Also depends on the app you're using.
For instance, Mala supports transparency, but in a bit of an old school way. Basically, whatever color pixel in set to the bottommost leftmost pixel is the "transparent color" and Mala renders all pixels of that color as transparent.
Thus, the image itself doesn't have any transparency, but all the areas that you want to be transparent will typically be colored some garish color (like purple or light blue).
But again, that's just a limitation of Mala's renderer.
Loadman, correct me if I'm wrong!