Clicky

LATEST
The Best Car Research Websites US Cities With the Fastest Rising Property Values Online Scams to Watch Out for in 2015 The Most Expensive Divorces in History What are the Poorest Cities in America? The Best Home Mortgage Loan Websites The Best Crowd Funding Websites The Best Mobile Apps For Your Personal Finances Does Shopping at Costco Really Save You Money? Practical Tips to Save Money on Gas Can Coinstar Turn Your Loose Change Into Big Cash? How To Resolve Paypal Disputes Are You Losing To Hidden Cell Phone Fees? Tax Deductions You May Not Know About How Much Money Will You Need In Retirment? How Much Life Insurance Is Enough? Are You A Victim Of Hidden Bank Fees? The Right Way To Ask For A Raise Which DIY Tax Program Is Right For You? Banks Giving New Accounts Great Deals In 2015 How To Deal With Debt Collectors High Paying Jobs With Labor Shortages In 2015 3 Tips to Save Money on Your Next Car Loan 5 Tips to Save Money on Health Insurance Should You Consolidate Credit Card Debt? Do You Have Unclaimed Property? Tips On Applying For A Small Business Loan What Is A Vantage Score And Why Is It Important? What Is A FICO Score And Why Is It Important? Tips On Creating An Emergency Fund Are Opening Store Credit Cards A Good Financial Decision? Tips To Help You Repair Your Bad Credit Is A Debt Consolidation Loan Right For You? Tips To Manage Student Loan Debt Tips On Finding The Best Deals On Cyber Monday Tips On Finding The Best Deals On Black Friday How To Save Money On Holiday Travel What Is Payoneer? What Is Apple Pay? What Is Escrow.com? What Is Neteller? What Is Skrill? What Is Amazon Payments? What Is Google Wallet? What Is Square? What Is An IRA And Should I Invest In Them? What Is A Mutual Fund And Should I Invest In Them? What Is A 401k And Should I Invest In Them? What Are Stock Options And Should I Invest In Them? Are You Properly Planning For Your Retirement? What’s The Difference Between PayPal vs. Amazon Payments? What’s The Difference Between PayPal vs. Western Union? What’s The Difference between PayPal vs. Google Wallet? What’s The Difference Between PayPal vs. Square? What’s The Difference Between A Wire Transfer vs. Western Union? What’s The Difference Between A Wire Transfer vs. PayPal? What’s The Difference Between A Wire Transfer vs. Bank Transfer? What Are The Best Places To Find Coupons Online? Can Owning A Hybrid/Electric Car Save You Money? Are Municipal Bonds The Right Investment For You? What Are The 5 Best US States To Start A Small Business? What Are The 5 Best US States Currently For Job Openings? Should You Consider Opening A Swiss Bank Account? How To Choose The Right Life Insurance Policy For You Are Homes In Foreclosure Good Investments? What Should You Look For When Choosing A Stock Brokerage Firm? What Should You Look For In A Retirement IRA? When Is Filing For Bankruptcy The Right Choice? Credit Cards With The Best Perks And Rewards Programs What Should You Look for When Choosing the Right Bank? Should You Consider Investing in the Forex Market? Do You Need a Financial Adviser? What Is A Reverse Mortgage, And Should You Consider It? Simple Tips To Manage Your Credit Card Debt Should You Buy Or Lease Your Next Car? Are Short-Term Payday Loans Right For You? 5 Ways You Can Improve Your Credit Score Are Penny Stocks A Good Investment? What Are The Benefits Of Investing In Precious Metals? What Is A Dogecoin And Are They A Good Investment? What Should You Look For In A Credit Card? Are You Ready To Buy A Home? Tips To Avoid Identity Theft The Phishing Scam The Rental Listing Scam Are Wire Transfers Safe? What is a Wire Transfer? Are Bitcoins Safe to Use? What are Bitcoins? Is Paypal Safe? What is Paypal? The Lottery Scam The Nigerian Scam (419) Is Sending Money with Western Union Safe? Incredibly Easy Ways of Sending Money with Western Union Everything You Need to Know about Western Union Western Union VS MoneyGram: Which Should You Use When Sending a Money Transfer? A Closer Look at MoneyGram Where Can I Send a MoneyGram? The Dangers of Sending Money Online: 7 Very Popular Internet Scams

Moneygram

Are Wire Transfers Safe?

wire transfers
December 31st, 2013

A wire transfer, either through banks or through electronic money transfer services, is perhaps one of the fastest and most convenient ways of sending money over long distances. But are wire transfers safe? That depends on how you look at it. If you are referring to the method of delivery, then it’s quite safe.
 
The Wire Transfer Infrastructure
 
Casting aside all the complex technical details, all you need to know is that the technology used to transfer money electronically is utterly secure. This is the reason why large companies, banks, and even governments use wire transfers without hesitation. Trillions of dollars are sent through the wire every day. The technology used by banks and cash offices is checked vigorously. The United States Federal Reserve Banks, for example, use a funds transfer system called Fedwire, and that system is trusted enough that about 3 trillion dollars are transferred each day.
Other secure systems include the Clearing House Interbank Payments System (CHIPS) and the Society for Worldwide Interbank Financial Telecommunications (SWIFT).
 
The Danger of Wire Transfer Fraud
 
The security problem of wire transfers isn’t in the system at all. It all boils down to whether or not you should be sending the money in the first place. Almost always, the risk increases considerably when you use wire transfers to send money to someone you don’t know. Thousands of people have been victimized by various types of wire transfer fraud.
 
• One popular scam is the fake charity. When the news programs feature terrible accounts of disasters in faraway places, you may be contacted by a supposed charity organization by phone or online asking for donations. Even if you are inclined to be generous, giving money through wire transfers to people who are basically strangers is not a good idea. Instead, you can help by giving your money to a reputable organization that can then use the money you sent much more responsibly.
 
• You may also be contacted by someone claiming to be a relative who’s in a jam. You may be contacted by a lawyer, a hospital representative, or a police officer informing you that a relative needs money for some sort of emergency. Before you send any money through wire transfer, you first need to talk to that relative directly, and you also need to verify their identity.
 
• Online purchases are another common way for criminals to commit fraud. Perhaps you found something you want to buy online, and the seller insists that you first need to send the money before the goods can be sent to you. If you comply with this arrangement, there’s a very good chance you won’t ever see your money (and your supposed purchase) ever again.
 
Send money only to people and companies you know. Send money to people you’ve never met (or to people who may or may not be pretending to be someone you know), you could definitely be scammed. You have to practice caution and use common sense when sending wire transfers in order to be absolutely safe.


This author has no description available.

Browse Our Website

Latest From The Money Blog

The Best Car Research Websites

The Best Car Research Websites

Instead of going to a dealership for a new car or checking various used car sellers, you can now fin[...]
US Cities With the Fastest Rising Property Values

US Cities With the Fastest Rising Property Values

Smart investors know that buying property in a thriving city is a good idea. But the prices of house[...]
Online Scams to Watch Out for in 2015

Online Scams to Watch Out for in 2015

“There’s a sucker born every minute” was Barnum’s perspective on life and business and he was right.[...]
The Most Expensive Divorces in History

The Most Expensive Divorces in History

A divorce is a relatively simple legal procedure but if it is between a couple with a net worth mill[...]
What are the Poorest Cities in America?

What are the Poorest Cities in America?

Many cities in the U.S. have never really recovered from the debt carnage that was unleashed on them[...]


https://suretrader.com

All Money Sending Tips Articles