The world is not borderless. Even if you are in a small Greek island or a research team in Alaska, with just one click, you can enter the archives of University of Cambridge or view a live webcam looking at Mount Etna. Shopping for your favorite paprika from a local Spanish brand’s online shopping site or learning Japanese from an old lady has already become a part of our daily routine. Actually, our social network accounts are windows to the whole world in themselves. In such a world, finances can not be limited either.
Actually, it is charming what this new financial aspect has brought to our challenging lives. To send money abroad was not only pricey but an exhausting process. International money transfers from a traditional bank account could cost you more than 5% of the total amount and the time of transfer could take more than a week. A mother with a daughter who is in the Erasmus Program had to use this way in the beginning of 2000’s. Today, to send money abroad takes just a blink of an eye and nobody is doomed to either uncertain dates or high fees. If you have a daughter studying abroad, all you need is to utilize an international money transfer provider and your beloved one will receive it in less than 10 minutes in most of the cases. But is it really sunshine and roses? Sadly, no.
“With great power comes great responsibility.” says Voltaire. We have no idea how sending money overseas was done in the 18th century. But the statement is absolutely true. This power of being able to send money overseas comes with security issues. Since you will need to insert sensitive information (such as your Social Security number or your banking information), your hard-earned money can be stolen. In a worse scenario, even your whole available balance can be gone.
But how to avoid scam money transfers? What are the signs of a disreputable money fraud site?
How to Avoid Getting Scammed While Sending Money Abroad
