered a $2.99 fee per transaction, Tempo offers frequent promotions which sometimes include waiving the transaction cost entirely. And as of right now, for a limited time, Tempo is currently offering customers $0 in transaction fees when they sign up.
2. Transfer Time
With Tempo, transfer time happens instantly! When you convert USD to the desired foreign currency, you can use that amount to pay out the recipient.
For other money transfer apps like Cash App, standard bank deposits arrive within three business days. Instant deposits arrive immediately.
3. Transfer Amount
Depending on the country you send from and the payment method used to fund the money transfer, most other conventional money transfer apps like Wise (formerly TransferWise) and others like Venmo don’t have a transfer amount limit.
However, you can send as low as $20, (or other currency equivalent) to as much as $1500 with Tempo. This ensures that funds are transferred with a high level of security, by design, for users.
Like other apps, the Tempo app is available in both iOS and Android. We’re also committed to providing outstanding customer service. The Tempo app features a live in-app service for this reason.
We’ll help you with any questions or concerns you have about sending money overseas with us. In fact, we have dedicated support available 24/7 via live chat and email so that you can get your questions answered quickly and easily without having to wait on hold.
It would be accurate to note that there’s a vast number of money transfer apps on the scene as of today. But what’s even more important is finding the right remittance app that can allow you to make international money transfers from person to person with just a few taps on your mobile device in a simple, easy, and secure way.
When compared to other remittance money apps, Tempo offers robust benefits that provide a convenient and safe transaction process to meet customer needs.
Learn more about our current special offers and download our app to get started.