In the years past, getting money where you needed it to go was difficult and expensive. The fees were huge even for small sums, and it took time too. Today, that has all changed, thanks to various innovations in technology, apps, and more. In this article, we look at a few of the financial tools that are useful to have at your disposal today.
Currency Conversion Apps
When you need to send money abroad and deposit it into your international bank account or to help a friend out, knowing what your currency will convert to is helpful. Then you can determine either how much they might receive or if you’ll want to wait until you have more funds available.
Also, if you’re traveling and pulling out local funds from the nearest ATM at the airport, it pays to familiarize yourself with the value of the local notes before choosing how much to withdraw. Due to the ATM usually being set in the local currency, the value of money is different at every destination.
One of the first steps to doing so is checking what the live rates are. That can be a starting point before you even consider how to send the money. Apps like Oanda, XE Currency, CalConversion, and others serve this purpose well.
Transfer Money Faster
Moving money from point A to point B is simpler than it used to be. It’s no longer necessary to pay excessively high fees to move small sums quickly to solve a cash problem. Instead, mobile apps can now do that for you. A solution like the Ria Money Transfer App complements their website by offering their customers the ability to affordably transfer money between countries. The recipient can pick up the cash, occasionally get it delivered too, or they can choose to accept a bank transfer. It’s also much easier to use than trying to figure out sending an international bank transfer through your local bank. Likely, it will be less costly too.
Managing What You Spend
Managing what you spend is a challenge for many of us, especially if there’s not enough money left at the end of the month to save anything. Using financial budgeting apps is beneficial to get around the lack of money control. Mint or You Need a Budget (YNAB) are popular choices. Both have their pros and cons. YNAB has a particular approach that includes allocating spending or saving to every dollar. It won’t work for everyone, but many people swear that it has helped to turn their money around.
Investing to Impress
Investing apps might only impress you, but they’re worth exploring if you care about building your net worth. Robinhood is popular at present. Also, SoFi is newer and gaining interest too. Ameritrade and E-Trade are also strong performers for investors and have been around for years.
By using a mix of financial tools, it’s possible to get the best for your money. Whether that’s through new financial apps or saving through lower-cost money transfers and improved rates, it’s worth taking the time to seek them out.