First of all, let me just say I have been disappointed with the lack of security provided by most online money transfer services. It’s been a while since I’ve used one though and I may be missing some of the more recent innovations in order to combat this problem.
I recommend that if you are planning on transferring money to someone overseas that you make sure to go to a service that has a physical address and is capable of being physically present to answer your questions. Check out the services near you at my site.
Here’s how you avoid these major scams when transferring money overseas: Don’t accept their money transfer application form. They should only ever offer you the opportunity to complete a standard form, which they will send to you via email.
While some of these services are legitimate and trustworthy, many aren’t and have been known to receive “nasty emails” to try and get you to transfer money to a credit card number that doesn’t exist. Make sure to deal with an online bank or reputable companies.
When you are preparing to make transfers overseas, you will usually find yourself asked to enter a pin number which will be sent to you through email. If you are receiving these emails, then it would be wise to be aware of how to recognize scams because this is often a common way of obtaining your PIN and you should be wary of any emails requesting you to provide this information.
At first glance, the question, “How can you avoid money transfer scams?” is pretty easy to answer, but if you truly think about it, it is very simple once you start to learn the truth about all of the scams that are out there.
Online money transfer services are not regulated in any manner by any governing authority. They are simply companies that have chosen to allow you to transfer money to someone else’s country in a completely legal way.
There are no laws that prevent you from making a cash deposit, transferring money to anyone, or doing anything that would not be possible to do if you had a bank account to deposit money into. That is the beauty of online money transfer services, and it is a fundamental part of the business model for these companies.
The reason these money-transfer services have not become regulated is that they don’t do anything illegal or immoral. They are simply businesses that want to save costs by providing their customers with this type of convenience.
In order to help protect themselves from fraudulent individuals, these online money transfer companies are required to have some type of money-back guarantee, which is a pretty good idea. This way, if the money transfer service doesn’t perform up to their standards, the customer will be able to get a refund within the allotted time frame.
Now that you know the basic truth behind these types of companies, it is easier to understand why it is so important to use a safe money transfer service that has been properly regulated. These types of online services have a history of providing a great service for thousands of years, so you don’t have to worry.
I recommend that you do a bit of research and look into the companies in the US and overseas that are well established and have a good reputation for protecting their clients’ funds. I’ve heard some horror stories about money transfer scams, but the fact of the matter is that as long as you find a reputable company, then there is no reason to worry.