How To Build An App Like Wise App That Transfers Money Abroad At An Lightning Speed

App Development

15
Apr 2021

2228 Views 5 Minute Read

how to build an app like wise app that transfers money abroad at an lightning speed

Mobile apps have been moral support, especially during these Covid-19 days. Imagine working abroad with a good amount of income while your parents in India struggle to survive due to no job during the lockdown. You can transfer money as quickly as possible with such money transfer apps and be their moral support. Wise is one such money transfer app that offers all that a decent money transfer app must-have, like low international charges, quick and secure transfers, besides other features.

International transactions tag along with different issues like currency conversion, taxes, clearance, and more. Thus, the Wise app provides a chance to serve users with features they want to have in a money transfer app. The Wise app has a network of more than 10 million users spread across 170 nations. These users perform activities like affordable, no cost, and quick money transfer. Moreover, this blog will explain how the Wise app makes international money transfer more convenient. If you plan to use this app or get inspiration to develop your own, you've landed in the right place!

Story Of Wise App

Wise app is the brainchild of the first employee of Skype, Taavet Hinrikus. He collaborated with Kristo Kaarmann & launched Transferwise in 2011 jointly. It was only the 1st year for the money transfer app when it determined that yearly transactions amounted to USD 10 million.

A Guardian report gave Wise a spot in "East London's 20 hottest tech startups." Wired UK also named it "Start-up of the Week." Moreover, Wise, a money transfer app, got mentioned in some other top reports by businesses like Techcrunch.

Several ups and downs led Wise to announce itself as a lucrative venture in May 2017. By that time, its app users were transferring USD 1 billion worth of the funds monthly. Now, in 2021, the business took a new turn and changed its name from Transferwise to Wise in February.

Features Of Wise, A Money Transfer App

Moving ahead, we are discussing the Wise app's features in-depth. These features will provide you an insight into features that pushes this money transfer app to the top.

1. Encoded Transactions To Secure Your Funds

With protected encryption and two-factor authentication, this affordable money transfer app ensures that your funds are well-secured and does not get compromised. Wise is approved by regulatory bodies of nations like the UK, the USA, India, Canada, New Zealand, and Australia. This proves that the app captures foreign regulators' attention to ensure the safety of money transferring through Wise.

2. Use An International Debit Card To Withdraw Your Funds From Anywhere

Wise app includes a debit card that you can use to access money in over 200 nations. Also, for your funds' enhanced security, the app allows you to freeze or unfreeze your debit card with a few taps.

3. P2P Money Transfer App Prevents The Transaction Cost

Wise ensures that the money transfer process isn't costing you a fortune. With P2P money transfer features, you can send money across seven seas within a short period.

4. Your UK Account Number Works Like Any Other Bank Account

Wise is one of the best banking apps providing you a personal account along with details like the real UK-based bank account no., IBAN, sort code, and more. Also, this account will even let you build financial relations with app users from other nations. You only need to share your account information and accept payments from anywhere in the world.

5. Prepare Your Business With A Wise App

Wise lets you make a business account that you can use to complete business transactions. You can also use this money transfer app to produce bills, share invoices, and get paid by clients.

Benefits & Drawbacks Of Wise App

With the growing competition of money transfer apps, apps like Wise have benefits that give them an edge over the others. Let's look at them, along with some downsides that this free money transfer app has.

Benefits Of Wise, A Money Transfer App

- Create & manage an account for free

- Wise supports affordable money transfers overseas

- You can use the app to send money internationally faster

- Transparency is the main advantage you get with the Wise app. Meaning, there are no hidden charges that will surprise you

- Keep your money on hold in any currency for free

- Wise app's international debit card is useful in more than 200 nations

- Wise app's customer support is available to help you 24x7

- The app is simple to navigate and user-friendly

- You find several valuable articles on the customer service forum that might solve your doubts promptly

- As per the Wise review published on multiple app stores, the app has a considerable percentage of client satisfaction

Downsides Of Wise, A Money Transfer App

- The registration process needs two documents for verification purposes, which might be a tad bit slow

- Doesn't accept check transfer service

- After reaching a certain transaction limit, you need to submit extra documentation; if you don't, your account might get on hold

- If you are making massive transfers, it might be slightly expensive

The Endnote

Mobile apps have been such a blessing for the financial industry, whether it's banking, share market, cryptocurrency, or money transfer. Talking about the financial app category generally, the blooming market relies upon money transfer apps and pay later apps. Thus, app developers that want to participate in the race of successful apps might still penetrate this category. Speaking of global Fintech app data, the no. of users has reached the limit of 1.3 billion in 2020. In comparison, it was restricted to 0.4 billion in 2015.

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