5 Online Money Transfer Safety Tips

Using an online service to send money internationally can be worrisome. You want to make sure your money will safely reach its destination and that your personal information, such as your bank account or address, will not be compromised. Below are some tips that will ensure your peace of mind when sending money to people overseas.

Make sure your device is safe

As with any transactions done from a computer or a handheld device, you should make sure your device is malware-free and secure. Certain malware can pull your personal information, including your bank account number, so before you use your device to send money – make sure to do a security scan and get rid of any malicious software.

Use a strong password

Password theft is one of the ways your financial security can get compromised. One of the best ways to protect yourself is to have a strong password. Try to have different passwords for different accounts. For example, never use the same password for your email account and your bank account, because if one is stolen – it will open the doors to all your other accounts, making it very easy for a criminal to take advantage of your personal information. Your bank account and remittance accounts should have the most complex passwords. Use a combination of uppercase and lowercase letters, as well as numbers and symbols. Longer passwords are better, so keep that in mind.

Only send money to people you know personally

Of course, it is safe to send money online to your friends and family who live abroad. However, internet scams are very common and often involve wiring money to an unknown person. If you meet someone on the Internet or receive a suspicious email asking that you wire money to them  – it’s most likely a scam. A good rule of thumb is to only send money to people you know personally.

Use a secure money transfer firm

There are many different online remittance websites, and sometimes it is hard to tell which ones are more credible than others. Always do your research before deciding which service to use! Go to TrustPilot to see what other people have said about the website. Also, make sure the URL of the website begins with “https” instead of “http” which indicates that it is more secure. Omnex Group, the providers of Sharemoney, have been in the money-transferring business for over 20 years, and have state-of-the-art detection systems that are among the industry’s most advanced, assuring our full compliance with all legal and regulatory requirements. We work with well-known and trusted banks in other countries to ensure the security of our transactions. You can rest easy knowing that your money is always safe with us.

Save your receipts

Always save your receipts from online money transfer transactions. If something goes wrong, you will be able to use them as proof of payment, and your issue will be resolved much quicker. Sharemoney automatically emails you your receipt after you complete your transfer, so you will always have it on file.

Red Flags

Here are some red flags that usually indicate a scam or lack of adequate security. Keep your eyes out for these and use common sense to avoid losing your money:

• An unknown individual sends you a check (it’s a fake), asks you to cash it, and wire them part of the money as soon as possible.
• A person you meet online claims to be romantically interested in you, but soon asks you to send them money to a different country.
• A potential landlord you found online claims to be traveling abroad and asks that you wire your security deposit or first month’s rent to them.
• You receive an email from a friend or relative who claims to be in trouble in another country and needs you to send them some money. Always verify that this is a legitimate emergency before you hit “send.”
• The money transfer website you are using has poor reviews or no reviews.
• The money transfer website is not encrypted (look for that “https” at the beginning of their URL!)