Friday, December 25, 2015

Need To Send Money To Loved Ones? Six Tips To Make Sure Your Money Is Protected

Sending money is always a bit worrisome. There is a loss of control when it leaves your account and you want to make sure that it gets to the right place without any major fees or security problems. In the past, some systems have been hacked and people have lost money. For that reason, it is important to send money securely. There are six important tips to keep in mind.

Secure Platform


Firstly, use a secure platform such as a bank or credit card to send funds. Do not use third party systems where you lose control and hand your money to someone else to hold for a period of time, no matter how brief. The major banks and credit card systems such as Visa and Mastercard are preferred.

Electronic Payment


Do not use cash. If you want to send cash, first put it on to a card or have it converted into an electronic payment at a payment service location. Do not simply send money in a package or through a friend. It is too easy to disappear without accountability.

Fast


Use a reputable, online service that is extremely fast so the recipient will immediately receive the funds. For example, if sending money to Mexico you can use sharemoney.com. Your recipient will often get the money very quickly, especially if it’s during the hours of the banks you’ve selected.

Cheap


Make sure that the service is cheap. Compare the rate you are receiving for the currency conversion as well as any upfront payments to other services. The cost should not be more than a few percent of the transfer, no matter how small it is. For larger fund transfers, the cost should be less than a percent.

Track Record


Use a platform that has a successful track record of multiple transfers in the past. With this track record you know that your funds will be secure.

Referral


If you have a friend that has used a money transfer service in the past, you may want to seek a referral from them. Using this referral, you can be more trusting of the service and feel confident that you can complete it safely. Otherwise, you can ask your friend for help with any problems that arise.

Overall, the tips above help to make sure that the money you send is safe, secure and protected. IT’s important to take extra security steps when it comes to your money.



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