How to Build a Money Transfer Website in 2022: Guide and Interesting Stats

How do money transfer websites work?

  • Manage different types of transfers (including peer-to-peer (P2P) transfers such as paying different services, splitting bills, sending money to loved ones, and setting a credit limit for a child, as well as business-to-customer (B2C) and business-to-business (B2B) transfers)
  • Manage transactions in different languages and currencies
  • Complete payments safely & securely

Is money transfer website development profitable?

  • The top three countries in the world by the number of sent transfers are the United States, Saudi Arabia, and Switzerland (World Bank)
  • By 2023, the number of users who perform online transfers is expected to exceed 13 million.

Types of money transfer software

  • P2P Payment Systems
  • B2B Money Transfer Software
  • Electronic Bill Payment Services

Leading money transfer websites

Source: PayPal
Source: Wise
Source: Western Union
Source: WorldRemit
Source: OFX
Source: Remitly

Essential features of a money transfer website

  1. Bill payments: This is what users come for. They want to make payments online at any time from any place.
  2. E-wallets: Do you remember the PIN for your card? Now you don’t have to since e-wallets simplify transactions and allow you to pay with your smartphones (almost) everywhere around the world.
  3. Templates: These allow users to simplify recurring transactions.
  4. Sign up and login: These are basic features for any website. However, this is also the first point of contact between your product and users, so it must intuitive yet also secure.
  5. Online ID check: By verifying users’ identities, this feature is the first pillar of system security protecting users from various types of fraud. Data encryption and two-factor authentication are also must-have features.
  6. Payment statistics: With data visualization, users can access important financial information such as when and where they spent their money, and how much they spent at individual times and locations.
  7. Notifications: Used to inform users about transactions, account status, and updates.
  8. Multilingual interface: If you’re ambitious enough to aim for the global fintech market, a multilingual interface is a must. Revolut, for example, is available in 24 languages, ranging from English and Spanish to Swedish and Latvian.
  9. Invoice drafting: The value of money transfer websites lies in their ability to make payments online anytime and from everywhere. With invoice drafting functions built in as well, they become a true lifesaver for business owners, streamlining their operations by eliminating the majority of paperwork involved in printing and scanning invoices.
  10. Currency exchange: In the era of globalization, users expect to have a currency exchange feature included in their fintech products and services. Giving them the opportunity to buy and receive the currencies they need without visiting a physical location adds value.
  11. International transfers: Think of why certain money transfer companies were created. The founders, just like millions of other people, struggled with sending and receiving money abroad. That’s why international transfers are on our list of essential features.
  12. Chatbots: This feature allows you to collect information from users about their problems and provide answers to frequently asked questions freeing up your staff’s time for more urgent requests.
  13. Online chats: When it comes to fintech products, it’s important for users to feel protected and get support quickly when needed. Research conducted by ATG showed that a “live chat” button makes 90% of customers in the USA more confident about getting help from a company. You can read more about how chatting and modern communication impact businesses here. Also, when they have a great experience with a product, people are more likely to recommend it to their friends and family members.

How to create a money transfer website: A step-by-step guide

  • Cloud development allows fintech companies to store, manage and access huge volumes of data securely, cost-effectively, and autonomously, from anywhere and at any time. It’s useful for storing not only financial data but also codes and integrations.
  • Artificial Intelligence can save you a tremendous amount of work by analyzing human behavioral patterns and making predictions about users’ future actions.
  • Blockchain is used to make transactions secure, streamline business processes, and increase the transparency of regular transactions.
  • SDKs and APIs for payment integration. These toolkits allow developers to integrate their payment solutions with other existing applications. Which one should you choose? It depends on your project requirements. Some prefer APIs for their superior flexibility, scalability, and reusability in comparison to SDKs. Others believe SDKs offer easier integration and enhanced security combined with relatively lower cost. SDKs may be easier to use for more basic functionality, while APIs may allow for future growth or enhanced functionality.
  • Programming languages such as MXNet, Python, AWS, Neural Networks, React-Native, HTML, Redux, Angular.js, TypeScript, SASS/SCSS, Karma, Jasmine, Docker, and Git/GitLab are used in the development of money transfer websites. For secure online payment services, developers work with ​​ Apache Tomcat 7.0, Hibernate, Apache CXF, Hibernate, J2EE, JSF 2.0, MySQL, PostgreSQL, RichFaces 3.x, 4.x, Spring 3.x, and Amazon Web Services EC2 and S3.

Money transfer website development cost

  • A number of features
  • Technologies
  • Licensing (for example, European electronic money license applicants are required to have a minimum of €350,000 in capital)
  • Staff costs. This variable is directly affected by the hourly rate of developers and designers and their location.

Monetization strategies for money transfer websites

  1. Freemium model: With this monetization model, the main functionality is free and accessible to all users. Additional features like cryptocurrency transactions and chatbots are only available to subscribed users.
  2. Charging transaction fees: Some P2P companies charge fees on all transactions, and some, like OFX, charge fees only for transactions under a certain amount. Another type of fee is exchange rate fees for currency conversions.

What should be considered before developing a money transfer website?

  • In the United States, where financial technology has received enormous interest, popularity, and regulatory attention in recent years, there are about ten different federal agencies involved in regulatory compliance activities. It’s also important to remember that there are 50 states, each of which has its own rules. At the same time, Statista reports that in the Digital Payments segment, the number of users is expected to amount to 307.08 million by 2026.
  • Canada is less regulated. The fintech industry is regulated by the 2019 Bank Act, which opens up various online payment opportunities.
  • If your target market is the UK, consider reading about the Financial Conduct Authority (FCA) which protects consumers, keeps the industry stable, and promotes healthy competition between providers.
  • Directive (EU) 2015/2366 regulates the European Union financial market. This regulation states that payment platforms that process EU citizens’ data must comply with GDPR principles such as transparency and legitimacy, data minimization, accuracy, and confidentiality, among others.




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A team of engineers writing about web & mobile applications, here’s how we think ( and live (