Gone are the days when you had to go into a bank to send someone money or pay them back with cash when you saw them. Thanks to huge leaps in the world of fintech – or financial technology – it is easier than ever to transfer funds quickly and easily. Provided that you have internet access, you can safely and securely send money from your phone. Read on to learn more about fast cash transfers.
Most banks today have an app to make online banking easier. For example, the ADCB banking app makes transferring money incredibly simple; you simply download the app and follow the instructions. Using their app, you can also send money internationally with over forty currencies available. In addition, you can often use your mobile banking app to view your balance, set up direct debits or pay bills. You can also use the app to transfer money to a third party – provided that you have a few of their details. The details you need will depend on your bank and the app, so be sure to double-check that you have everything you need.
In addition to online banking apps, there are several other apps that allow you to make fast bank transfers or payments. The apps that you can use do depend on where you are in the world and where you want to send the money. Make sure that you take this into account when trying to transfer money. For example, PayPal can be used in several territories around the world, including the UAE, Europe and America. Whereas apps like Venmo can only be used in America. The payment gateways do tend to transfer the money with an immediate effect, but transferring the money from the app into your personal bank account may take a couple of working days.
Keep Your Money Safe
The truth is that the advancements made in fintech have not necessarily been solely beneficial for society. It has also made it easier for scammers to access your information and, in turn, your money. While online banking apps and websites do everything they can to keep your account secure, they are not invulnerable. You should never share your passwords or passcodes with anyone. Never respond to requests from ‘your bank’ via email unless you can verify that it is a legitimate request.
When it comes to signing up with payment apps, gateways or portals, you should always read the fine print. This means actually reading the terms and conditions before agreeing to them. It also makes sense to check the reviews and do your research to verify the legitimacy of said apps. Unfortunately, some people do get swindled and end up losing their money which is why you should do everything you can to keep it safe.
There are a number of ways in which you can make fast bank transfers today, thanks to technology; all you need is a mobile device and internet access. Arguably, the safest way to transfer your money is to use your bank’s mobile banking app. They are more direct, easy to use and depending on your bank; you can transfer money internationally with ease.