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Things About Secure Money Transfer That You May Not Have Known

Things About Secure Money Transfer That You May Not Have Known

19 Oct 2022

It should go without saying that many individuals who send money abroad prioritise security. Security is undoubtedly one of the most critical concerns, especially for overseas workers who regularly have to transfer funds across borders. However, there are still risks involved in sending money online, just like there are with anything else. And many users continue to be very interested in learning the safest way to make a money transfer online. 

The number of payment options you have now probably exceeds the capacity of your wallet (or your smartphone). However, a wide range of options does not always equate to increased security. It's important to understand the advantages and disadvantages of each secure payment option so you can choose wisely. Here is a look at the best options and what you should know about payment security with that in mind.

Things to Know About Secure International Money Transfers


Are Wire Transfers Secure?

Is wiring money safe? Before discussing bank transfer fraud and other risks of sending money overseas, let's start with wire transfers. A quick and direct response to the question may be YES. The safest method of sending money between individuals and businesses is likely a wire transfer, whether a domestic wire is sent within a nation or an international wire sent via SWIFT. 

Practically no risk is associated with the actual funds' transfer procedure; the only real risk is being tricked into wiring money to a scammer. When wiring money, there is a risk involved, but there is also a straightforward rule to follow that will help you avoid money transfer scams in one fell swoop: never wire money to someone or something you don't know well or don't trust.

Are Bank Wire Transfers Secure?

In general, banks – whose name is synonymous with security – don't need to demonstrate much in terms of reliability and safety for sending money abroad. Therefore, if you know or trust the person or company to whom you are wiring money, bank wire transfers are a secure way to send money internationally.

It could be very expensive for you to wire money through the bank, even though it is safe. The average total fee charged by banks for international payments is 10.98%2, making them the most expensive type of money transfer service provider, according to the World Bank. It is advised to compare exchange rates and fees across a market of equally safe money transfer providers, as doing so will save you money in the long run without compromising your safety.

Are Payment Apps The Most Secure Money Transfer Method? 

Mobile payment apps allow customers to send money online to loved ones, friends, or businesses, thereby freeing them from the need for cash and credit cards. Your connected card is used to buy stuff when you tap, swipe, or scan the app through online stores, in-store at the register, or to send money. You link your credit card or bank account information to your smartphone or tablet app. Weekly, about 80% of adults use these apps frequently. 94% of millennials make up that group. 

Due to the importance of payment security, mobile payment vendors maintain strict controls to protect customer data. These digital wallets may offer greater security than credit cards kept in a conventional wallet or billfold if you also use mobile device security. The ACE International Money Transfer App is the best choice if you're trying to figure out which money transfer app is the safest to send money online to your loved ones.

ACE Money Transfer, which also provides a user-friendly service with improved traceability, offers total accountability and ownership. Multi-rail transfer services are supported by a technology that was created exclusively for security and privacy. So, be stress-free when sending money using ACE.

What Is the Most Secure Way to Send Money?

There are many secure ways of online money transfer, but there isn't one that is absolutely secure, at least not strictly. As long as you're sending money via bank transfer or through a licensed operator, your transfer will be about as secure as it can be. However, some money transfer services are more reputable because they have a longer track record of providing services. 

Over time, a money transfer company's trust and credibility are influenced by various factors, including the volume of transfers handled, the number of clients, regulatory approval from financial authorities, etc.

However, if you're looking for services that are among the most affordable and secure ways to send money abroad, none other than ACE Money Transfer can meet all of your requirements. Their customers' convenience is their top priority. 

Above all, using ACE Money Transfer to send money online is secure. With billions of pounds transferred internationally over the past two decades and over a million customers, ACE is one of the oldest, largest, and most credible money transfer services.

A wire transfer handled by a bank or money transfer company is the safest way to send money abroad. The only risk associated with using this money transfer method is sending money to a fraudster posing as someone else. Therefore, sending money via wire to only individuals or organisations you personally know and trust is the safest way to send money abroad.

Bottom Line 

So if you need to make an instant and safe global money transfer by wire transfer, you typically do not need to be concerned about your money disappearing as long as you are wise. However, because each service has a different level of end-to-end accountability if you value being able to keep tabs on your transactions, look for services that do not deal with SWIFT and its various regulations. 

Consider fees, transfer rates, and time when evaluating various wire transfer options or substitute solutions. There is a service that will work flawlessly for you and assist you in safely moving your money from point A to point B, which is ACE Money Transfer.



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