19 Jul 2023
The safety of your money is one of the prime concerns you have in an online money transfer. You are particularly concerned about the security of your money when you transfer funds digitally. This worry increases for the migrants belonging to developing countries like India who work in developed countries like the UK to earn a higher income and then send money to India to contribute to the family’s cumulative income or support them solely.
Think about it: when it comes to paying your bills online, you process the payment regularly as a routine, but each time you do not rest psychologically until you receive confirmation from the recipient, whomever they may be.
Right?
In this context, it is pretty challenging for Indian migrants to find a service provider whose money transfer services they find safe and secure.
But do you know where to find a secure service and what to look for after you have found one? Because, after all, worrying about something is different from finding a practical solution to address your worry.
This blog will walk you through the tips to find a secure money transfer service. But, first, a quick look at the Indian economy to understand the financial woes of the Indian people.
A look below at the quick facts about the Indian economy will reveal how tough financial terrain its people have to walk to make ends meet.
You might think that these are pretty strong economic figures, and your thought would have held water had it not been for the following few facts.
With a current population of over 1.3 billion, India is all set to overtake China as the world’s most populous country by 2030. This is nothing for the Indian state to take pride in. The state is unable to provide for the people residing in the country now. Imagine what the country will look like after its population grows beyond the burden state can sustain and endure!
In a 2022 budget session, it was reported that about 53 million people in India were jobless when the treasury benches claimed that the government has resolved to create about 6 million jobs over a period of 5 years.
It is due to these two factors that Indian migrants travel to developed countries to find work there and earn a living for a money transfer to India.
And what better country to find work in than the United Kingdom?
The following will help you understand why the UK is a preferred destination for migrants from across the world and India.
Wages in the UK depend on your age. Teenagers between 16 to 17 years may get £4.15 per hour, while the elderly and older than 25 years of age may get £8.72 per hour.
It also means that apart from your age, your wage will depend on your qualification and experience.
The UK’s employers are required by law to contribute a minimum of 3% of their employees’ salary toward the pension plan. At the same time, the workers are required to contribute 5% of their salary.
You will get about 28 off days in the UK that are paid holidays. Remember that these holidays are other than the paid maternity and paternity leaves you are entitled to.
Now let’s take a quick look at the tips for secure money transfers.
The following easy tips will help you get a secure service.
Go to the official websites of some of the companies and check reviews to see if there is any complaint about the security of a transfer or a breach thereof.
Take some time to visit the office of the company and talk to the concerned quarters about the security parameters of their services.
Make sure to use an online money transfer app that logs out automatically since online money transfers largely take place through apps. Some apps have this feature, but some do not. So, be mindful of this.
Open internet connections are prone to hacking. Using an open connection for a financial transaction can lead to a breach of your data.
For convenience, you normally save your login credentials for fear of forgetting those. This is a sure recipe for data hacking. So, never save your username and passwords on your devices.
Make sure to check the details of the person you want to send money to again and again because a small error can divert the fund elsewhere.
A quick money transfer marginalises the chances of security breaches. Because it does not involve intermediaries and delivers funds directly and swiftly to the concerned. But, in this, care on your part is of the essence.
Your online money transfer to India with ACE Money Transfer is tightly secured coupled with a lightening fast speed, live exchange rates, low fees, and much more from just one window.
FAQs
What are some secure methods to send money from the UK to India?
Secure methods include bank transfers and online money transfer services like ACE Money Transfer. Always ensure you're using a reputable service with strong security measures.
Which factors should I consider when choosing a money transfer method?
Consider factors like transaction fees, exchange rates, transfer speed, the transfer limit, and the method of delivery (bank deposit, cash pick-up). Customer service and security measures are also important.
Are online money transfer services safe to use?
Yes, reputable online money transfer services are safe. They use encryption and other security measures to protect your data. However, it's always essential to research any service before use, check reviews, and make sure the website begins with 'https'.
How do I ensure the best exchange rate when sending money to India?
Exchange rates can fluctuate, so it's a good idea to monitor them regularly. Some money transfer services allow you to set alerts for when rates reach a certain level. Comparing rates between different services can also help ensure you get the best deal.
What should I do if I encounter a problem during the money transfer process?
If you encounter any issues, contact the customer service of the money transfer service you are using. They should be able to assist with any problems related to the transaction. If you suspect a security issue, inform both the service provider and your bank immediately.
Resources
(GDP (current US$) - India | Data (worldbank.org)
(GDP per capita (current US$) - India | Data (worldbank.org)
(GDP (current US$) - United Kingdom | Data (worldbank.org)
(GDP per capita (current US$) - United Kingdom | Data (worldbank.org)
