Is your loved one currently traveling overseas? Perhaps he or she is interning in another country? Maybe they have decided that they are going to volunteer in another location?
No matter whether they have taken the opportunity to work in Hong Kong, travel around South America, or volunteer in Bali, if you are going to send them money, you need to make sure it is done in a secure manner.
A lot of people find themselves needing to send money overseas, particularly parents who get calls from their children saying that they have run out of money. If you have never sent money overseas before, you may be feeling at a bit of a loss. After all, there are many different options available and the last thing you want is for something to go wrong with your transfer. That is why we put this guide together to help you.
What Is Money Laundering And How To Avoid It?
Unfortunately, money laundering is a huge problem at present on a worldwide scale. This is because of the surge in global financial markets – which makes it easier for individuals and groups to get away with illegal activity. Therefore, you need to be extra careful when you are sending money abroad. After all, it is imperative that it reaches your family member or loved one, rather than in the hands of some random stranger.
For those who are unaware, money laundering is a general term that encompasses any money which has been illegally generated and its identity is then concealed in order to cover up the origin of the money. For example, the money may have been generated from terrorism or drug dealing or fraud amongst many other illegal activities, and then a process of layering takes place whereby an elaborate process of financial transactions occurs so that the true identity of where the money came from is then washed away.
There are several different ways in which individuals can partake in money laundering. However, unfortunately, some of the options involve innocent people being targeted, and that is when you need to take safety measures and be careful when making a money transfer to another country.
For example, email scams claiming that you have inherited a certain amount of money is one of the most utilized methods. Furthermore, someone may seek service from your business and then overpay you by a substantial amount, therefore, forcing you to give them the money back and concealing the identity of their cash for them.
You can’t guarantee that you will never be the target of money laundering and so you need to be mindful of whenever something suspicious may come your way. Nevertheless, a skilled money launder knows the powers of manipulation, and so to ensure you are protected then one of the best ways you can guarantee that your money transfer is safe and that you are not being targeted is to seek a reliable money transfer business to complete your secure transaction via.
Which Money-Transfer Websites Are The Safest?
The business should pride itself on being anti-money laundering and countering terrorism.
On their website, they should have a clear indication that they abide by all of the laws imposed, and the steps they take in order to note a suspicious transaction.
Their employees should be trained in order to know the mechanisms and dynamics of money laundering and thus they should note anything which looks out of the ordinary and thus have a necessary set of procedures in order to deal with this.
Furthermore, their method of sending money should be thorough and secure.
It is recommended that you seek a company whereby you go to an agent and provide all the necessary documents, rather than doing it over the internet and depositing straight into a bank account. After all, the internet is rife with security issues.
You should make sure the business is reputable; that it has many years experience and lots of branches in various locations. Moreover, whilst you should be expecting to fill out a form and provide identification documents, you should also expect a full receipt so that you have proof of the details of the transaction.
All in all, when making a money transfer to a foreign country it is absolutely essential that you do so via secure and trusted means so that you don’t become victim to money laundering or any other types of scams. After all, if you didn’t spot the suspicion – then a trained and experienced money transferral business should have the means to ensure that they do.