Sending Cash Abroad? 5 Easy Ways to Safeguard Your Money Transfer

Did you know that, in 2022, personal remittances paid in the United Kingdom surged by a staggering USD 494.2 million (GBP 389.6 million) compared to the previous year? This significant increase highlights the growing reliance on money remittance services globally.

With the rise of digital international money transfer, safeguarding your transactions has never been more crucial. In this article, you’ll learn simple yet effective ways to protect your global remittances and ensure peace of mind.

1. Send Money Only to Trusted Recipients

Limiting transfers to individuals you know and trust helps minimise the risk of fraud or mishandling. Avoid sending funds to unfamiliar or suspicious recipients, especially if the request seems unusual.

Also, always double-check recipient details, such as account numbers, before initiating transfers to ensure accuracy and prevent your money from going to the wrong recipient. Remember, wire transfers are typically irreversible, so it’s essential to verify recipient information thoroughly to avoid potential losses.

2. Keep Your Personal Information Safe

Take proactive measures to keep your personal information safe while sending money online. Here are some things you can do:

  • Never share sensitive information via email or unsecured channels, as these methods can leave your data vulnerable to interception by cybercriminals.
  • Come up with strong passwords composed of unique combinations of letters (upper and lowercase), numbers, and special characters. Avoid common words or phrases, as well as any passwords containing personal information like your date of birth. Use different passwords for each online account to minimise the risk of multiple accounts being compromised if one is breached.
  • Implement multi-factor authentication for an added layer of security. This requires additional verification steps, such as a one-time password (OTP) sent to your phone or email when logging in.
  • Ensure the security of websites when making online transactions. Look for security indicators like SSL certificates, indicated by a padlock icon in the browser’s address bar. Then, check if the website address starts with “HTTPS” to confirm encryption.
  • Avoid using public Wi-Fi networks for sensitive transactions, as they may expose your data to potential threats. Instead, use trusted private networks like your home Wi-Fi or a virtual private network (VPN) for added security.

3. Study Up on Common Payment Scams

Educating yourself about common payment scams is essential to shield yourself from fraudulent schemes. Here is a brief overview of some prevalent scams today:

  • Phishing Emails: Beware of emails impersonating trusted entities and urging you to click on links or attachments to steal your information.
  • Fraud and Identity Theft: Be wary of unauthorised access to your accounts and personal information, and never share sensitive details with unverified individuals or entities.
  • Investment Scams: Be cautious of offers promising high returns or minimal risk, especially regarding investments in cryptocurrency, gold, or foreign real estate. Take extra care when transferring money abroad to prevent potential financial losses.
  • Bogus Account Issues: Avoid wiring funds to address supposed account problems, as legitimate financial institutions typically do not request wire transfers to resolve account issues.
  • Overpayment Schemes: Exercise caution if you receive a check followed by a demand to wire back excess funds. Such requests are likely part of a scam designed to defraud individuals by exploiting overpayment scenarios.
  • Romance Scams: Beware of individuals posing as potential romantic partners who request financial assistance under the guise of needing funds for various reasons.

4. Verify the Security of Money Transfer Services

When sending money abroad, ensuring the security of your transaction is paramount. Verify the reliability of digital money transfer platforms by checking feedback, reviews, and ratings from other users.

If you plan to send money to Ghana from the UK, choose a platform that not only offers the service but has a proven track record of successful transactions to the country. Be cautious of offers that seem too good to be true, as they may be scams. Prioritise authenticity and reliability when selecting a money transfer service to safeguard your funds effectively.

5. Track Your Transactions

Most money transfer platforms offer a tracking feature for monitoring transactions. Take advantage of this to ensure that the money you send heads straight to your recipient.

Here’s a quick look at the common steps you need to take to track money remittances from the UK:

  • Collect Relevant Information: Gather details like the reference number and recipient’s name.
  • Choose Your Remittance Service: Visit the service’s website or app.
  • Access the Tracking Feature: Log in and find the tracking section.
  • Enter Reference Number: Input the unique identifier.
  • Check the Transfer Status: Check if it’s in progress, completed, or pending.
  • Receive Notifications: Stay updated through email or app alerts.
  • Contact Customer Support: Reach out if needed for assistance. Remember that each service may have variations in its tracking process, so always refer to specific instructions.

Secure Money Transfers Made Simple

Safeguarding your money transfers is easier than you might think. With the right money remittance partner and proper knowledge of what you should and shouldn’t do, you can conduct your financial transactions while maintaining peace of mind.

Interesting Related Article: “Wire Transfers Still Project Large Money Movements Best