How to Ensure Your International Money Transfer Is Safe and Trackable?

The remittance industry is thriving! In 2024, remittance flows reached USD 905 billion, up from USD 865 billion in 2023. This substantial rise in these figures is due to the increasing demand for international money transfers. People from all over the world rely on remittance solutions to send money for both personal and business purposes.

However, with such a massive growth in the industry, issues related to cyber fraud, hidden charges, and more have also increased. If you are also thinking of sending money abroad, the first thing that comes to mind is that your hard-earned money reaches safely to its destination. To help with that, this blog will give you comprehensive information to ensure your money transfers are secure and trackable.

Choose The Right Method For International Money Transfer

The remittance industry has evolved a lot in the last few years. Now, you get the option to send money quickly and securely through different methods apart from banks. Here are some of the safest ways to transfer money overseas.

• Wire Transfers: Although wire transfers are slow, they are the oldest and most reliable methods of sending money internationally. It is basically an electronic method to transfer funds from one bank to another one. Among different wire transfer methods, SWIFT wire transfers are the best for larger international transactions but are quite a bit costly.
• Bank drafts: Bank drafts are also a safer mode of international money transfers offered by banks. However, you need to personally go to the bank and fill out the draft to initiate the transfer. They are cheaper than wire transfers but do take some time. 
• Cash transfer services: Service providers like Western Union and MoneyGram provide cross-border cash transfer services. These are essentially helpful in case the recipients don’t have bank accounts.
• Online money transfers: Online money transfers are the most beneficial mode of remittance, providing safe, fast, convenient, and cost-friendly service. These international money transfer solutions are fitted with real-time tracking features and provide competitive exchange rates.

Thus, when you are aiming for safety as well as trackability of your cross-border money transfers, online remittance service providers are the go-to choice. 

Ways To Ensure The Security Of Your Money Transfer 

Check out the different ways to ensure the security of your cross-border money transfers: 

Selecting A Suitable Service Provider  

When choosing a service provider, consider the following to identify and pick the right one:

• Do some research and create a list of the best remittance service providers. To compile the list, you can seek references from those around you or use search engines.
• Visit each service provider’s business profile and select the one with the highest ratings and offering the best customer experience.
• Look for a provider with a strong and active customer service and support team that can assist you with your questions.
• Check that your chosen service follows all security protocols, such as multi-factor authentication, encryption, and more.
• Ensure the picked remittance company has a clear pricing structure and fare exchange rates with no hidden fees.

Verify Transfer Information

To avoid any mistakes on your part, start by entering all the required information and double-checking its accuracy.

• Check the receiver’s information details to see if they are correct. From their name to account number and contact details, everything should be right to avoid an incorrect or infeasible transfer.
• Make sure that the transfer amount you have mentioned is correct too. 
• After taking into account any required deductions, such as transfer fees and exchange rate implications, confirm that the transferred amount is as per your expectations.
• Go through all the information once more to catch any overlooked details.
• If you made any mistakes or overlooked any of the aforementioned, contact CCE to make the necessary corrections.

Watch Out for Money Transfer Fraud

Frauds are too common in money transfers. To protect yourself from these, be aware of and avoid the following scams at all costs. 

• If a service provider offers you a remittance service that appears too good to be true, it may be fraudulent. A fair service would undoubtedly demand a fair service charge. 
• Some fraudsters send messages and emails claiming to be remittance service providers or banking institutions and demanding personal data. It’s better to avoid these requests. 
• Always ensure that the website you are visiting has “HTTPS” in the URL. Additionally, verify that the payment gateway is secure.
• Never share your password or PIN over the call with anyone claiming to be a remittance service provider or banking institution.

How To Track The Status Of Your Money Transfer?

Tracking your money transfer request is crucial to ensure the money reaches the recipient’s end on time. For that very reason, remittance software development companies like Tech Remit ensure to add tracking tools for customers’ convenience. The tracking feature in these remittance solutions helps in the early detection of any delay or issue to ensure timely resolution. You can track the transfer through the following.

• You can visit the track transfer tab on the portal for real-time updates on the transfer.
• Some reliable service providers provide timely updates through messages and emails.
• You can even reach out to the CCE team and ask for clarification on the status or delay. 

Final Thoughts

Remittances have undoubtedly become easier in recent times; however, they still demand some awareness. To ensure a smooth transfer of funds abroad, always choose the appropriate transfer method, prioritize security, and make use of the platform’s tracking features. Additionally, you should be mindful to avoid scams and select a reliable remittance service provider.

Also Read : What Are The Key Features Of International Remittance Software?