Averagely, $70 billion is sent by individuals in the United States to their family, friends, or acquaintances in low- and middle-income countries every year. More than $550 billion in remittances is sent from developed to developing countries through different online platforms.
The efficiency and safety of these online cash transfer methods largely depend on whether the money is being sent domestically or internationally, bank accounts if any, and the recipient’s country. Fintech startups have created platforms that make transferring money online safer, cheaper, and faster.
Everyone who sends money wants assurance that their money will get to the recipient safely and promptly. The funds must also be easily accessible to the recipient despite the method used to send them. Below are some of the safest ways to transfer money analyzed in various categories and the safest one in each chosen.
The Safest Method for Sizeable Domestic Money and Peer-To-Peer Transfers
Western Union
Western Union is the biggest cash transfer company in the whole world. It has extensive network locations around the world and has several transfer options. Western Union has about a dozen sending and delivery channels.
A person who wants to send money can use their credit and debit cards, bank accounts, western union websites, the western union mobile app, and the agent location nearby. Its physical network covers over 200 countries and more than half a million locations globally.
Western Union transfers are pretty expensive and have just a few options on the same day or next day delivery. Other options can take a few days to deliver, but they will be delivered safely.
Transferwire
Managing money across borders can be a daunting task for people who sleep in one country and wake up in another, mainly because of the fees imposed while exchanging foreign currencies. Transferwire is a company dealing with borderless online cash transfers, making it easier to manage your money in different currencies. You can also do a regular transfer without settling up the borderless bank account.
Once you set up a borderless account with Transferwire, you deposit the initial $25. The account is sectioned, and each section is designated for a particular currency. The account is tied to a Mastercard’s debit card with abilities to convert funds for a fee to different currencies.
Transferwire has no limit to how much you can keep in foreign currencies, and the time taken to receive the cash is dependent on how they are added. Some of them are available within seconds of being sent.
Transferwires payment options include wire transfer, direct debit, Apple Pay, credit, and debit cards.
Choosing the Safest Cash Transfer Methods
The safest way to send money online is to use a regulated yet reputable cash transfer provider. From their outreach and the services you offer, you can determine the safest online mode of cash transfers domestically and internationally.