How to Protect Yourself When Sending Money Abroad

Today, there are a whole range of options when it comes to sending money abroad. However, there are a number of factors that need to be considered so as to ensure that your money gets to the intended recipient without fail, in good time and for a reasonable fee.

If you want to send money abroad safely and conveniently, then you need to keep reading as we share some interesting facts on this subject.

Why are you sending money abroad?

There are many different reasons why people send money abroad. It could be to help out relatives or friends, or you could be sending a donation to assist a particular cause, you may be sending money to business partners, making investments in other countries, buying property and other assets abroad and so much more.

In all these situations, the most important thing you need to consider is the security of your transaction. Money transfers are often the target of fraudsters and con artists and you should always be careful to ensure that you only work with legitimate providers of money transfer services.

How then, do you send money abroad in a safe and secure manner?

The first and most common option is the use of money transfer companies. The advantage of using this option is that the recipient does not need to have an account with the company or a bank for the transaction to take place. The money transfer will be done via the internet, phone or through high street stores.

However you should note that most of these money transfer companies are not covered under the Financial Services Compensation Scheme and as such they cannot guarantee a full refund should something go wrong during the transfer. It is only companies trading in amounts that exceed 3 millions Euros that have to register with the Financial Services Authority, which sees to it that the company accounts are kept separate from client money. In this situation your money is safe guarded and can be fully refunded. Smaller money transfer companies can simply be registered but in their case, your money is not safe guarded. In case your money is lost you will have to go through the Financial Ombudsman Service to recover it.

Using a bank is probably your best bet as they can assure you of security of your bank details and personal information. Most of the popular high street banks offer this service; such as the likes of Lloyds TSB International who will transfer your money in a swift and safe manner.

Paypal is yet another good option for those who are internet savvy. As long as both parties in the transaction have an email address, money can be sent to the recipient in a matter of minutes. The recipient will then send the money to their bank from where they can then access it.

Those who are especially cautious and in need of greater security should consider using high street banks as they tend to offer highly secure transfers. If you and the recipient have accounts in linked banks, you could enjoy very secure money transfer for free. This option is especially convenient for those who send money abroad on a regular basis. Once you identify banks that offer the services you are looking for, you and the recipient will enjoy peace of mind in knowing that every transfer is completely secure.

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