The truth is out there. It’s a convenient and technological solution for financial transfers.
Let’s take a look at vital things and nuances about international money transfers and see what modern technology has to offer.
Be vigilant when transfеrring or rеceiving funds. Here are a few tips to help you avoid theft of wire transfers:
- Transfer money only to those you know and trust, just like cash. Never make remittances to strangers.
- Call the person who asks for the transaction to confirm that it’s really him or her. Make sure you’re transferring funds to a valid email address to the right person.
- Pick a security question that will be difficult to guess. Avoid answers including names, dates of birth, hometown, etc. Don’t use anything a fraud may guess by looking through your social media pages.
- Don’t include the answer to your security question in your wire transfer message.
- Always use a strong password that is difficult to figure out, and be sure to transmit it over a secure communication channel. Create unique passwords to protect your accounts, including your email and social networks. Don’t save data on public computers.
- Make sure the company’s activity is legal. For example, if you’re about to make a money transfer from Spain, be sure to check the company’s license to fulfill the transfer of funds.
Easy and seamless integration
Don’t deal with cash transferring until you’re 100% sure. Even the largest services like Wise or Western union have flaws. Look for those who provide:
- Instant processing of transfers. Smaller services process the money transfer immediately after payment, and big ones guarantee remittance will reach its recipient in about 2-3 business days. In most cases, the beneficiary gets money in a few minutes. Check out the company terms on the website.
- Convenient way to send or to receive a transfer. A sender can use a bank card or wire transfer depending on the country. Recipients can credit the transfer to their cards or pick it up in cash at the bank. Ensure the service you choose has the necessary payment methods.
Web-based, with a user-friendly design
Check out if a bank transfer system is web-based and responsive, easy to use, and intuitive in design. If yes, web pages detect the user’s screen size and change the layout accordingly. That’s important since your customers and employees can use many different devices. Thus, you’ll make the web pages user-friendly on all devices.
The clearer the page is, the fewer chances you have to be mistaken when transferring money.
Customizable according to your needs
According to the US Banking App Satisfaction Study and the US Credit Card App Satisfaction Study, US banks and credit companies achieved the highest level of customer satisfaction in any industry in 2018. The money transfer market is enormous, and people like to take advantage of the latest technology when it comes to their hard-earned money.
Customers increasingly prefer to communicate through UX-powered online platforms instead of communicating directly with business representatives. Getting help online is faster, more transparent, and less frustrating.
Reimbursement of funds
One of the frequently asked questions by users is what to do if, when transferring funds was made by mistake and the money went to the wrong address.
The easiest and most reliable way to insure against such risks is to check the recipient’s details when making a transfer carefully. Returning mistakenly transferred money is somewhat complicated, and it’s not always possible to refund it.
If a recipient refuses to reimburse, you can get the money back only by a court decision. It’s necessary to submit convincing evidence to the court that you sent the money by mistake. Examples of such evidence include the recipient’s phone or card number, which differs by just one number from the stranger’s one. Or a fact confirming regular transfers of funds to the same person’s address, demonstrating funds transferring by accident this time.
All in all, it’s better to be careful not to make such mistakes and don’t suffer from the complicated process of getting your money back!