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Sending Money To Friends And Family In Zambia: Tips For Safe And Secure Transfers

17 Jan 2024


People from Zambia travel to other countries in search of jobs with better and bright financial prospects. They earn a living there and send money to Zambia to offer financial support to their families back home.

The Zambians travel abroad for work because they cannot find sustainable means of earning in their native country, where poverty and high unemployment rates loom.

According to a report by Macrotrends, the number of Zambian migrants was 127,915 in 2010. Several others would have added to this number by now. All of these Zambian migrants together helped the Gambian economy with about $241.69 million in inward remittances in 2021, according to a report by The Global Economy, which sourced its data from the World Bank.

No matter which country migrants belong to, they face several challenges, from finding a job, getting used to the local culture, bearing cultural shock, and finding a money transfer service that offers them the best deal in their remittance transfers from abroad.

Of all these challenges, the most complicated is the safe and secure online money transfers. Its importance attains critical proportions when seen in the context of rising online financial frauds, which the global remittance transfer industry is replete with.

Furthermore, when you come from a humble background, you become extra conscious about your money and undertake the hazards of an expatriate life to earn a living and support your families and those financially dependent on you. In this context, you cannot afford to lose money to fraud, particularly when you have easy ways to stay safe and ensure your protection in a money transfer to Zambia, whose frequency depends on your financial plans that you set and go by.

Here a look at the Zambian Economy is pertinent to put the argument into perspective.

Fast Facts About Zambian Economy

  • A World Bank report said that Zambia's nominal Gross Domestic Product (GDP) was $22.15 billion in 2021.
  • In another report, the World Bank said that Zambia's GDP per capita income was $1,137.3.

As mentioned earlier, the rising incidence of fraud in the global financial market is also a cause for grave concern. So, before you learn the tips to ensure safe online money transfers, looking at some fraud statistics is important so that you act on the following tips with utmost care.

Fraud Statistics In The Online Financial Market Worldwide

  • TrueCaller is an app that blocks spam calls. A report by TrueCaller has estimated that Americans have lost $40 billion in 2022 alone to Phishing scams.
  • A report by Privacy Study said that Crypto investors lost about $3.5 billion to scammers in 2022.
  • A report by The Strait Times has said that scam victims in Singapore lost $660.7 million in 2022, up from $632 million in the previous year.
  • The same report said that in the past two years, the people of Singapore lost about $1.3 billion to different financial scams.

These are some of the scam statistics you need to be aware of to remain alert.

Now let’s understand how you can ensure safe online money transfers.

Tips To Send Money To Zambia Online Safely

The following tips will ensure security in your money transfers to Zambia online.

Know The Types Of Scams And Modus Operandi

It is critically important to know the types of scams, given that there are many and that scammers keep evolving with time and coming up with newer ways of deceit.

For example, a scammer who has approached you once using Phishing fraud may not use the same type of fraud the second time if you are targeted again. Therefore, knowing all scam types and the modus operandi of scammers is essential to know, lest you fall prey.

Use Verified And Registered Channels To Transfer Funds

Find a service provider that is legal, verified, and registered with the concerned quarters and the governments of the countries in which they operate.

Several service providers will tempt you to ignore whether they are registered or not by offering the seemingly best money transfer deals. But at the end of the day, doing business with them could put you in harm’s way.

Read This to learn more about making your online money transfers secure.

 Use Potent Passwords

Since most of the financial activities take place on smart gadgets, including smartphones and computers, it is essential to keep them protected with awkward and unique passwords. Never lower your guard on this front.

Use Secure Internet Connections

Finding an open Wi-Fi that you can use while traveling in buses or trains is tempting. And this facility is pretty much available in almost all developed countries.

But always remember that such internet connections are never secure and pose a threat to the sensitive data you have saved on your phone, etc.

Of particular concern is your login credentials for logging into your financial apps. Making use of an insecure internet connection, scammers can strike.

Send Money To Those You Know

Make sure to send funds to those you know. Sending money to someone you have just known or know little about can land you in grave financial trouble. So, you must avoid it.

Keep Antivirus Updated

Always use a strong antivirus and try to use its paid and full versions because such a version offers all the essential features. Keep it updated. Always remember that this software requires regular updating, so never miss an update.

Sign Out After Every Financial Session

Always use apps that automatically sign out after every session. It is essential. There are several apps whose sessions do not auto-expire. And if you forget to log out, they can keep you logged in and give easy access to others to your critical financial information.

Your transfers to Zambia will remain secure if you follow the above-mentioned tips.

The Way Forward

In addition to offering features like low fees, competitive currency exchange rates, safety, etc. ACE Money Transfer offers lightning speed to deliver funds, making it impossible for scammers to strike your online money transfer to Zambia.

FAQs

What are the safest methods for sending money to friends and family in Zambia?

Secure methods include bank transfers, reputable online money transfer services, and mobile banking apps. Avoid using informal channels or unverified agents to ensure the safety of your funds.

Are there any fees or exchange rate considerations when sending money to Zambia from abroad?

Yes, it's important to consider both fees and exchange rates. Compare different transfer providers to find the most cost-effective option. Some providers may offer competitive exchange rates but charge higher fees, while others may have lower fees but less favorable rates.

Should senders verify the identity of the recipient in Zambia before sending money?

Yes, verifying the recipient's identity is crucial for security. Ensure you are sending money to the intended person by double-checking their full name, contact details, and ID information. Avoid sharing sensitive transfer details with anyone not directly involved in the transaction.

How can senders protect themselves from scams or fraudulent requests for money from Zambia?

Be cautious of unsolicited requests for money and verify the authenticity of any such requests with a direct and trusted communication method, such as a phone call. Avoid sending money to unknown or unverified contacts.

Are there any legal or regulatory considerations when sending money to Zambia?

Familiarize yourself with the local laws and regulations regarding money transfers in Zambia and your home country. Some countries have strict rules about cross-border financial transactions, and compliance is essential to avoid legal issues.


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