From waking up to the sound of phones buzzing to using fancy kitchen gadgets that assist us with cooking, technology is there in everything we do. Not just the daily tasks, tech advancements have also transformed how we manage our finances. Here, we are talking about international money transfer applications like Remitly, which have revolutionized how we send money across borders.
Earlier, sending money abroad using the traditional ways was a complicated and expensive process that involved intermediaries, hefty commissions, and manual paperwork. Fortunately, apps like Remitly have enabled individuals and corporations to do quick, cost-effective, secure, and more efficient money transfers.
That’s one of the biggest reasons behind the spiking demand for international money transfer app development. If you are among those businesses seeking to develop a Remitly-like app, this blog is exclusively for you. It is a detailed guide that includes features, benefits, development process, development costs, etc.
So, why wait? Let’s begin.
What is Remitly?
Remitly is a popular online money transfer app that allows you to send money across borders. With competitive exchange rates and low transaction fees, the app eliminates the requirement to visit a bank, wait in queues, and fill out lengthy forms to transfer money overseas.
International Money Transfer App Statistics 2024
Check these interesting statistics to understand all the hype about Remitly-like mobile applications:
- Bloomberg forecasts mobile payments to reach a whopping 4.8 billion by 2025.
- By the first quarter of 2024, Remitly had over 6.2 million active users and a $42 billion LTM send volume.
- By Q1 of 2024, Remitly’s revenue was $269.1 million. They are expecting to generate total revenue of up to $1,250 million at a growth rate of 30% to 32% in the fiscal year 2024.
- As per online reports, the global peer-to-peer payment market is projected to reach $9.87 trillion by 2030.
- Approximately 69% of smartphone users choose a mobile app over a website to transfer funds.
These statistics make it evident that the international funds transfer app development market has huge potential that businesses can leverage to grow.
How to Develop an International Money Transfer App Like Remitly?
Here is a step-by-step or detailed guide to developing a Remitly-like international money transfer mobile application:
Step 1- Discovery and Market Research
The first step is understanding the project requirements, end-customers expectations, market trends, and the challenges users face with international money transfers. It also involves competitor analysis and considering the regulatory requirements for successful development.
Step 2- Creating the Project Plan
Preparing a detailed project plan includes defining timelines, project milestones, resource allocation, and budgeting to ensure efficient and timely project execution and completion while mitigating risks throughout the development journey.
Step 3- Designing UI/UX
UI and UX focus on crafting intuitive, visually stunning, and meaningful interfaces to enhance usability and engagement. The UI/UX designing phase focuses on wireframing and prototyping to check how the final app will look and how the user will interact with the app through navigation.
Step 4- Choosing the Technology Stack
Choosing the right technology stack is crucial to ensure that the app serves its purpose and aligns with the goals and objectives of a business. This step focuses on selecting the right framework, programming languages, and development tools to ensure robust and efficient development.
Step 5- Development
The development phase includes writing codes to build the backend and frontend components of an international money transfer app. Adopting agile methodologies and ethical development practices minimizes iterations and ensures timely development.
Step 6- Testing
Conducting rigorous tests is an essential phase to validate the app’s functionality, performance, security, compatibility, and usability on all targeted platforms, screens, and devices. It also involves identifying potential issues and resolving them to ensure successful development.
Step 7- API Integrations
An international fund transfer app like Remity might require APIs to ensure its seamless integration into the existing network and infrastructure of a business. It may also involve third-party integrations to extend its capabilities and functionality. This phase in the development journey is all about that.
Step 8- Deployment
Launching the online fund transfer app on the App Store or Play Store is the core purpose of this phase. For this, the developers need to adhere to the specific guidelines of each platform and have expertise in release management.
Step 9- After-launch Support and Maintenance
Monitoring the app’s performance, troubleshooting bugs, and improving the app based on user feedback fall under support and maintenance. It also involves adding new features to the international money transfer app and ensuring it is compatible with the latest versions.
Also Check: The Role of Artificial Intelligence in Fintech
Key Features of an Online Money Transfer App Like Remitly
The features of any app play a pivotal role in its success. Therefore, it is essential to know what features should be there to make an app stand out. Here are some key features of an online money transfer application like Remitly.
International Transfers & Currency Exchange
This feature facilitates effortless transfer of funds from one country to another in just a matter of minutes. The currency exchange feature showcases how much money the recipient will receive in their respective currencies.
Live Rates and Currency Trends
With live rates and currency trends, users can obtain real-time insights into market fluctuations and exchange rates to make informed decisions about choosing the timing of transactions and maximizing the value of money sent or received.
Passbook
An online-only passbook is an essential feature, enabling document all cross-border transactions, check remittance history, and get convenient access to direct deposits using which they can get funds directly into their accounts before payday.
Identity Verification
The online ID verification feature of an online remittance app ensures safe and secure transactions. Such apps employ advanced algorithms to evaluate the risks associated with each money transfer and prevent suspicious activities
Multiple Modes of Payment
It involves supporting multiple modes of payment, including bank transfers, debit/credit cards, and more to offer flexibility and convenience to users. This feature also enhances user experience by catering to their diverse preferences.
Multi-Language Support
This feature enhances app accessibility for global users as they can use the app and its services in their native language, improving user experience and convenience. It breaks down language barriers.
Multi-Factor Authentication
Multi-factor authentication, such as biometrics, one-time passwords, etc., adds additional security to the money transfer app, protecting users’ confidential and sensitive information against unauthorized access and fraudulent activities.
