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Monthly Archives: December 2016

Emergency Money Transfer

Online bank accounts

More and more banks and financial institutes are offering this facility to their account holders. Through this account, one can easily make transactions just by logging online and accessing their account. You need not worry about security issues as most banks use a secured channel anytime you want to access your account. In the instance you would want to make an instant money transfer, all you need to do is provide the bank account details of the sender and the recipient. Once the details of the both the individuals’ accounts have been verified, you can easily make the transfer your want. Since the online network is extremely thorough and well connected, the funds will get transferred almost immediately, depending on the bank working hours.

Wire transfers

Another option to consider when making an instant money transfer is the wire transfer. This has been one of the most popular and favourable option for many who would want to make any money transfers. Through this process, the sender must approach the bank and inform them about the wire transfer. He must then provide the necessary details about the bank accounts which includes both the sender and the receivers. During this process, the IBAN and BIC codes are normally given, wherein each bank confirms it. Once the codes and the details of the sender and recipient is confirmed, the funds are sent. With the use of real time gross settlement (RTGS) systems, the sender can access the funds within a few hours.

NRI accounts

No doubt there a lot of benefits from sending money from abroad, especially if the conversion value is high. But in such cases, the distance and difference in banking facilities may often lead to delays in money transfers. However, if the sender has an NRI account, it is extremely convenient to make transfers. This solely depends on the type of NRI bank account one has. In some cases, the joint account holder can be a local resident, whereas in others it can be only an NRI joint account holder. However, in both cases, the joint account holder has access to the funds that are invested in the account, making money transfer easy in such a case.

No doubt when you want to make an emergency fund transfer, you will not have sufficient time or factors to consider when making a decision. However, with these options at your disposal, you now need not worry about choosing the right option.

Some Risks of Mobile Banking

Mobile malware: Ever since mobile phones have been introduced to the public, they have involved to a form of the telephone to pocket size computers. Similarly, these phones also face the same risk as any computer. In this way, as a phone user, you must be aware and recognise the risks that can affect your phone as much as your computer. Mobile malware in particular target phone devices through the form of viruses, Trojans, spyware and even rootkits. By setting up an anti-virus system or restricting downloads from untrusted sources, you can protect yourself from any mobile financial malware.

Flawed mobile applications: Mobile apps may be safer than using your phone browser. However, the security of the phone app depends on its platform design. Certain mobile platforms designs are open-coded, thus allowing developers to place their codes, which comprise on the security of the app. This, in turn, will increase the vulnerabilities of the app, thus allowing fraudsters to exploit it. As a banking app, your financial data or account can get comprised. To avoid this situation, you must download your apps from trusted sources. Additionally, check to see if your apps possess the right certification. Avoid downloading apps from third party sources, as they leverage credentials from other applications to gain access to your financial information.

Avoid Unsecured WI-Fi Networks: For many phone users, a free Wi – Fi is a coveted luxury. Plenty of establishments such as restaurants, cafes, airports and other public places may offer free Wi – Fi connections. However, the security measures on these networks may not be up to mark. At times, hotspots can be spoofed by fraudsters, by using similar wifi network names as the establishment network. Even irrelevant data such as your name and identity can compromise your financial details and account as fraudsters can seek this information to access your account in the first place. To avoid this situation, you must avoid using any free network. If you must use this network, you must ensure that you don’t access any mobile banking accounts that can be indirectly comprised.

Information of Global Money Transfer

Type of transfers: There are many modes of transfer available at leading transfer giants, which are prominently established with a huge network, globally. Selecting the mode to send money, which is available in the country of transfer, is dependent on the sender’s choice and convenience.

  • In Cash
  • Directly into a bank account
  • Delivered at home
  • On a mobile wallet
  • In a Card
  • To an ATM

The FEE: Money transfer to any place in the world is possible, at a cost. This cost incurs as a fee to the sender and in some cases is deducted from the beneficiaries balance as well, if applicable. The fee is a small percentage of the total amount, and is applied every time you send money.

Notification: SMS notifications are available to the sender and receiver regarding the progress of the transfer. Online tracking systems are also available to those who wish to use the same.

Security: To ensure the safety of the transferred money, a 16-digit code is sent as a SMS to the beneficiary, upon showing which, the money can be redeemed at payment centres.

Multiple Transfers: Transfers to multiple locations are also possible, when transacting at a transfer agency. All you need to do is give the exact account details, amount to be sent and beneficiary details to the agent.

Anywhere money: For beneficiaries who do not have a bank account, or cannot access the same, money can be transferred to the person directly at their doorstep or collection centres, where the beneficiary would require to show proof of identity to collect the same, from a branch and location of their choice.

Multiple currencies: You can also choose to transfer money in the currency of your choice, through the current currency rate that the bank or agency has to offer.

Rollback and cancel: It is possible to cancel the currency transfer in a given period of time, as per the rules of the transfer centre you choose. A full refund with the service fee would be reimbursed to the sender, in such cases.

Limit on transfer of money: Though there is no lower limit on funds transfer, a single unit of any currency can be chosen to be transferred, there is an upper limit of $7500 or equivalent in any currency, in a given transaction.

Be Safe Instant Money Transfers

The quick and effective mode of fast transfer allows one to either visit a money transfer agent or use the online services or app, to register and choose to make an online transfer. This registration process is free of charge.

After the same, one can choose to send money to the beneficiary using only their mobile number and name. Subsequently, settling the payment which includes a small service fee and choosing the mode of payment the recipient would prefer, one can initiate the transfer.

The instant money transfer uses swift transfer protocol to send money securely across the globe. Not only is this easy money transfer but also effective, as the beneficiary does not need to have a bank account to receive the payment.

Beneficiary can receive the payment:

  • In cash from collection centers
  • On a prepaid or ATM card
  • Door step delivery (depending on availability)
  • Bank accounts

Even though instant money transfer is the safest and most effective way to make a fast money transfer, one should always be vigilant, to whom and why to send money fast. There are endless ways in which, one can exploit instant money transfer services.

Way to protect oneself against fast money transfer frauds:

Here are some simple and effective steps that can help one stay a step ahead of fraudsters and not fall victim to money transfer frauds.

Recognize imposters: Often, strangers pose as officials, friends or family; for example: a bank official or a company that you usually associate with. It cannot be stressed enough to never transfer money or discuss personal information when requested via a text, phone call, or email.

It is also important to not trust your caller ID, in a distress message by a loved one to transfer money. One must always call and confirm if the individual is an imposter.

Recognize Fake offers: There are million of spam messages, lotteries, lucky draws and job offers that can find your information and offer you a lucrative deal for a mere sum, which may not seem steep. Never transfer money to anyone offering you a huge sum of money as these are most often frauds. Always call and confirm from the organization they pose to be affiliated with.

Review the Internet: Always evaluate the request or offer received on the search engine of choice and search for keywords like “complaint” or “scam” or more particular to your situation. One can even search the phone number or account details to see any linked frauds.

Set appropriate passwords: Always make sure the passwords on your computer, mobile phone, and other smart devices are secure and not common. As in the case of theft or misplacement of devices, one many try to use net banking details or mobile wallet to make transactions. Never share your passwords with strangers and keep changing the same periodically.