Sending and receiving money is a fact of life for most of us. We either send money to friends and family back home, or receive it from relatives working abroad. But just because remittances are such a common occurrence for you doesn’t mean you should become careless.
Here are our top tips to keep you and your loved ones safe when remitting money.
Always remit through official channels:
Thinking of sending money through an acquaintance? Don’t. What if something happens and your hard-earned money gets lost?
It’s always better to use official registered channels for sending money. They’re faster, safer and incredibly reliable. What’s more, you get receipts and confirmation messages for peace of mind. Official remittance houses and money transfer brands are vetted by regulators and central banks, and constantly evaluated. So you know you’re in safe hands.
Don’t carry large amounts of cash conspicuously:
This seems like stating the obvious. But in GCC countries customers often get lulled into carelessness because of very low crime rates. While snatch and runs are relatively rare in these countries, the possibility can never be entirely eliminated. So be careful, and watch yourself when carrying cash.
Check for bank partnerships and digital partnerships:
Eliminate the risks of carrying cash by not carrying cash altogether. Sometimes, if your money transfer organisation has tie-ups with your bank, you can make money transfer straight through your online banking platform. Meanwhile, your beneficiary doesn’t even need to have a bank account.
For instance, Xpress Money has partnered with different banks to let the bank’s customers transfer money online. Xpress Money handles the transfer, and beneficiaries can collect their money at an Xpress Money or partner outlet wherever they are.
Many countries also offer mobile wallet services – where funds can be sent straight to a mobile device with the utmost of convenience. Check if that’s a possibility.
Never pick up cash for someone else:
It’s never a good idea to try and pick up cash on behalf of somebody else. Your remittance house will ask for proof of identification before releasing the money, and pretending to be someone else is considered fraud.
Also, never pick up a transfer that you weren’t expecting, or one where you’re not sure of the sender. If the money is black, or destined for nefarious purposes, you could be treated as an accomplice by law.
We hope our top tips will help you remit safely, conveniently and legally. And remember that Xpress Money has a worldwide network of 160,000 outlets and some of the lowest transfer fees in the market.