With the downfall of the banking system, the Lebanese cannot rely on banks anymore to perform basic transactions like money transfers. Most Lebanese reverted to traditional institutions to receive money. However, these institutions are charging sky-high fees. So the Lebanese, in Lebanon and abroad, are now looking into alternative ways to send and receive money: money transfer apps. These apps, like Purpl, are fairly new to the Lebanese market and mostly emerged due to the economic crisis. So, if you are looking into using a money transfer app, here are our best tips to help you get started!
1- Secure access to your phone and email before downloading a money transfer app
Securing access to your phone and email is one of the most important steps you must take before even considering downloading a money transfer app. Secure your phone with a password and even better, with biometric authentication. Biometric technology, like face scan or fingerprint, adds additional layers of security making it harder for hackers to access your phone in case of theft.
Then, use a unique password for your email (as complicated as possible), and enable two-factor authentication. Make sure not to share your password with anyone!
Avoid using pin codes that can be guessed easily like your birthday or phone number.
2- Make sure you are using a safe money transfer app
Fraudsters might create fake apps to try to steal your money and information. Do not download any money transfer apps that are not available on your device’s official app store.
Moreover, try to do some extra research and try to find more information about the app online through a search engine (Google or other). In case you didn’t find any, the app is probably a scam.
3- Use a secured internet connection
Do not use public wifi to log in to your account or to transfer money. Public wifis are not trustworthy and have open access. Hackers might get access to your information or your device. Always make sure you use a trusted and private internet connection before using your app.
4- Understand the fees of money transfer
There are different fees associated with money transfers. As the sender, always look out for the transaction fee and the FX margins. Always try to find exchange rate margins that match the mid-market rate. In some cases, the FX margins might be hidden. So always make sure the app you are willing to use is fully transparent in displaying all the fees upfront.
As a beneficiary in Lebanon, always keep an eye out for fees imposed on cash out. In addition, always ask about the cash out currency to avoid losing more value with another layer of unfavorable exchange rate.
5- Check the different money transfer apps available
Always remember that you have several options to choose from! Start by ensuring that the country you are sending from and receiving to is supported along with the desired currencies. Then, take your time to explore the user experience of the app to make sure that the app is friendly and easy to use. Moreover, check the time required for the transfer to be completed, not all transfers are instant.
Why Receive Money with Purpl?
- Your security and privacy are our top priority: Purpl, a remittance and cash out aggregator, partners only with best-in-class providers to deliver safe and secure transactions.
- We use the latest security technology: Purpl uses secure two-factor authentication and verification processes coupled with OTPs to ease your security concerns.
- Choose your most convenient option: Our aggregator model gives you the freedom to choose which partner is more suitable for you, whether you are a sender or a receiver.
- Anytime, anywhere: Receive money from anywhere within seconds and cash out from our partner network whenever you want, wherever you are.
- Our rates are unbeatable: you can cash out 100% of the money received with ZERO cash out fees.
- Receive US dollars, cash out US dollars: don’t worry about the currency fluctuations and the FX rates, cash out in 100% fresh US dollars.
- Save on time: the whole experience is just a time saver! Download Purpl, sign up in just a few clicks, receive money instantly and cash out in less than 15 seconds.
Written by: Mayssa Abillama