10 Tips to check security before initiating money transfer

Online banking is one of the most effective and fastest way to transfer money from point A to point B. It is not only availed by people living within the country but abroad as well. Online transactions save a lot of your precious time and enable you to avoid over the counter rush. Because of the convenience it provides, this is the most preferred method of sending/receiving money. The benefits of online money transfer are aplenty. However, in this age of online banking, sending money can get worrisome at times. You are plagued by questions like, how money transfer works? Is my money reaching its destination safely? Are my personal details secure?’ Etc. To ease your troubles, below are some tips to make sure that your money reaches the correct destination.

  1. Have a safe device: Transactions done with a computer or phone should always be secure. The device used must be malware-free and virus-free. Certain types of malware extract your personal information. Scan your device and get rid of all suspicious, malicious programs.
  2. Update your OS: Operating systems and applications used for international money transfer must be up-to-date. Ensure that the Windows or any other OS that you are using is of the latest version. The browser too, should be the latest one and updated with the latest version.
  3. Careful with mobile devices: If you are using hand-held devices or mobile phones, the OS, whether it is Android, Blackberry or iOS, should be the latest versions.
  4. Protect your device or machine: Always have a robust anti-virus program installed on your device.
  5. Protect with password: One of the biggest threats to your monetary transactions is a stolen password. Have strong passwords for different accounts. It is recommended not to use the same password for your email account and bank account.
  6. Trusted money transfer company: There are various online money transfer companies; so, do your homework and choose the most trusted and credible one.
  7. A well-organised company: Ask the following questions to the remittance companies and see their response. What is the money transfer fee? When will the money be available to the recipient? Any extra fees for credit cards? If the company answers these questions satisfactorily, then it is a reliable one.
  8. Keep the receipts: Whatever transactions you do, make sure that you always save the receipts. In case something goes amiss, you will at least have proofs.
  9. Choose the ideal mode: There are many ways to transfer money. Choose the one that is best suited for you. Some of the most used ones are- bank transfers, instant money transfers and online money transfers. Know about them in detail and choose accordingly.
  10. Use a secure web source: The websites that you are using for interaction must be secure as well. Ensure that the websites have strong encryption.

Keep these pointers in mind before initiating an oversea money transfer. Be vigilant in order to protect yourself from some anxious moments.

Disclaimer: “The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”

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