What is a money transfer app?
A money transfer application is a mobile or desktop application that enables users to send and receive money. Money transfer apps typically include an interface for entering the amount of a transaction, selecting the origin account from which funds will be withdrawn, selecting the destination account to which funds will be deposited, and confirming the transaction details. These apps may also include features for transferring funds via direct deposit at specified times and dates.
Money transfer apps are similar to other payment apps like crowdfunding apps, gift card apps, and peer-to-peer payment apps. Paypal’s Venmo is one of the most popular money transfer applications today.
Examples of money transfer apps built with Crowdbotics:
- An app that would allow users to send money to inmates who are locked up. Consumers would make a payment and the institutions in charge would allocate the funds.
What is the typical cost to build a money transfer app?
A money transfer app usually costs about $37,500 to build. However, the total cost can be as low as $25,000 or as high as $50,000. A money transfer app with a low number of features (also known as a minimum viable product, or MVP) will be more affordable than an app that includes all intended functionality.
For example, here are some previous money transfer app price quotes from Crowdbotics:
How long does it take to build a money transfer app?
A money transfer app usually takes 153 hours to build. However, a money transfer app can be built in as few as 107 hours, or in as many as 200 hours. The exact timeline mostly depends on how complicated your specific app is. As a general rule, it will take longer if you require highly custom designs, niche features, complex logic, or non-standard release platforms.
For example, some previous money transfer apps build with Crowdbotics received the following hourly estimates:
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Crowdbotics has quoted and built hundreds of applications for teams of all sizes. Browse our historical estimates by industry and app type to understand possible costs and considerations.
How to successfully grow your money transfer application
A money transfer app can grow by attracting new users through a referral program. Many money transfer apps provide discounts for new users who sign up using a referral code, and some of these codes are available through marketing campaigns (such as TV commercials). Since the benefits of a money transfer app extend beyond the user base, it’s also important to advertise how this app can benefit third parties (for example, by providing direct financial support to family members in other countries).
Risks and challenges of building a money transfer application
Money transfer apps face risks related to the money laundering and terrorist financing regulations related to the movement of funds across international borders. To mitigate this risk, it is recommended that you partner with a third-party payment processor that already complies with anti-money laundering and counter-terrorist funding procedures. You will likely need to create logic within your app to prevent users from sending money to scammers, and you should take care in how you present information about the company behind your app.
