International Money Transfer App Development Company

With the massive adoption of smart devices and technology being the focal point, there has been a clear rise in the demand for online banking facilities. To bring convenience, security, and swiftness to the money transfer process across borders, international money transfer apps play a key role. If you wish to enter the world of money payment transfer app development and aim to create a seamless money payment transfer experience for your users, then this article is for you.

To get in-depth technical details about how to go with the process, connect with the experts at RisingMax. As a leading money transfer app development company, we have helped businesses of all types to excel in their domain and establish themselves as a key market player in the industry.

Salient Facts About International Money Transfer Apps

• By 2027, the worldwide money transfer services market size is predicted to reach $56.83bn and at a CAGR of 16.3%.
• About 69% of smart device users opt for mobile transfer apps to send money.
• The prime players in international money transfer services are Western Union Holdings Inc., JPMorgan Chase & Co., Citigroup Inc., etc.
• By 2027, the transactional value in the digital remittance market is expected to be around $177.10 bn.
• Some of the popular international money transfer apps are Remitly, MoneyGram, Zelle, PayPal, Azimo, etc. 

How Does an International Money Transfer App Work?

The working of an international money transfer app needs a sender to first create their account, pay the exchange rate amount, and transfer money to different accounts globally. The pivotal thing is that the exchange rate will be dependent upon the type of app, the economic condition of the country, and their trading level. Also, it's important to pick the desired payout method whether cash pickup, directly to the account, or mobile wallet. Using such apps is the easiest way of sending and receiving money.

RisingMax Inc. is a popular name in the IT industry for mobile app development to build robust apps that not only elevate user experience but amplify business efficiency. With 11+ years of market experience, we ensure the top-notch quality of the developed products.

Salient Features Of  Our International Money Transfer App

Witness the most amazing features related to international money transfer app development as under;

Currency and Language Support

Provides support for different languages and currencies to make the app understandable and accessible to worldwide users.

Budgeting Tools

Our app is integrated with advanced budgeting tools helping users to track and handle their spending whenever they want thereby fostering financial awareness.

Top Security Attributes

Our international money transfer app comes with advanced authentication techniques such as two-factor authentication, touch ID, facial recognition, etc.

QR Code

Our apps are integrated with a QR code that simplifies peer-to-peer transactions, allowing users to scan and transfer payments.

Currency Converter

Offers precise and updated currency conversion rates and displays the converted amount in the blink of an eye.

Monetary Limits /Controls

Enables users to regulate transaction types & transaction limits along with personalizing the security controls to amplify security.

Account Linking

Permits users to link their financial sources like bank accounts, credit/debit cards, etc securely within the app.

Multi-platform Compatibility

Our developed international money transfer app is compatible with both Android and iOS platforms thereby catering to an extensive user base.

Transaction History

Offers transaction history of every transaction like time amount, date, and recipient that aids in fantastic financial management.

Add-On Features Offered By Our International Money Transfer App

Along with the above-mentioned features, our developed app also possesses some additional features that are tailored to the client’s requirements. Check out some of them below;

Alerts and Insights

Provides personalized insights related to financial habits & spending patterns via alerts notifications and suggestions for perfect money management.

Intuitive User Interface

Our app has a user-friendly interface promoting easy navigation, with easy options for balance checking, enabling transactions, and managing settings.

In-App Chat Support

The app is instilled with an intuitive customer support system that addresses issues, queries, and concerns, instantly.

Contact Integration

With this feature, users are able to streamline the payment process by linking their contacts and easily transferring funds to people.

Offline Mode

Allows users to make crucial transactions, view balance, and check transaction history in offline mode, with data synchronization once the internet is restored.

How To Build An International Money Transfer App?

We follow a step-by-step international money transfer app development process while building a robust, scalable, and secure money transfer app that is capable of performing transactions both locally and internationally. 

Ideation And Market Research

Our researchers will perform comprehensive market research while understanding the target audience's preferences. Our team will also conduct competitor analysis to make the app unique from the others in terms of features and functionality.

Design & Development

Our outstanding team of designers will create a visually appealing UI/UX design that meets the needs of the clients. Moreover, our software developers are proficient in offering both front and back-end services. They are fully aware of the latest programming languages, tools, APIs, and frameworks that are required in app development. The front-end developers are focused on developing an attractive user interface and the back-end ones handle data required for banking transactions.

Payment Gateway Integration

Our technical team will help in integrating the reliable payment gateways to allow seamless transactions. Various payment options, such as credit cards, bank transfers, debit cards, and digital wallets, are added based on the client’s preference.

Testing and Quality Assurance

App testing is an important step to deliver a reliable and bug-free app. Our team conducts extensive testing techniques to check for functionality, security, and usability. We also consider beta testing through which user feedback is gathered and based on that necessary changes are made before launching it for the general public.

Launch and Marketing

Our marketing specialists will craft a strategic marketing plan that creates a high buzz around the app before launch. We utilize advanced marketing techniques to make your app reach the targeted audience.

Post-Launch Support and Updates

Our technical support team offers technical expertise while addressing user feedback. The app is regularly updated whenever new features and security elements are introduced. Even the technical issues related to app crashes are taken care of.

