Transferring money to family and friends has never been easier. Today’s payment processors allow you to send significant funds nationally and overseas in seconds. Moreover, they enable you to do so for small fees and with very few restrictions. Unfortunately, not every money-wiring method out there is safe.
Money transfer scams have increased substantially in recent years. Furthermore, the cybercriminals committing them have found new and sophisticated ways of hacking money transfers. Suppose you need a secure way to transfer money electronically. In that case, you can always choose a wire transfer with trusted providers like Paxum. Other than that, you can always pick one of the safe options below.
Bank transfers
You can choose between bank wire transfers, and Automated Clearing House (ACH) transfers when opting for a bank transfer. Both alternatives “transport” the money from one bank to another across different jurisdictions. However, you may have to open an account with one of the banks if you are about to send large sums of money.
The aspect that makes bank transfers safe is their resistance to fraudulent attacks. For example, most banks are connected to the SWIFT network, which links banking and financial institutions worldwide. Their joint forces have created an almost impenetrable infrastructure for users. More precisely, hackers would have to employ considerable efforts to break it, at which point it wouldn’t pay off.
Online money transfer companies
Another safe option for transferring money comes from specialized service providers. These companies practice low fees while supporting fast, highly efficient, and secure money transfers. Moreover, they are convenient to use by modern consumers thanks to their user-friendly mobile apps and intuitive online services.
Most of these companies obtained international certifications from reputable financial institutions. They provide a high-security standard with built-in protocols against fraud, money laundering, and other cybercrimes.
When choosing a reliable service provider from this sector, you may save more time and money than traditional banks. Furthermore, you don’t have to provide too much personal data and thus expose your sensitive information online.
International money orders
International money orders represent some of the easiest and safest transfer methods. For instance, you must provide your ID, signature, and recent photo before sending the money. This may seem a bit too intrusive. However, if your transfer gets lost in the mail, you will have provided enough information to get your money back.
Contrary to bank transfers, money orders are subject to fewer regulations. On the one hand, you and the receiver don’t have to provide explanations for transferring the funds. However, this process is more exposed to fraudsters and scammers. Also, someone may steal your money orders when sending them as cash instead of a cheque.
These are three of the safe money transfer options available today. Regardless of your choice, do your due diligence before picking a specific service provider. Also, analyze the fees and cost differences for every method so you eventually pay at least as possible on your money transfers.