The safest way to send your money abroad
Your safest way to send money abroad is always to make sure you choose a trusted provider and get clarity on the price, speed and reliability. This guide will advise you how to send money globally in the safest way possible and answer any questions that you might have on international money transfers.
What does it mean to be “safe,” and what are the risks?
Sending money out of the country comes with some risks involving safety. Hence, there are a variety of ways of making sure your money remains protected. To keep your money safe only use licensed and regulated firms that have appropriate tools and will have regulatory protection. Your funds will be in the hands of a trusted company, and traceable. You will receive quality paper trails from start to finish, so that you can check all the transactions are free from fraud. There should be software or a service which is able to recognise fraud, or in addition, to reverse errors. If nothing else, fraud detection is your friend and your lifeblood. Other big risks to be on the lookout for are phishing, or dummy websites where remittances would be processed from abroad, false recipient information, hidden fees, weak identity checks, etc.
How to safely send money overseas?
There are plenty of ways to do this, and one much more secure and dependable than the other.
Licensed Funds Transfer Services are excellent for safety and speed so might be more of a happy medium with this service. Most are financially stable, and there’s good security; they usually use encryption, identity screenings, powerful authentication and anti-fraudulent systems. They can be fully traced, and they are largely transparent about fees and exchange rate markups. Keep in mind that the best providers are always going to be a great guide to exactly what all these costs are. At least two factor accounts must be available for financial protection. Protect your own data, too. A reputable provider would look at data protection along with encryption for storing or transporting information. Finally, review feedback from customers.
Global Wire/Worldwide Bank Transfers and International Bank Transfer or bank wire lets you make money transfers to a foreign bank. Banks in addition have increased security. Large transfers will be monitored for compliance. But there are drawbacks and hazards, high fees and hidden fees, that may be relevant as well. Bank transfers may take longer and can be irreversible.
Digital payments platforms, PayPal, for example, is a quick and simple user interface, and very user-friendly. They include buyer or sender protection and are simple to use. These providers are ideal for small payments.
Cash or Postal Payments is very risky and would not be a good option to do when sending remittances abroad. Each of them poses its own threats, physical theft or loss in transit, and are open to fraud.
Never forget to protect yourself when sending money abroad. Always check and compare details related to who’s receiving it, use password to secure your account and compare rates over exchange for some providers who keep the cost out of sight. And splitting the amount when you make big transfers mitigates the risks and use regulated providers with tracking provided.
Frequently Asked Questions
Can you send money overseas online?
Yes, particularly if delivered by a reputable provider.
What is the cost of sending money abroad?
The provider will charge both transactions fee and the transfer price markup. The providers themselves must be transparent and inform you that there are upfront charges.
Which method is cheap and safe?
Digital transfers services that are licensed, to ensure they remain secure and operate at the low cost of a license. Bank transfers, of course, are secure, though they are expensive. A digital Wallet can be useful as lower prices.
Will I be able to reverse an international money transfer if there is any mistake?
Not always. Transfers from money banks aren’t reversible after transactions. Some companies do allow refunds so ensure you ask about this.
How many days is it going to take for my money to get there?
Some providers have an option for same day transfers and banks take 1 to 3, or sometimes even longer. However some banks can transfer from bank to bank in 2 seconds! Digital wallets can instantaneously transfer over a network that connects bank accounts connected across the network.
Do I have hard limit of how much money I can send abroad?
The limits differ between providers, so do check the limit before proceeding.
Are international transfers disclosed?
The rules vary from country to country.
What documents do I need to send money?
Your full name, address, ID. Name of recipient, bank, branch and account number. Purpose of remittance.
Is the money I send to the bank subject to a charge?
Banks sometimes charge you once your funds arrive. Determine if you will be charged prior to doing the transaction.
Would sending money to people who don’t have a bank account cause a problem?
No, this is possible. Select the solution that works for you when you choose which services you want to use to transfer money.
Why Some Transfers Fail and how to avoid them
Even “safe” transfers can go wrong for nearly anyone for many reasons. Errors on the part of the recipient are a familiar symptom observed. A review of suspicious activity delays investigations into how money laundering was being done through anti-money laundering reviews. Technical malfunctions or financial holidays can similarly delay treatment, and slow down reaction time as well. To limit the risk allow the client time to make contact and do not transfer abruptly.
To conclude, ensure that you select providers that have country-regulated providers with reliable security features. Trusted providers will guarantee every penny back and forth in price and local currency. The seller should be transparent, telling customers what the buyer will receive. Also make sure that the provider has the right suppliers for countries and currencies that are also being used in your transactions.
The safest way to send money abroad depends on a compromise between security and control, transparency versus reliability. Safari Remit provide a low-cost option that allows for secure international cash transfers. Remember there is no one-size-fits-all method of sending money and that following the above steps can help minimise the risk of issues like mistakes or fraud.
Contact Safari Remit to assure yourself your money is in safe hands to make sure you can sleep easy. Visit https://safariremit.com today.