Is that money transfer app really safe? Most expats never think to ask

Relocating abroad rarely goes smoothly, especially when you are quickly forced to register with local authorities, decipher foreign health insurance policies, set up utilities in a language you don't speak, and transfer a hefty rental deposit to a new landlord. In major expat hubs like Berlin, home to over 976,000 registered foreigners who rely on cross-border services like Profee, these administrative realities quickly add to the stress of moving.

Evaluating whether a money transfer app is truly safe can be difficult when you are already overwhelmed. To help internationals demystify these safety standards, the experts at Profee, CMO Ilya Bunin and CPO Denis Gamaleya, break down what expats need to look for when choosing a secure provider.

Scams and the stress of managing money abroad

"People shouldn't need a background in financial compliance just to send money home safely," says Ilya Bunin, CMO at Profee. But “relocation is quite a mentally challenging process”, and while expats aren't gullible, cybercriminals are acutely aware of this and often take advantage of them.

Alongside questions of security, there is the practical stress of managing money across borders. "When you live in your home country, you have one budget in one currency," Ilya points out. "But when you move, you have to keep two budgets in two different countries. The currencies and rates are changing, and every service offers different rates."

That cost pressure is real and measurable. According to the International Fund for Agricultural Development (IFAD), the average cost of sending money internationally still takes around 6% of the amount transferred in currency conversion costs and fees, almost twice the United Nations' Sustainable Development Goal target of 3%. For the estimated 200 million migrants worldwide sending money home regularly, finding a reliable alternative is an urgent financial priority.

Faced with this instability, alongside high legacy bank fees and sudden automated freezes from traditional retail banks, stressed expats are often pushed to find quick digital alternatives, making them prime targets for sophisticated scams pushing fake ads, phishing links, and copycat websites. 

The digital security checklist for a money transfer app

Historically, expats have relied on traditional retail banks because physical branches provided a reassuring sense of safety. Moving away from these legacy systems can feel scary. "For centuries, banks have been considered safe," Ilya Bunin says. "You walk into a solid building with "bank" written on it and there are people inside who can help you."

However, in today's digital age, physical offices have become a costly overhead. By operating online, secure fintech platforms can bypass these brick-and-mortar costs and pass those savings directly to their users through lower fees and better exchange rates.

To maintain maximum safety while enjoying the benefits of digital remittance, Denis Gamaleya, Chief Product Officer at Profee, advises looking for these three pillars of security when choosing a money transfer app.

1. Legitimate European licensing versus marketing claims

Any reputable digital transfer service must hold a verifiable regulatory licence. Profee, for example, is regulated as an Electronic Money Institution (EMI) by the Central Bank of Cyprus under Licence No. 115.1.3.16/2018.

This regulatory status is a strict legal safeguard, not just a marketing claim. "We say that we’re as safe as a bank and it’s not just marketing," Denis says. "As a licensed company, we are as liable to EU regulations as a bank is." Under European Banking Authority standards, licensed payment providers are legally required to safeguard client funds and adhere to strict consumer protection rules. 

2. Bank-grade security standards and PCI DSS Level 1

When reviewing an app, check if they hold PCI DSS Level 1 certification. This is the highest international data security standard, applying to entities that process over six million card transactions per year. Major banks and global card networks are required to ensure that cardholder data is encrypted, stored securely, and heavily protected.

"Every year, Profee renews its certification after a meticulous evaluation by external security experts," Denis Gamaleya explains. This independent revalidation guarantees that the company's internal security architecture is constantly audited.

3. Official app store distribution over unverified files

If a money transfer service asks you to download an installer file directly from a link rather than through an official store, it is a significant safety risk.

Official platforms like the Apple App Store and Google Play Store enforce incredibly strict compliance checks on developers. Unverified external files are not subject to these audits. This includes APKs, the standard file format used to distribute and install mobile apps on Android devices.

"An APK file does not have to comply with any standards," Denis warns. "If it's a transfer app, people should not trust these files: their data may be compromised, as well as their money."

Steps to take if you suspect a security compromise

Even the most vigilant digital users can make mistakes when they are exhausted. If you suspect you have clicked on a phishing link, entered your credentials on a copycat website, or downloaded a suspicious file, Denis Gamaleya advises taking immediate, practical action to protect your online footprint:

• Cut the connection: Switch your device to flight mode and disable Wi-Fi immediately. “If someone has remote access to your device, then they lose that access for a while,” Denis says.
• Change master passwords on a clean device: Log on from a completely different, unaffected tablet or computer to reset your core passwords and terminate active sessions on the compromised device. 
• Activate two-factor authentication: Ensure that two-factor authentication (2FA) and 3D Secure protocols are permanently enabled on all your financial apps to block unauthorised transactions.
• Alert customer support immediately: Reach out to your money transfer platform to temporarily suspend your account while you resolve the security breach. "At least we'll know that something is going on," Denis explains. "We’ll probably even have to suspend the account for a little while to make sure that nothing goes through us."

Prioritising financial peace of mind as an expat

Ultimately, digital financial security is about peace of mind. While traditional institutions rely on expensive physical offices to project a sense of safety, modern fintech platforms like Profee protect your money using robust encryption and strict European regulations behind the scenes.

By eliminating the overhead costs of brick-and-mortar branches, secure digital platforms can focus their resources on what matters most to expats: safety, competitive exchange rates, and low fees.

"Our transfers would be way more expensive if we had to open offices and hire staff for each office," Ilya Bunin concludes. "Keeping the prices as low as we can is more important to us at Profee."

By choosing a licensed, audited, and transparent digital partner, you can confidently navigate your cross-border transactions without ever having to compromise on safety or convenience.