To send and receive money is a fact of life for many of us. We either receive money from relatives working abroad or, as expats, we send money to friends and family back home.
Whether it meets regular household requirements or contributes to the national economy, remittances from abroad do impact the financial well-being of a country. They play a significant role in the micro economy and the macro economy.
Most of us have become used to how remittances work. However, the technicalities behind how you send and receive money overseas can make all the difference. Just because remittances are so commonplace doesn’t mean one should be careless!
They say the worst happens when you least expect it. So, in financial matters, it is wise to consider the worst possible outcomes before you make a decision. A little bit of caution and familiarity with the following tips will ensure absolute safety the next time you send and receive money.
1. Always remit through official channels
Thinking of sending money through an acquaintance? Don’t. We don’t doubt the credibility of your acquaintance, though that isn’t too far-fetched a possibility in today’s world. But why take a chance with your hard earned money?
A lot could go wrong on the trip back home. What if something happens and your hard-earned money is lost? If you think about it, it’s actually a double loss. You can’t make any use of that money, nor can your dependants. So, it’s always better to use an officially registered channel for sending money.
Now you may find yourself asking: Are money transfers safe? Yes, they are, depending on how credible and authentic the money transfer operator you choose is.
The safest way to send money is through formal money transfer operators. The service provided is fast, safe, and incredibly reliable. Professionals are in the trade to safeguard your money and thwart any risks involved. You get receipts and confirmation messages that ensure your peace of mind. Nowadays you can also track your money at every stage of the transfer.
Official remittance exchange houses and money transfer operators are vetted by regulators and central banks, and undergo constant evaluation. So you can rest assured that your money is in safe hands.
Also Read: Prioritize Safe Transfers; Choose Xpress Money.
2. Don’t carry large amounts of cash
This seems like stating the obvious, but unless it is an absolute emergency that requires a large transaction to be made, you shouldn’t carry too much cash.
Even though robbery may be relatively rare in the country where you live, the possibility can never be entirely eliminated. So be careful, while carrying cash.
When you ponder how to transfer money safely, you should also remember that the transaction is only successful if it is received and used the way it was desired. If money is lost midway, there’s no way the transfer can be considered safe.
One of the safest ways to send money is to opt for digital transactions instead of cash, as the latter can be lost or stolen. This brings us to our next point.
3. Check for bank/digital partnerships
Eliminate the risk of carrying cash by not carrying cash altogether. Sometimes, if your money transfer organization has a tie-up with your bank, you can easily transfer money via your online banking platform. 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 while beneficiaries in the destination country can receive the remittances at their nearest Xpress Money agent partner location. This makes it the safest way to receive money. Plus, our extensive network across the globe makes a cash pick-up safer and easily accessible than most channels.
Many countries also offer mobile wallet services, where funds can be sent straight to a mobile device with the utmost convenience. You could always check if that’s a possibility at your remittance route.
4. Never pick up cash for someone else
It’s never a good idea to try and pick up cash on behalf of somebody else. Formal money transfer operators will ask for proof of identification before releasing the money, and pretending to be someone else is a fraudulent practice. Moreover, you can register the receipt of the transfer only if you have an official ID proof that states you’re closely related to the receiver.
Additionally, some companies may ask for a consent letter granting you permission to collect the funds on behalf of the receiver. If any document falls short, the transaction may remain incomplete and even fail so why even take the risk?
It is vital that the receiver (the person you nominate while initiating the transfer) is the one who collects the cash.
5. Avoid dubious windfalls
It might sound like an obvious tip but never pick up a transfer that you weren’t expecting or one where you’re not sure of the identity of the sender. If the money is black or destined for nefarious purposes, you could be treated as an accomplice under the law!
These top tips should help you make safe and successful money transfers anywhere in the world. We hope you remit safely, conveniently, and legally leveraging Xpress Money’s worldwide network of over 200,000 agent partner locations and competitive exchange rates in the market.
It is not just enough to provide you with the safest way to send money internationally but also facilitate the safest way to receive money. Should you need any help with your money transfer or have any queries on the same, do reach out to us. Leave a comment below and we’ll get back to you. Always happy to help!