Virtual Assistant
Users might require help while transferring money internationally, checking currency trends, and accessing the app’s features. An AI-powered virtual assistant can provide personalized assistance to answer queries and guide users through transactions.
Real-time Notifications and Updates
Real-time notifications and updates keep users informed about the status of their transactions, account activities, account balances, and relevant news regarding currency exchange rates and market trends.
24*7 Support
With round-the-clock customer support, users can get immediate support and resolution to their queries associated with money transferring or any other service. It fosters trust and loyalty while increasing the chances of an app’s success.
Depending on your unique money transfer app requirements, you can add more features to this list. In case, you don’t have an idea of what features should be there in the app, reach out to Quytech’s experts for strategic guidance and refining your P2P transfer app idea.
Good Reads: How to Develop a Banking App Like Bank of America
What are the Advantages of an International Money Transfer App Like Remitly?
Remitly offers innumerable advantages over traditional ways of sending money from one country to another country.
- Convenience
With an international money transfer app, you don’t have to visit banks and wait in long queues to transfer money to your loved ones staying abroad. It offers you the convenience of doing the same merely from the comfort of your home. All you have to do is follow a few simple steps on the app, and you are good to go.
- Speed
Speed is one of the biggest benefits that Remitly-like applications render to their users. It allows them to send money in minutes, facilitating urgent financial transactions and ensuring complete peace of mind with immediate money transfers.
- Lower Fees
Most online funds transfer apps offer competitive exchange rates and low transaction fees to facilitate cost-effective money transfers abroad. Users can save big on unnecessary charges that traditional banking ways involve.
- Security
P2P apps, when built by reputed fintech app development companies like Quytech, vouch for end-to-end security and transparency. These companies adopt top-level encryption techniques and identity verification procedures to secure sensitive user information and protect the app from cyber attacks.
- Transparency
A global money transfer mobile application maintains complete transparency by providing the sender and receiver with an option to track transactions in real-time. They can also keep a tab on the exchange rates and fees, fostering trust and loyalty.
- Round-the-Clock Service
While traditional banks have limited operating hours, an international money transfer app offers its services 24*7, enabling users to transfer money at their convenience.
Related Read: How to Develop a Personal Finance App
How Does an International Money Transfer App Differs from a Mobile Wallet?
Some users might think that a money transfer application is like a mobile wallet, however, the truth is that both are entirely different. Let’s walk you through the major differences:
International Money Transfer Apps Vs. Mobile Wallets
| Internatl Money Transfer Apps | Mobile Wallets |
| It transfers funds from one person to another across borders. | It stores money and then makes the payment. |
| Key features include international money transfers, live rates, splitting bills, etc. | Prime features include adding money, bill payments, etc. |
| Remitly, Wester Union, etc. are examples of international funds transfer apps. | Examples of mobile wallets are Google Pay, Apple Pay, Amazon Pay, etc. |
| Suitable for transferring funds beyond geographics | Best for making daily payments and in-store transactions. |
Conclusion
International money transfer apps have revolutionized how to manage finances and send funds to our loved ones living in another part of the world. Such apps have friendly interfaces and top-notch security measures to offer unmatched convenience and freedom to manage finances effortlessly. This blog, a comprehensive guide to international money transfer apps, is all about them.
If you want a feature-rich, scalable, and secure money transfer app like Remitly, Quytech is a perfect partner for you. With over a decade of experience and strong technical expertise, we develop customized international fund transfer apps that vouch for security and efficiency.
Frequently Asked Questions About International Money Transfer App Development
International money transfer apps provide users with a platform to send money abroad. Unlike the traditional way of transferring money through banks where users have to wait in long queues and fill out complicated forms, international money transfer apps enable them to transfer money within minutes at competitive rates.
Apps like Remitly rely mainly on two monetization methods to make money:
– Currency exchange margins
– Transaction fees
The steps to transfer money across borders via different applications are almost the same. Talking about Remitly, here is what a user needs to do to send money to some other country:
– Create an account by entering the required details and setting a strong password.
– Completing the account verification process to ensure security.
– Begin the transfer process by entering details like the country where you want to send money and the amount.
– Enter the required information about the receiver.
– Select a payment method from debit/credit card, bank deposit, etc.
– Tap the send money button
A person has to have four main details to facilitate online money transfers in some other country:
– Personal details
– Transfer details
– Receiver details
– Payment details
Creating an international fund transfer mobile application requires strong technical skills, knowledge of legal compliance, and following a stepwise development process. You can connect with an experienced mobile app development company with a prior record of working with the fintech industry and building Peer-to-Peer money transfer applications.
Creating an app like Remitly can be a boon for your business due to the following outstanding advantages:
– Lower fees
– Convenience
– Accessibility
– Speed
– Security
– Transparency
Some of the prime features of an international fund transfer app like Remitly include:
– International Transfers & Currency Exchange
– Live Rates and Currency Trends
– Passbook
– Multiple Modes of Payment
– Multi-Language Support
– Multi-Factor Authentication
– Virtual Assistant
– Real-time Notifications and Updates
– 24*7 Support
While each country has its specific legal compliances to be considered for money transfer, some of the mandatory and common ones an app should include are:
– Foreign Inward Remittance Certificate
– Anti-Money Laundering Policy (AML)
– Know Your Customer (KYC) Verification
– The Payment Card Industry Data Security Standard (PCI DSS)
– The General Data Protection Regulation (GDPR)