Mobile Money Transfer: Pros and Cons

  • ERemit
  • 2 minutes read

In this digital age, transferring money online through mobile apps is the most eminent way of money transfer. With mobile banking, one can send money on the go, no matter where they are or what time it is. Almost all the best international money transfer services have developed their own mobile app for you to send money online. Let us put the pros and cons of mobile money transfer up against each other and vote for mobile banking ourselves.

Pros of Mobile Money Transfer
  • Accessibility: No matter where you are, in an urban area or rural area or in a place where there are no banks nearby, you can still make money transfer with your mobile app.
  • Cashless dealings: Mobile money transfer eliminates the high dependence on cash, especially in times of Covid-19 when people wish to do digital transactions to avoid unnecessary contacts.
  • Track the money send: Unlike direct money transfer through bank accounts, online transfers can be tracked. On the mobile app, one can track the status of money send until it reaches the recipient.
  • Better convenience: Mobile transfers are highly convenient for the customers. They no longer have to go to a bank nor stand in long queues nor involve middlemen in transactions. Every money transfer can be done in a few swipes, sitting in your comfort zone.
Pros of Mobile Money Transfer
  • In order to send money through mobile, the sender must install the relevant app of the agency. The apps are not applicable on all phones, but only on smartphones. Thus, the customer requires a smartphone.
  • If the password and other details are shared with people, there are high chances of scam and theft.
  • It is still possible that users may receive fake messages called "Smishing", asking for bank details, do not fall for it.
  • Accessing the mobile banking app using a public Wi-Fi system can be dangerous. Thus, transfer money with your mobile data or home Wi-Fi.

Nowadays, more and more people around the world turn towards mobile payments rather than to banks. Why? Because, it’s cheaper, faster, safer and more accessible. You may have to look out for scams, but when considering the long run, the best online money transfer in Australia through mobile apps is much beneficial than direct money transfer through banks.