Sending money abroad is done all the time, but we know it can be dangerous if done incorrectly. There are people actively looking for someone to drop their guard and make a mistake while sending money. The following are five safety tips that should help ensure the money you transfer gets where it needs to go.
Ensure Device Safety
If you plan on using your device to send money abroad, you should know that every device is susceptible to malware or viruses. It is important that these devices are checked often because financial information could be stolen if the device is infected.
There are a number of free virus and malware programs, but people who log into their banks often or perform many transfers should consider purchasing anti-malware and anti-virus software, just to be safe.
It may also be a good idea to learn what can be done to reduce the chances of getting a virus or malware. This could be done by doing things like changing passwords often, or be sure to never open unfamiliar emails.
The Bank Option
Those sending money abroad to places such as India can go anywhere as long as the place is reputable, but there is more to consider if a person is attempting to send large sums of money.
At this point, a person should consider using bank wire transfers. This is wise because banks take a number of steps to keep customers safe. For one, they confirm the identification of the individual who is claiming the transfer.
This process may take three or even four days, but for large sums, the transaction is going to be as safe as can be. It should also be pointed out that bank wire transfers are a little costly, compared to other options.
There are a lot of companies out there trying to get into the business of money transfers. It is a lucrative business, and several entrepreneurs love the idea of starting their own business in this field.
A person who is sending a significant amount of money shouldn’t rely on someone inexperienced. A lot could happen during the transferring process that an up-and-coming company may not anticipate.
Finding a trustworthy source to send money to India, Mexico, Guatemala, or even El Salvador, can be done. You just have to consider a few things. The longevity of a money transferring company is one thing that helps ensure that you’ll be able to send money to India or anywhere else.
Know the Red Flags
Another way to protect one self when sending money is to know the red flags that could expose a scam. We are sure that everyone wants to avoid a scam, so learning the red flags is a good idea. The following are some common ones to watch out for:
- A stranger asks you to cash a check and share some of the money with him or her.
- Someone online tries to connect with you romantically only to ask for cash not long after.
- A landlord says that the first and last month rent needs to be wired abroad.
- You receive an email from a friend or family member in trouble abroad. Do not just act; verify that this is your friend or family member before sending help.
- Money transfer companies, especially new ones with bad reviews could actually be scams.
- Any money transfer website that does not use encrypted code should be avoided. You can tell that the site is not using encrypted code because you don’t see “https.”
Ask the Right Questions
The right questions should be asked to the money transfer institution being considered to make sure things are as safe as possible. Of course, checking longevity and third party reviews are good places to start, but the following are a few questions to keep in mind:
- What happens if the money is not received by a certain time? Will there be a discount?
- Does the recipient have to worry about paying a fee for receiving the transfer?
- Should the recipient be unable to claim the transfer, will a refund be issued?
- What kind of ID does the recipient have to show to claim the transfer?
These are just some safety measures you could take before you send money. We know that some of these steps may be a little time-consuming, but no one wants to find out they have been duped out of their money. Stay safe, and stick to these safety measures.