Reliable, efficient and safe money transfer systems have become the demand of the hour for the money transfer systems. With the number of migrants workers, globalisation and the internet have all helped the money transfer service become an industry of its own. Additionally, this number is likely to increase over the coming years.
This, in turn, has led to more companies entering the money transfer market, providing individuals with more options and variety of service. However, while the choices may be plenty, you would still be required to ensure that you are following safe protocol with any transfer you make. Therefore, to ensure that you make a secured money transfer to India, here are a few tips you can consider:
1. Check the size of the company
If the institute you are applying to, making a money transfer to India is newly developed or comprising of a small staff, then there is a high probability of something going wrong with the transfer. A medium to a large-sized company would be a better bet in this case.
2. Check the size of the transfer you are making
If you are making a large money transfer, you must look out for transfer services that offer the safest transactions and channels. In such cases, it is recommended that you make money transfers through bank wire transfers. The reason behind this is the security features they take into consideration. For example, when making a money wire transfer, the customers will need to provide sufficient forms of identification. Additionally, the wire transfer that is being made comprises of a highly secure encrypted message, which is designed to be difficult to intercept and interpret.
3. Identify the sender before sending funds
If you are sending funds to a known person, you need not worry. However, if you are sending funds, to people who you haven’t met apart from digital communication, then you must be wary or identify the sender before you are sending funds. This is normally the case in online auctions, internet purchases, or even charity donations. In such cases, there is a high probability that someone will simply take the funds and run.
4. Look out for phishing scams
While you still may be careful with transferring funds from your end, there is a chance you may fall victim to a phishing scam. Phishing scams can exist in the form of an email from a genuine business, which requests your banking and financial details in order to proceed with the transaction or business progress. They may even ask you to click a link in order to proceed with the proposition or to click details for more interest. The best way to avoid such scams is to simply go directly to the merchants site and not through a link in an email.