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What Security Do You Need for Safe Money Transfers?

ByMartin William
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What Security Do You Need for Safe Money Transfers?

There was a time when sending money to the other end of the world was such trouble. The available procedures were time-consuming, and you didn’t even know whether the recipient will receive the money or not. And things used to get even more difficult when you had to send money urgently. But technology has changed the situation! 

Now you can send money anywhere in the world through a myriad of means like looking for the best way to send money to Colombia. The key is that your loved one or a friend, or your foreign language native speaker tutor living in another country should get the money safely. If you want to know how to send money and which money transfer services are safer than others, then this article is for you.

Here is what you need to know about money transfer services:

 

In What Ways Are Most All Money Transfer Services Secure?

What Security Do You Need for Safe Money Transfers?

Certainly, there are more and more money transfer services popping up around the globe. All money transfer services seem to offer SSL protection of your identity and any activity on their app or website. Your personal data and passwords are encrypted. Many of the services are PCI compliant.

 

What More Security Do You Need for Safe Money Transfers?

 

If you are using a service that allows you to transfer money through just an email or phone number and uses your bank account, or even a debit card linked to the money transfer service, your transfers, and your private accounts will be safest by choosing services that employ two-factor authentication.

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What Security Do You Need for Safe Money Transfers?

Two-factor authentication is when you must provide an additional code or key along with your password to log in to your account. This provides an extra layer of security along with notifications every time your password is changed, when it is reset or when some new device is added. You will also want a mandatory notification that a transaction has been processed. This type of notification is the only way a consumer can track what is going on with their money transfer account.

 

The Safest Money Transfer Services –

Western Union

 You can either send money online or in-person at one of the many places that are authorized by Western Union worldwide. The best part of using Western Union is that they have been in business for well over a century and that you don’t have to reveal your bank account or other information. You can simply use a debit or credit card, just like you would with any online purchase. Your recipient also does not need to provide anything other than their identification and their information about you as the sender, such as your address and phone number. Delivery can be the same day for a higher fee. They are a bit pricier, but people have been dependably sending money across the globe for many years with Western Union.

MoneyGram

Western Union is the largest money transfer company in the world, and MoneyGram is the second largest. There are over 350,000 physical locations to send and pick up money in over 200 countries. You are able to make a bank transfer to send the money, make a phone call, use the internet or take cash to a store. Delivery can be the same day for the same fee, but the bank’s processing timeline has to be taken into account. Like Western Union, it is a bit pricier, but it is also safe and has been in business for a number of years.

Paypal

Even though Paypal allows you to send money from one sender’s bank account or debit card directly to another person’s Paypal account, Paypal does have two-factor authentication in addition to all of the other types of authentication spoken of above. They also allow you to dispute charges and issue chargebacks. Paypal a bit tough to work with when you just want to get your hands on your money because of all of their extra security measures, but it also makes it one of the safest ways of quickly sending money around the world. They are almost a bank. A person with a Mastercard, Visa or another Paypal account can literally send money around the globe to another person’s Paypal account within minutes.

Google Wallet

 Google Wallet, like Paypal, has two-factor authentication. You do need to turn it on, though. It is not automatic like it is for Paypal. It is easy to move money into your Google Wallet. Use it for purchases at supported vendors or send money to someone else. The problem is when you want to get the money out of Wallet and into your bank account. It can take more time and effort.

So, if you want to know how to send money in the safest way possible, these four money transfer services have the test of time behind them. Both MoneyGram and Western Union allow for in-person money transfer at physical locations. Google Wallet and Paypal have the ease of transferring money between their accounts using email and phone numbers and also have two-factor authentication to keep you in control of your account and its security.

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Now you can send money anywhere in the world. Here is what you need to know about safe money transfers services and the security you need.

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