In today’s time, a need can always arise when you need to transfer your money to your relatives and friends residing in India and abroad. But the main question arises as to how safe is the money transfer? The two main choices to transfer money are offline and online. But before deciding which one to choose from the above choices you need to keep some points in mind.
1. The size of the company:-Let’s say a company is new in the market and has a very small size office. There is a possibility that they could probably be a fraud and you could lose your money. To avoid this prefer a well known or an experienced company. There are many experienced companies in the market some of them are Hedge Money, Western Union, and Money Gram.
2. The amount of the money to be transferred:-For a large amount of money, you could prefer the offline mode. You can transfer your money via renowned and reliable money transfer organizations as there are secure. Any person depositing the money via a reliable money transfer organization needs to give their full identification.
3. The exchange and the fee rate of the organization or bank:-Another important factor is the fee and the exchange rate charged by the company on the money transfer. Prefer the company with higher exchange rate because higher the exchange rate, more is the total amount of money received by the receiver, which is irrespective of the fees charged by the company.
4. The procedure for money withdrawal and compensation:-If the receiver doesn’t receive the money on time or if due to any issues the receiver is not able to withdraw the transferred money, it’s advisable that the customer asks their money transfer organization for compensation.
These are some of the simple tips that you need to follow to have a safe money transfer, and help you to stay away from any web frauds. Money transfer is a blessing in disguise but needs to be used carefully or else could become cause big loss.