Digital money wallets are software and apps used to handle, save and transfer money locally and internationally by individuals or companies with a lot of ease. These services are provided by money transfer and handling services like PayPal or Payoneer who provide the software and manage the digital money wallets. Nowadays money transfer and handling is digital. It’s therefore very important to have digital money wallet services to ease life and money transfer.
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17 ADVANTAGES OF HAVING AND USING DIGITAL MONEY WALLETS TO HOLD, TRANSACT AND MANAGE MONEY
Secure payments. Payments are end-to-end encrypted by secure security systems. Personal and credit card information is kept securely. Two-factor account security, single login device security, strong passwords, biometric passwords, email confirmations, software website, and app security are among the top strategies used to ensure safe and secure money handling and transfer payment systems using these digital money wallet apps.
No hidden fees. The money wallets have transparent fees that are openly displayed to customers before each transaction and outlined in the fees section of the apps. This builds trust and avoids loss of money in hidden transfer and account management fees.
Free to use. All these money wallet apps are free to use and anyone can sign up and get started today with no added sign-up costs. They also have no or minimal account management fees usually only for credit card processing.
Affordable rates: money handling and transfer rates are very affordable as compared to most banks both locally and internationally especially Wise their transfer rates are the cheapest and most affordable both locally and internationally in over 200 Countries and 50 currencies.
Reliable transfers: Money transfer to the right people is guaranteed and assured. Names of the sender and recipient are displayed and a confirmation code is generated prior to further transactions.
Easy to use and navigate software and apps. This allows even non-tech people to use the apps to transact with a lot of ease.
Fast and immediate transfers locally and internationally. In other cases, it can take 2 to 3 business working days for the recipient to receive money.
Buy crypto and digital currencies. Some money wallets enable you to hold, buy and transact with cryptocurrencies like chipper cash and PayPal.
Buy goods and services online using digital credit cards. Depending on specific regions, these apps enable you to purchase goods and services online using free digital credit cards inside the app software to buy goods from popular sites like eBay, Walmart, and Amazon.
Ability to make multiple payments. With a business account on wallets like PayPal, Payoneer, and Wise businesses, are able to make secure mass payments to a large number of people over 1000.
Ability to make scheduled payments: Scheduling tools within the apps enable business owners to make regular monthly, weekly, or set payments to individuals, and for goods and services.
Hold money in different currencies and transfer with ease. The wallets enable users to hold money and exchange it in different currencies without leaving the app and with very minimal fees.
App security and 2FA authentication: The applications and software on phones and websites have secure logins with pins, passwords, biometrics, and 2FA authentication therefore unauthorized people cannot easily access your funds.
Save money/ cash back on purchases. There are loyalty rewards and cash backs on purchases made using cards on the wallet apps like PayPal and chipper cash when a customer buys things up to a certain threshold.
Have savings jars. You can save money and keep it for a very long time in a particular currency as long as you want and you get interest on your savings. Wise and PayPal have this feature. It’s always great to save for rainy days.
Invest in stocks. Money wallets like chippercash enable one to invest in stocks and receive dividend payments depending on the amount of stock that they hold and their performance.
Free money financial reports and downloadable pdfs are offered in the wallets for accountability and to help you balance, manage and see spending to who and where over specified periods of time.
Top 4 must-have digital money wallets for handling, saving and transfer for every business owner and entrepreneur.
1. WISE
Wise (formerly transfer wise) is a digital wallet must-have for a business entrepreneur. Their rates are very cheap, they operate in 170 countries and transact in over 50 countries. You save a great deal when you use Wise. With wise you can send and receive money internationally from anyone, save it, or have an immediate transfer into your local bank account.
PROS: Why you should use wise.
- Operates in 170 countries.
- Very cheap fees.
- Handle and allow over 50 currencies.
- Hold, save, and exchange different currencies in your wallet.
- Have both Android and iPhone apps.
- You can send money to anyone’s bank account even if they don’t have a wise account.
- Wise card for online transactions in card-supported countries.
