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When sending money, you want to be sure your money will arrive safely without paying a fortune. This guide explains how money transfer services work, how to compare money transfer companies, and the secret to getting the best deal possible.
Ten years ago, transferring money was slow, inconvenient, and expensive. To fill out the necessary forms for a wire transfer, you’d have to go (in person!) to your bank or the closest Western Union station, wait in line, and fill out a pile of paper forms.
Today, it is relatively easy to transfer money. Whether you want to send money to a friend sitting next to you or a family member halfway around the world, you have options. Some companies even offer special deals that allow you to send money for free. Many companies exist exclusively to facilitate money transfers, and most banks have digital transfer options available on their mobile app or website. Western Union has also streamlined its process by providing channels to transfer funds digitally.
But even these streamlined transfer processes often hide costly fees.
Security and reliability Most of the money transfer services you find online will be legitimate, but there are some scams out there. Here are three things you can do to check the security and reliability of a potential service:
When sending money, you want to be sure your money will arrive safely without paying a fortune. This guide explains how money transfer services work, how to compare money transfer companies, and the secret to getting the best deal possible.
Ten years ago, transferring money was slow, inconvenient, and expensive. To fill out the necessary forms for a wire transfer, you’d have to go (in person!) to your bank or the closest Western Union station, wait in line, and fill out a pile of paper forms.
Today, it is relatively easy to transfer money. Whether you want to send money to a friend sitting next to you or a family member halfway around the world, you have options. Some companies even offer special deals that allow you to send money for free. Many companies exist exclusively to facilitate money transfers, and most banks have digital transfer options available on their mobile app or website. Western Union has also streamlined its process by providing channels to transfer funds digitally.
But even these streamlined transfer processes often hide costly fees.
Security and reliability Most of the money transfer services you find online will be legitimate, but there are some scams out there. Here are three things you can do to check the security and reliability of a potential service:
- Check for reviews: If a service you’re considering is a scam or unreliable, chances are that other people have already discovered that. If you can’t find much about the service online, it may be best to move on just to be safe.
- Make sure the site is secure: When you’re on the service’s website, check the address bar. If it starts with HTTPS, the site is secure. If it just says HTTP, any personal information you enter on the website is at risk.
- Ask about how they handle security: Money transfer services usually have a page on their website dedicated to how they keep your information and money secure. Some might also share information about how to avoid scams. If you can’t find anything online, call the customer service team.