Business Benefits Offered By Our International Money Transfer App 

Our international money transfer apps are highly beneficial for businesses and users. The incorporation of magnificent features is responsible for a highly secure and user-friendly app that exceeds user expectations. Amplified sales and high ROI are one of the main reasons why entrepreneurs are eager to invest in this venture. Here, we have mentioned some of the perks associated with such apps, check it out below;

Global Reach

Businesses with international money transfer apps have the potential to widen their reach globally. It allows users to transact money internationally thereby increasing the customer base and opening new revenue streams.

Competitive Advantage

A well-developed and reliable transfer app gives businesses a significant edge in the financial services domain. It helps generate massive sales and phenomenal margins as compared to its market rivals.

Diverse Revenue Streams

The apps serve as a platform for offering fabulous financial services, like loan offerings,  in-app investments, savings accounts, etc. Such diversity helps contribute to a steady revenue model.

Enhanced Customer Loyalty

Offers a hassle-free money transfer experience encouraging customer loyalty. Users are more likely to adhere to a brand that provides an effective way of handling financial transactions.

Data Analytics and Insights

Such apps generate valuable insights into transaction patterns, user behavior, and demographics. Businesses utilize this data, build strategies, keep track of performance, and get to know about customer preferences.

Quicker Transactions

Our international money transfer app permits instant transactions, leading to improved speed and efficiency. The faster turnaround time puts up a positive customer experience.

Streamlined Business Operations

The app streamlines all business operations by eliminating manual processes and paperwork. Such efficiency results in increased productivity and resource optimization.

Reduced Fraud Risk

With advanced security measures like biometric authentication and encryption, the risk of fraudulent activities is reduced drastically. These safeguard both users and businesses from financial losses.

Top Security Measures

The in-built security features build trust among users and therefore attract more of them who want to prioritize the security of their financial transactions.

Revenue Model Of International Money Transfer App Development 

One of the reasons that compel entrepreneurs to be a part of an international money transfer app development journey is the maximized business opportunities and growth. The most common revenue streams linked with this app are illustrated as under;

Subscription Plans

This model is suitable for users who require advanced features and functionalities. To get access to the premium attributes, the users need to pay subscription fees.

Currency Conversion Fees

While facilitating international money transfers, the apps charge a conversion fee for converting the currencies. Such fees are charged when the sender and receiver use distinct currencies.

In-app Ads

The product/service promotion of third-party businesses on the application also leads to tremendous money generation. The advertisers pay a significant amount to the app owner for the exposure to its user base.

Transaction Fees

Whenever any transaction takes place through the app, a small fee is charged to the user. It represents a more uncomplicated way of generating revenue.

Collaborations/Partnerships 

The partnerships within businesses, financial institutions/banks, also contribute to revenue generation. In this case, the profits are earned via referral fees, commissions, and partnership agreements.

API Access Charges

The app's API access to the developers/businesses that are willing to integrate certain services in their app also charges fees resulting in revenue generation.

Data Monetization

Analyzing user data helps derive valuable insights that are sold to third parties, like financial institutions/market researchers to understand consumer behavior.

How Much Does It Cost To Build an International Money Transfer App?

The international money transfer app development cost usually ranges between $35K–$85K. It depends upon several factors like;

• Integrated Features
• App Complexity
• Tech Stacks
• Geolocation of developers
• Expertise And Experience
• Size Of The Development Company
• Level of customization

Book a consultation with our analysts and get an exact price breakdown based on your business requirements!

Hire RisingMax As Your Ultimate App Development Partner!

With more than 6+ years of experience in cutting-edge technologies, we have facilitated our global clients with our matchless app development solutions. Our talented professionals have extensive knowledge and appropriate skills in building unique applications. Know why we are the No.1 choice of businesses when it comes to app/software development.

24/7 Chat Support

We offer non-stop tech-support services to our clients and resolve/address their queries in a timely manner.

No Language Barrier

Our team is highly educated and knows multiple languages, prevents language barriers, and offers seamless communication.

Matchless Technical Expertise

We have a team of certified developers who have an understanding of core tools and technologies and have higher proficiency in developing, debugging, and launching apps.

Cost-Effective Prices

Our development charges are quite affordable without compromising on quality, which is another reason why we are the favorite choice of businesses globally.

On-Time Project Delivery

Our development team follows agile methodologies to complete the project and successfully deliver it within the set timeframe, ensuring customer loyalty.

Exceptional Quality Assurance

Our software testers perform several testing techniques like integration testing penetration, Functional, security testing, etc to make a highly responsive and error-free app.

FAQs Related to International Money Transfer App Development

Top-rated app-development-related questions we have been asked countless times.

How Much Does It Cost To Build An International Money Transfer App?

The international money transfer app costs between $35K–$85K and takes around 2-3 weeks to get developed.

Are International Money Transfer Apps Secure?

Yes! These apps are safe and use standard security measures to protect confidential data and offer secure money transfers.

What Are The Revenue Models of International Money Transfer App Development?

Some of the popular ones are transaction fees, currency conversion fees, in-app ads, subscription fees, etc.

What Are The Features Of International Money Transfer Apps?

The major features include budgeting tools, currency converter, account linking, in-app chat, etc.