- United States, European Union and so many other bank accounts to receive money locally with no fees.
- Currency conversions are real-time at very affordable rates.
- Savings jars so you save money for rainy days.
- Easy, very quick to sign up and transact: using email, google or Facebook account.
- Easy to use and navigate platform: website and app.
- Very high app and website user account security with biometric and 2FA logins.
- Wise Business account allows you to make mass staff payments and invoices worldwide securely in different currencies. It’s also compatible with cloud based accounting services like Quick books and Xero. It also has an API to automate workflow.
- Straight forward transparent fees and cost calculator.
- Very fast money transfers.
- Great currency exchange rates.
- Zero monthly fees.
- Great customer service.
- Invoice, transaction receipt downloads.
- Request and send payments seamlessly.
WISE CONS:
- No cash pickups and payments
- Money can only be delivered to banks
Best for: Overall best
2. PAYONEER
Payoneer has great for both local but mostly online, freelance, e-commerce, content creators, and marketing business. They cater for cross-border sellers and people getting paid internationally by different businesses and marketplaces. Their web and mobile application platforms are easy to use and navigate.
PROS: WHY YOU SHOULD USE PAYONEER
- Easily get paid by freelance marketplaces like Fiver.
- Local bank transfers and withdrawals in over 150 countries.
- Easy and fast currency conversions.
- Easily request, send and receive money into your Payoneer account.
- Get US, EU, and GBP local bank receiving accounts.
- Payoneer virtual or physical card to make online payments worldwide.
- Very secure and fast international transactions.
- Very easy-to-use website and app interface.
- Great platform for freelancers and online business owners.
- Free invoice generator and pdf downloads.
- Easy to sign up and set up.
- No monthly fees.
- Great customer service.
- Payoneer business account allows business to make mass payments to staff and business partners at the same time. It also easily integrates with accounting cloud software like quick books.
CONS OF USING PAYONEER
- No cash pickups.
- Transaction and card inactivity fees.
- Transact in relatively fewer currencies about 9.
- No point of sale system.
Best for: freelancers and online business owners.
Chipper cash offers very fast free money transfers and very low cross border rates to send, receive and request money in select African countries (Uganda, Nigeria, Rwanda, Tanzania, South Africa,) and international countries like United States of America and United Kingdom. They offer really great services and are expanding fast in other countries.
PROS: WHY YOU SHOULD USE CHIPPER CASH.
- Free local transfers
- Easily move, send and receive money in Africa, USA and the UK
- Very easy to pay bills like electricity, water, DSTV and buy airtime
- Discounted airtime purchases and cashback on all transactions.
- Very easy to add money to your wallet locally using mobile money
- Very fast and instantaneous withdrawals
- Very great customer support
- Easy to use and navigate mobile app and website interface.
- Very secure transactions and payments
- Easily invest in stocks of global companies like tesla, Microsoft and crypto currencies like bitcoin within the app at very low rates
- The chipper cash virtual card allows you to make global purchases on online stores like amazon.
- Very easy to sign up and get started on the platform.
- No monthly account fees.
- Easy to move money within the app. All transactions are fast and instantaneous.
- Chipper business account has API and checkout features to accept payments from customers.
4. PAYPAL
Paypal is one of the best money transfer services in the whole world available in over 200 Countries.
PROS: Why you should use PayPal.
- Available in over 200 countries
- Accept and make online payments everywhere
- Lots of integrations with other apps and sites
- Very secure payments
- Very fast transactions
- Supports numerous payment methods
- Available in numerous countries
- Trusted by a lot of people and companies
- Very great business features like: recurring payments, billings and subscriptions, mass pay outs, and invoicing.
- Supports crypt currency
PAYPAL CONS:
- Inconsistent support
- Account stability worries
- Limited features in some countries
Best for: Overall best for everything; commerce, payments, business
Conclusion.
Money wallets have numerous benefits as listed above. To ease business and day life transactions and payments both locally and internationally, it’s very important for businesses to have one of the above apps.
