3 Tips for Safe Money Transfer

by Priya Sharma Gold loan

In the current digital world, more people are now inclined towards making online transactions to pay than using hard cash. This is also because online money transfer is convenient, quick, and easy. Those who have an internet banking facility, use it to make domestic and international payments. However, not everyone in India has access to internet banking facilities. To whom banking is not easily accessible, they still have to go to a centre when they want to make a payment. However, when you choose to transfer money this way, there are some safety measures that need to be followed. Here are 3 tips for a safe money transfer:

1. Do it from a reliable centre

When you search for “money transfer near me” on Google, take your time reading about the options you find to check if they are reliable and trustworthy. Online money transfer has gained a lot of popularity in recent times. This has given rise to a lot of fraudsters tricking people under the guise of making money transfer on their behalf. You should err on the side of caution when checking out options. Always choose an option you can trust, like Muthoot Finance.

2. Double-check bank details of the recipient

Human errors are common when transferring money online. A surprising number of transactions are made to wrong accounts and banks have systems in place to counter it. However, it is still a hassle task, and it is likely to take at least a week time to return your money to you. This becomes even more of a hassle when the transaction is international. For instance, you are in India and making an Indo-Nepal remittance for a product you bought, now two central banks will be involved to reverse a transaction for a mistake that could have been avoided easily. If you have to transfer money by a certain date or are doing it at the last month, you cannot afford this delay. To be on the safe side, double-check the name and bank account of the person you are transferring money to.

3. Call up the recipient to confirm

IMPS transactions are completed instantly. NEFT and RTGS transactions can take up to a day to be completed. When you have made an IMPS transaction, call the recipient urgently to let them know about the transaction and confirm it at the earliest. When you have made an RTGS or NEFT transaction, call the recipient to let you know as soon as the transaction is completed. Despite online transactions being a safe option, it is still good to confirm because financial matters are sensitive. If there’s an error in the transaction, you and the recipient will have to pay the fee for it, which can be a hassling task.

To be on the safe side, it is better to double-check everything from the beginning of the transaction to its completion. This will ensure that the transaction has taken place without any worries and the recipient has also received it.