Sending money across borders used to be a total headache. You’d walk into a bank, fill out a bunch of forms, pay a small fortune in fees, and then hope your money actually got where it was supposed to go.
Thankfully, those days are mostly gone. But the risks and costs haven’t disappeared completely.
If you’re planning to transfer money abroad, safety and efficiency should be your top priorities.
Whether you’re supporting family, paying for services, or just helping out a friend, here’s what you need to know to avoid getting burned.
Choose a Trusted Service
The internet is full of flashy new platforms promising low fees and lightning-fast transfers. How do you know which one to choose?
Here’s what you should look for:
- A secure website (https:// and a lock icon in the URL bar).
- Visible and genuine customer reviews.
- Registration or licensing with a financial authority.
- Transparent fees and pricing.
Always go with a trusted provider. Platforms that have built-in protections and clear policies are the best choices. They should also follow international regulations and offer tracking tools, so you know exactly where your money is.
Understand Their Fees and Exchange Rates
When you’re transferring money abroad, you’re not just paying a transfer fee. There’s also the exchange rate, which is where a lot of services quietly make extra profit.
For example, let’s say you’re about to transfer money to Nicaragua. You’ll notice some platforms give you a way lower Cordoba (NIO) amount than others for the same USD.
That’s because they’re pocketing the difference between the mid-market rate and the rate they’re offering you.
Always calculate the final amount your recipient will receive, not just what you’re sending. If the numbers don’t add up, it’s probably the exchange rate working against you.
Avoid Public Wi-Fi When Sending Money
Public Wi-Fi can be a goldmine for hackers.
If you’re entering sensitive banking information while sipping coffee at your local cafe, you’re basically asking for trouble.
Always use a secure, private connection when logging into financial platforms. Even better? Use a VPN for an extra layer of protection.
Verify Recipient Details Multiple Times
Misspelling a name, entering the wrong account number, or sending the money to the wrong phone number – these are all easy mistakes that can mess up your transfer or delay delivery.
Double-check everything. Then check again.
Some platforms don’t allow refunds or corrections once a transfer is in progress, especially for instant or cash pickup options.
If it’s your first time sending to a recipient, send a small test amount first. Once it arrives safely, go for the full amount.
Use Two-Factor Authentication
If the service you’re using doesn’t have two-factor authentication (2FA), consider using a different one.
2FA adds an extra step to the login process, like a text message code or an app notification, which helps prevent unauthorized access even if someone gets your password.
Money transfers aren’t something to risk for the sake of convenience. The extra few seconds it takes to log in securely are definitely worth it.
Get a Receipt and Keep Records
This might sound old-school, but it’s super important.
Always download or screenshot the transfer receipt, confirmation number, and delivery estimate. If anything goes wrong, you’ll want those details handy.
Some platforms also let you track the transfer in real time and will alert you once the funds are delivered.
Aisha Noreen is an owner of a small business with more than 9 years of experience in the marketing industry. With the wisdom of an old soul, she always seeks innovation and mind-blowing ROI techniques. Her unique approach helped many small businesses thrive and she can surprise you in many ways as well. Believe it or not, her energy, passion, and creativity are contagious enough to transform your business and take it to another level.
