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Imagine having to travel an hour to give your friend back $20. Not very likely, right?
However, you can’t also take the risk of carrying a $10k briefcase to seal your investment deal.
It’s just not convenient! There’s too much hassle!
Then there are online money transfers, which offer ease, security, and dependability. (Ooo, it sounds just right!) But they can also introduce you to identity theft, fraud, and scams.
Do you want to save yourself from online data breaches while continuing to enjoy the perks of technology?
Do you need to know how you can transfer money online without compromising your security and privacy?
We got you. Let’s dig in!
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Firstly, your financial journey might differ if you are a new Canadian citizen.
You need to know all these details to ensure you can claim the damages if there’s any data breach.
Remittances (international money transfers) are frequently sent by immigrants living in Canada to family or friends abroad.
In fact, in 2020, Canadians sent almost $6.5 billion of remittances worldwide.
Surely, if you dig deep, you can find quite a large sum of funds that couldn’t reach their receivers.
There could be so many reasons why the remittance was transferred back or just lost. So, here are tips to ensure your secure transfer:
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The safest way to send funds internationally is typically through an online transfer expert service.
Especially when you are sending amounts up to hundreds of thousands of dollars. Here are a few emerging Fintech services:
Most of these companies are authorized by financial regulators, so they are subject to certain rules and regulations.
Even if you found a trusted currency transfer provider, it’s your responsibility to fact-check everything!
You can also use an international money transfer comparison tool to know what you send and how much you can save.
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Your primary concern when transferring money, whether you're an individual or a company, should be the security of your money.
The transfer service you select must be acknowledged, granted an authorized permit, and subject to regulation by the relevant agencies in the markets they serve.
Alarming Things To Look For Before Sending Money
Being cautious won’t harm you. In fact, it will only save you from it.
Thinking about your bank service, personal information, sensitive data, bank profile, funds, and the app you use can save you from trouble.
Moreover, you could become a victim of the following with one careless move:
The scammers might give you a confirmation call claiming to be an authorized person from your transfer service.
Believe in secure online connection, SSL certificate, and two-step verification!
Even if you believe in the phishing call, ask for their identity and confirm it immediately from the official website.
That’s the first thing you should do because the internet is filled with such scamming videos!
Bonus: Let’s watch a video to know scams to watch out for in 2022:
The scammers may pose as employees of money transfer companies or as recipients of previous money transfers.
The tip is to avoid sending money or disclosing your bank account information to strangers, and immediately report any suspicious conduct to the following bureaus:
Usually, the scammers pose as people you might have already gotten help from. So, you have to be extra ready to deal with such fraudsters.
Transferring money online has never been this easy!
Of course, thanks to digital advancement and the latest technology, you can literally transfer funds to any part of the world.
But, to err is human!
Despite all the precautionary measures, one is still susceptible to fraud and scams.
So, how can you still enjoy the ease? And what is the safest way to transfer money online?
Here are your best options:
1. Banks
Your priority should be asking your secured credit card service provider or bank.
If you ask us, bank transfers have to be the best credit choice to send money locally.
Usually, the bank or card company will call you to authorize the transfer, which makes it hard for the scammers to do anything with your money.
2. Money Transfer Portals
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As we explained earlier in our money tips for Canadian immigrants section, online currency transfer websites can be a secure way to transfer money online.
These services provide customers a quick, affordable, and largely secure option to send money internationally or domestically.
You can save time, personal data, and money by using these companies as long as you make sure you're transferring your payments through a trusted source.
Top Money Transfer Services:
You can search for other services or ask your friends or relatives for recommendations.
3. Money Orders
You can also send a money order for international transfers. It might be the secure way, as the receiver must have the following data to receive the money:
If the above-mentioned things match with the receiver's information, only then he/she will be able to get the money.
However, money orders aren’t as regulated and authorized as other transfer methods so you might rethink this option.
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Banks and money transfer websites use several precautionary measures to provide customers with a secure and satisfactory experience.
However, you must be extra careful and keep these things in your mind:
When choosing a money transfer website, you must verify the portal. Here’s how you can do it in 2 seconds:
You should skip any portal that doesn’t include these two, as it screams a red flag!
The next thing you must avoid is using an unstable connection to use your bank accounts!
Are you thinking of using that to pay the money? No! Stop! That’s a loophole for the scammers right there to break your mobile privacy!
See: Check Your Credit Report Regularly To Avoid Any Foreign Transaction!
Are you a shopaholic? Duh, Who isn’t?
Do you save your information for future use? Of course, that’s convenient!
Well, absolutely, that’s convenient for you and any other person.
People tend to save their personal data or credit card details on the most-used online website or food delivery app.
But, that makes all your saved data accessible to anyone with your phone. It could be stolen or simply in the hands of your kid or a new friend.
The safest way to send money online is using your one card for every transaction.
The reason is it can help you avoid any data breaches on your other cards in case the information was leaked.
Of course, you have to make sure you don’t have the same password for all your accounts! That’s the basics.
Sending money around the world is now quicker, more affordable, and more practical compared to a few years ago.
However, the threats connected with online money transfers have also evolved.
So, it is your job as a user to evaluate and compare the security of the money transfer platforms you use. Want to know more? Read the complete guide.