Last updated: 11th December, 2020
Are money transfer apps safe?
Are you hesitant about using international money transfer apps, as you don’t know how safe they are? Read our guide on the safety of these apps.
The level of safety can vary when using international money transfer apps. There are certain things to consider, such as money protection and data storage. If you’re at all wary about transferring funds through a money transfer app there are a few golden rules that you can follow that will ensure you can use the app with confidence.
Check that the app has NBB authorisation
One of the easiest ways to verify that you’re using a safe money transfer app is to check that it has the National Bank of Belgium (NBB) authorisation, Banco de España or any other European bank authorisation. The NBB, for instance, is the regulatory body based in Belgium which makes sure that all financial institutions adhere to the rules, obligations and regulations that they set. It’s a requirement that all financial institutions and services registered in Belgium and also in Europe adhere to their guidelines – giving you an extra level of protection.
Make sure you will be compensated if the worst should happen
If your app is backed by a highly trusted bank, then you can be confident that the platform is a secure international money transfer app and you’re entitled to compensation. PagoFX by Santander, for example, has gone through extensive and thorough bank-grade validation process and is authorised by the NBB. The low-cost money transfer app is also open to any Belgium resident with a debit card, regardless of the bank they use.
Know your rights on data storage
It is important to read the terms and conditions to how your app stores data, and if it shares it with anyone. PagoFX has undergone the same product validation process as any Santander Group product, meaning it meets the same level of cyber security, financial crime and risk requirements as any service provided by the global bank.
As long as you use a trusted supplier, then your money transfer app will be secure. Just ensure that you’re doing your bit to keep your phone and your information safe.
Disclaimer: This article is provided as general information purposes only, and is not intended to cover all aspects of the topic. We recommend that you take professional and specialised advice before taking, or refraining from, any action based on the content of this publication, as this article is not intended to constitute expert advice. We do not guarantee, explicitly or implicitly, that the content of this article is accurate, complete or up-to-date. The information in this article does not constitute legal, tax or other professional advice from PagoFX or its affiliates.