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How to Send Money Safely

Are you looking for a safe way to send money online to your child in college overseas? Do you need to support your family from far away? Are you looking for a way to get funds to a friend or family member in crisis?

Whatever the reason for your transaction, if you need to send a large amount of money, you will want it to go as safely and securely as possible. With high-value transactions, feeling confident that your funds will arrive is a must.

Here, we offer tips on how to use safe online money transfer services and advise on the most secure way to send money.

1. Understand the Risks

Sending money to friends and family will nearly always go smoothly if you use one of the methods we recommend below. However, money transfers do occasionally go wrong. Understanding the risks will help you avoid mistakes or accidentally placing your funds into the hands of fraudsters.

In short, you need to be absolutely certain you are sending money to a genuine person and that you have their correct details. Be vigilant and beware of:

  • Sending money or providing your financial information to a person you do not know well
  • Fraudsters impersonating people you do know (i.e., via a fake number or email address)
  • Transferring funds in the event of an emergency without verifying that it is a genuine and honest request

Unfortunately, fraudsters can play on emotions like fear, love and distress and are adept at posing as loved ones in crisis. So, always take the time to check out every detail of any request for money. 

2. Know Your Safe Options

There are various secure money transfer methods. If you use a trusted provider and are certain you have the correct details for a genuine transaction, the following can be used safely:

You will need to consider accessibility, speed and cost, as well as security. Direct bank transfers and checks can be expensive for international transactions. They may also be too slow.

What’s the most secure way to send money quickly and affordably?

Secure money transfer services that use branches, online platforms and apps usually offer the best all-around solution to speed, safety and cost. However, only choose a trusted platform

3. Choose a Trusted Platform

Only select a reliable platform with a good reputation. You can narrow down your choices by reading customer reviews and checking out ratings like Dun and Bradstreet (D&B).

 

Always check:

  • Does the service have robust security measures and an anti-fraud policy available for you to read?
  • Is the service licensed and regulated by an appropriate authority, like the Central Bank in the UAE?
  • When was the service established and does it have a good track record?

4. Check Your Recipient Details

Always make sure you have accurate and up-to-date information to hand before you input any payee details. Make sure you spell first names and surnames correctly and that the names match any identity document they may need to collect the payment.

5. Use Secure Payment Methods

Secure online payment methods offer encryption and additional security measures. When using a secure money transfer service, opt for:

  • Secure online payment methods offer encryption and additional security measures. When using a secure money transfer service, opt for:

    • Credit cards
    • VISA debit cards
    • Payplus cards

    If you need to send cash, making a cash payment in a branch is the safest route.

Review Transaction Details

Before you commit to any transaction, always take the time to check all the details you input for accuracy. Once your payment has been sent, it can be difficult and time-consuming to cancel. So, be certain it is right the first time.

Beware of Scams and Phishing

Even after your secure money transfer is complete, you should still be aware of possible attempts to steal from you. Financial scammers may pose as your trusted transfer provider to scam you.

Therefore, know that reputable money transfer services like Al Ansari Exchange will not:

  • Ask for personal and confidential information like PINs or passwords
  • Request personal data like bank details and contact information via email, social media, WhatsApp, SMS or phone
  • Instruct you to send money to a certain address or bank account

Here are some common examples of scammers posing as money transfer services or banks:

  • Contacting you to claim your account is frozen
  • Fake messages claiming you have won a prize
  • Posing as bank employees
  • Sending fraudulent links via copycat emails

Protect yourself from these types of fraud by:

  • Never providing personal data via email, phone, social media or similar
  • Confirming the credentials of any personnel, email addresses or phone numbers before you engage in any conversation
  • Not clicking any suspicious links
  • Never sending money to unverified accounts
  • Reporting any suspicious activity

Choosing a Safe Way to Send Money Online or In Person

Taking the time to choose a safe and reliable money transfer service is the key to a secure transaction. By following the steps above in partnership with a safe money send service like Al Ansari Exchange, your funds will be in good hands all the way.

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