When sending money globally, there are a lot of potential problems you can face. You can choose the wrong transfer service for your international money transfer, you might be left pulling out your hair when the money doesn’t reach your destination or you can overpay when sending money globally.
The first and most important problem people encounter when sending money globally is getting scammed and losing all their money in the process. In this article, we go through some of the most important pointers on how to avoid getting scammed when sending money overseas.
- Do not use a hawala service or any other informal means of money transfer.
When sending money globally, make sure to choose a channel that guarantees safety and accountability. Hawala agents are strongly discouraged as they are an informal channel and the system thrives on the goodwill of your hawala agent. Your hawala agent has the potential to vanish with your money and there is not much you can do to get it back. You can’t go to the police or the courts as you were also involved in an illegal act by using hawala to send your money.
So even though you might be getting a good currency exchange rate when you use a hawala service, you can end up losing all your money in the process. Hence, hawala is a big no for your international money transfer.
- Use a reliable money transfer service.
When using a money transfer service, make sure it is reliable and trustworthy. You can check for reliable services and compare currency exchange rates of your desired transfer services by visiting the network page on the Rapid Remit website. On the Rapid Remit portal, our customers leave reviews about their experiences with each transfer service which can help you choose the best way of sending money globally. Moreover, our network of money transfer services is licensed and government regulated so your money stays in safe hands.
- Don’t fall for shady offers/investment opportunities.
I just came across a Facebook Ad that said that they were giving out free watches and I just needed to pay shipping charges on their online payment gateway. Beware of such offers, as 99% of the times they are scams. They will charge a couple of dollars from your credit card and never deliver your watch. Not only will you say goodbye to those 2 dollars you paid for shipping but you will also be risking your financial information.
Same goes for investment opportunities and international money transfers. If you come across an offer with an extremely low currency exchange rate compared to the market rates, there are high chances that it is a scam offer.
Make sure that you verify the credibility of the company offering ‘too good to be true’ deals to you. Try calling their landline number or visiting their office before you make an online investment. Another way to verify their credibility is by reading their reviews on Facebook and Google.
- Make sure you send money globally only through secure websites.
The first sign of a secure website is the URL. If the site URL begins with ‘https” and not ‘http’, it is safe to conduct your transaction here. Sites that start with ‘https’ have SSL security certificates installed and any financial information you share here will remain secure from online hackers. In most cases, a closed padlock will also appear at the start of the URL.
Make sure you do not give your money to any unsecure sites even if they have a physical office or even if you talked to their agent. Although the company might be credible, they are at a very high risk of online theft by hackers. Hence, transactions on unsecure websites are a big no!
These are extremely important concerns and you must keep them in mind before performing your online transaction. Scammers will show you lucrative deals with very attractive currency exchange rates but it is important to not be seduced into these fake offers. A little research when sending money globally can help you keep your money and makes the transfer process extremely convenient and safe. If you are residing in UAE and would like to send money globally to any part of the world, make sure to visit the Rapid Remit website. Their partner transfer services offer lower currency exchange rates than what you might find with online transfer services like TransferWise or commercial banks