5 Tips to Keep in Mind When You Transfer Your Money!
There was a time in life when transferring money from one country to another was an ingredient of a lot of queuing up, with a dash of worry seasoned with a good amount of cost. With the global markets working seamlessly, it is but inevitable that money transfers have taken a new life as well. So enter the new world of money transfers where it’s all controlled by the click of a button. But when it comes to these ‘easy’ processes, how many of us deal with the safety angle of transfers?
Tip 1- Follow the Basic Rules
Transfer the money to a known person, to an authentic account with proper processing systems. If it involves identification checking, be ready with the paper work. Once the transfer is done keep the receipts and make sure the transaction is done in the stipulated time. Any lag in the whole process must be checked and reported as the case maybe.
Tip II- Safety comes at a price
Yes it’s true; wire transfers are almost always safe. Then why do we hesitate to transfer money through this method? The answer is simple- it is an expensive method of transferring money. Wire transfers involve sending money online from the sender’s bank to the recipient’s bank, thus covering the safety angle from both ends. However there is an exchange rate involved and many time not one but two fees for sending and collecting the money. Is the safety worth the extra money?
Tip III- Safety versus Speed?
In most countries this is probably the most prevalent way of transferring money. The number of agents in each country to send as well as receive is humungous, making the links easy. However due to security reasons, the amount of identification check that is usually needed can be overwhelming. Some countries swing the other way and hardly ask for nothing except the 10 digit code to hand over the money to the recipient. That cannot be very encouraging either.
Tip IV- Look out for Phishing Frauds
Many times an innocuous opening of a wrong email will do the trick; you are simply exposed because it asks for your personal details. Despite the world of knowledge you have, you fall for the scam. This can easily compromise the details of your personal accounts. The phishers are well trained and know how to duplicate every site and some of them are very tempting like a tax refund site, which entices a person to divulge a lot of personal details. So as a rule of thumb, one should always remember that no one asks for bank details.
Tip V- Advance Fee Fraud
Commonly called the ‘Nigerian Fraud’, is a common con game where an innocent email comes in announcing a person a winner of a huge lottery. To collect on the huge sum the patron is usually asked to deposit a sum of money. The lure of the big sum inexorably gets many people to send the money upfront, little realizing that not only have they lost their money, but they may lose much more from the information they have shared.
Just remember that if there is a promise of something that is too good to be true, leave it alone, it is probably a hoax. Keep the money transfers simple and safe. Shop for the rates where necessary, but always remember that safety comes at a price too.
