International Money Transfers: A Quick Guide

In today’s globalised economy, the importance of quick, affordable, and easy money transfers cannot be overstated. South African international money transfers were notoriously time-consuming and cumbersome before the rise of digital payment systems.

Any user, from the parent who needs to send their college-aged child some emergency rent money to the daughter who wants to help out her ageing parents, to the international traveller who plans his trip months in advance, to the business traveller who needs to secure a hotel room, can all benefit from a money transfer app.

Here, we provide a quick guide to sending international money transfers.

Why you should use a money transfer app

Apps that facilitate international money transfers (like Sikhona) are designed to be both simple and straightforward to use. Your username and password are the only things needed to access your account.

An app can be used for sign-in using biometric authentication like fingerprint or face recognition if it has that capability. Using a money transfer app requires little more than a few clicks of the screen to finalise a financial transaction.

Money transfer apps are convenient since you can track your transactions and save your favourites. Your whole financial history will be recorded in the application, allowing you a clearer picture of your spending habits.

Using a money transfer app won’t put your personal information at risk. For the sake of security, monetary transactions typically employ encryption, and patches are regularly released to address any vulnerabilities.

In any case, a passcode or the user’s fingerprint is typically used to secure a modern mobile device. Someone who steals your phone still won’t be able to get their hands on your money through the app.

You can initiate international money transfers at any time and from any location, so long as the recipient has access to an internet-enabled device. A smart gadget, an internet connection, and the recipient’s details are all that is required.

How to send money transfers: step-by-step

1. Start by registering on the money transfer app

• Enter your personal information
• Provide of your identification document and you holding it that are both clear and in focus.
• Click register

2. Create a list of beneficiaries

• By selecting the “add beneficiary” button, you may begin building this list.
• Fill in the essential beneficiary information in the applicable fields.
• To finish the list, click “complete.”

3. Send money

• You can simply and securely send money abroad by clicking or tapping the “send money” button.
• Choose your beneficiary from the list you generated, or enter all the necessary information. Choose the nation to which you want your money to be transferred.
• Choose the payment method you want to use for the recipient of your funds. Here, you can select the payout partner you want for your receiver. Each nation will have a unique list of possible pay-out partners.
• Select whether the quote you are about to submit should reflect the amount that your beneficiary will receive or if it should include or exclude transaction expenses.

Watch this space for updates in the Hacks category on Running Wolf’s Rant.

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