6 Common Mistakes to Avoid with Online Money Transfers
Online money transfers are an easy way to send and receive any amount of money online. Online banking services make it possible for customers to transfer funds online from one bank account to another with the help of a personal identification number or password that the online bank assigns.
An online transfer is faster than using traditional methods such as paper checks or cash. However, it doesn’t offer any protection against theft, loss, or fraud. These risks can be minimized by following the security precautions and guidelines below.
Read on to learn.
1. Check the Online Bank’s Website
Make sure to check online for signs of a secure website. Look for a well-organized, professional-looking online money transfer website. It should have the same look and feels as online banking services you already use online.
The online bank should have information about their company policies and customer support telephone numbers. Make sure the phone number displayed on the website is operational before attempting an online money transfer.
2. Get Login Information in Advance
Before making an online transfer request, make sure to get all the login information required from your recipient. These details include name, address, social security number (if applicable), account details like date opened and last four digits of the account number, etc. You can then login and transfers the money online.
3. Not Looking for the Best Exchange Rate
Most online banks offer online money transfers at competitive exchange rates, but you may still find a better online rate elsewhere online. Compare the online money transfer rates before making your final online transfer choice.
4. Using Public Networks for Online Money Transfers
If security is a top priority for you when using online banking or online money transfers, make sure to access the bank’s website from a secure computer that uses up-to-date firewall and virus protection software. You can also protect your online identity by accessing accounts through an encrypted network connection to be safe from potential hackers in public computer networks.
5. Failure To Observe Transfer Timing Restrictions
Bank online money transfers have special timing restrictions that you need to be aware of before making your online wire transfer request. Some online banks may require online money transfers to be requested by 1:00 pm local time for same-day service or 3:00 pm local time for next-day service. So check the notices on the bank’s online money transfer website before sending online transfers online.
6. Failure To Verify Recipient Identity
In some cases, there is a risk that the person receiving online money transfers is not really who they say they are. To mitigate this issue when sending online funds, make sure to verify identity and other recipient information before transferring funds online. For example, try calling first or sending money to an email address registered with the online bank.
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Avoid Common Online Money Transfers
Online money transfers can be completed in minutes and even seconds. This makes this form of online finance convenient for people who need to send weekend shopping money, for example. No more going into the bank on Saturdays just because you need your paycheck transferred online.
However, you should avoid online banking security mistakes by following the safe money transfers advice above. Most importantly, work with reliable money transferring service.
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