How to develop an international money

Online banking has changed the model of customer interaction with financial institutions. The American Bankers Association has found that people are more likely to manage money through smartphones (39%). 32% of consumers access online banking from a laptop or a PC. Only 10% of clients prefer to conduct transactions in a bank branch. A similar situation is in the field of cross-border payments. People realize that sending money through mobile platforms is faster, more convenient, and cheaper. In this article, we’ll explain why financial institutions should start developing international money transfer apps. 

What defines the popularity of international money transfer apps?

Cross-border payment solutions have gained popularity for several reasons: 

  1. They allow people to quickly send money abroad. As a rule, cross-border transfers take from one to five business days. With an international money transfer application, this procedure takes seconds or hours. 
  2. A sender pays a lower commission compared to using a physical bank. Banks charge money transfer fees to cover payment processing, currency exchange, bank charges, and other fees. A recipient often pays a margin to receive money from abroad. There is no fixed amount. It depends on the country, currency, or transaction speed, and reaches 6-9%. In mobile applications, an average commission is 1% of the amount sent. This is a significant saving. 
  3. People exchange money in areas where there are no bank branches. Residents of remote settlements can easily receive or send money online. When problems arise, they contact support. 

International money transfer apps have become the preferred transaction channel for migrant workers. They provide financial assistance for their relatives on more favorable terms. 

Online payment platforms turn your smartphone into a “pocket bank”, offering to pay bills remotely, send money, buy goods, and services. That’s why international money transfer app development and online banking are promising for financial institutions. 

Basic functions of an international money transfer application 

To function properly and allow clients from different countries to use the services, a platform for cross-border transactions must have 10 basic functions:

  • Registration. A user should get a convenient way to create an account: via email, or by phone number. It is not necessary to add many steps so as not to complicate the task. 
  • Meticulous UX/UI design. Clients opt for an application only when they understand its logic. It must help to perform tasks with minimal cost and discomfort. Users must be sure that they have transferred money correctly, and the addressee will receive it. A laconic design with clear navigation, cards, animation elements, and notifications helps users to interact with the software. 
  • Data confidentiality. A company owning an international money transfer app must have the necessary licenses issued by the government authorities of the countries where the software works. The organization must also be aware of local regulations for personal user information protection and industry laws so that its activities will be regarded as legal. 
  • Online wallet. This is a feature that makes an international money transfer app a universal payment tool. Users send money or pay for goods without using bank card details. 
  • Payment of bills. Users like it when the same program allows them to transfer funds and pay bills. People do not need to switch between different platforms, once again disclosing personal and banking information. 
  • Transaction statistics. With an archive of transactions at hand, a user analyzes them, compares expenses, and decides how to manage finances most efficiently. 
  • Chatbot. Users send money through the platform and do not always understand all the steps of the procedure. Therefore, it is worth setting up round-the-clock support in the form of AI-based chatbots. A virtual assistant will give advice and support customers when operators are not available. 
  • Transaction notifications. Users need to receive push notifications to know the status of operations and other information about transactions. 
  • Multilingual interface. An international money transfer app is used by a multilingual audience. Not all participants speak English, the language of international communication. Therefore, it is worth analyzing the target audience of the platform, establishing a list of countries where the software functions. Then it will be possible to determine the most common languages in the regions and include them in the platform. 
  • Currency exchange. When a sender transfers money in one currency and a recipient wants to receive it in another, an automatic exchange takes place in the system. The platform fixes the rate, and users receive transfers in the desired currency at any time of the day.  

How to develop an international money transfer app

International money transfer application development follows the same pattern as financial software development. But you should take the following steps:

Conduct market research

The global market is huge, and many software solutions have already taken the leading positions. In order not to get lost among competitors and attract the audience, you should research the market. It will help to assess its state and to understand what is relevant for the niche, or what solutions your competitors offer. A detailed analysis will help to determine the requirements for a new product. 

Study the target audience

To create a user-friendly product, you should understand what convenience means for your future clients. It is important to determine who will use the online transfer service. You must be aware of the needs and expectations of people sending money from one country to another. It will help to realize what features may simplify international transfers and make customers happy.

Obtain permission to provide online payment services. 

You must obtain permission to provide international online transfers in each country where the software will operate. You should analyze local laws and check if the application meets the requirements. Contact a lawyer who will work on legal issues and prepare the necessary documents (terms of use, privacy policy). Knowledge of legislation will secure the project from failure. 

Design and develop an international money transfer application 

If a company is building a localized app, UI/UX designers and developers should keep in mind that texts in different languages do not take up the same space. Color design, symbols, or animal symbols vary from country to country. Therefore, it is worth creating a neutral interface taking into account language features. 

Test the product

In addition to standard functionality checks, internationalization testing may be required for program security. You must make sure that there are no UI bugs in the system and the text is displayed correctly. Check the formats of the date and time, and other distinguishing elements, see how currency symbols are displayed. This is important for the product to work correctly regardless of the user’s location. 


International money transfer apps are gradually replacing traditional banking transactions. The most popular services (PayPal, Venmo, Cash App) have millions of users. No wonder because they allow users to instantly send money abroad, with a minimum commission. Undoubtedly, new FinTech products simplifying transaction processes will enter the market.  

To create software for cross-border payments, it is necessary to have technical skills, understand security issues, and know industry laws. Therefore, it is worth consulting a financial software development company that has experience in creating online banking platforms. Such an IT partner will turn your idea into a secure multifunctional stable international money transfer app.