Unsafe money transactions and cybersecurity threats are becoming a significant problem for expats. Navigating currency exchange scams and payment delays can be challenging.
Here is a short guide on safely sending money to your loved ones in Liberia.
Trust Providers with Payment Authentication
Money transfer services, such as wire transfers, bank drafts, and online apps, are required to comply with standard security measures to protect your personal information and funds. Make sure your chosen transfer method takes robust security measures, such as:
- Multi-factor authentication
- Encryption
- Tokenization
- Identity verification
- Secure logins
- Secure Sockets Layer (SSL)
- Strong Customer Authentication (SCA)
Researching different security certificates might seem inconsequential, but it can save you from big losses in the future. Robust security measures will also give you peace of mind.
Stay Clear of Scams
If you receive an urgent money request from a friend or relative, don’t rush into making the transaction. Check the legitimacy of the request by calling the recipient. Watch out for the following scams:
- Unrealistically high currency exchange rates.
- The exchanger is rushing you to make a decision.
- No receipt or documentation for the money transfer.
- Hidden or unclear fees are revealed after you’ve sent the money.
Always trust reliable services for money transfer to Fiji for timely and safe transactions.
Double-check Recipient Details
Misspelled names and mistakes in account numbers can lead to payment delays and rejections. Be extra careful when sending wire transfers, as you may not be able to get the money back.
For direct bank deposits and online transfers, the local authority will contact you and ask you to correct the errors. However, this can take days and be inconvenient for your family.
Keep a Check on Holidays
Bank holidays, country-specific holidays, and cut-off times can delay money transfers. Check the calendar of your home country and schedule your transfers accordingly.
If you’re sending money as a holiday gift, schedule your transfer early. Many banks and financial services offer discounts and reduced exchange rates during the off-season. This will help you save money and ensure timely transfers.
Report Fraud and Suspicious Activity
If you feel unsure or encounter anything suspicious during the transfer, stop and seek help. Contact the service provider’s customer support and report the issues.
Ensure Quality Customer Support
Make sure your chosen transfer method has a 24/7 customer support team available via email, chat, or phone. They will quickly address any delays or unexpected currency fluctuations.
You will have peace of mind knowing your loved one will get the money on time.
Track Your Transfer
Once you have initiated the transfer, set alerts or track it manually. Note the tracking ID or check the online service. Most money transfer apps, such as Western Union, provide you with real-time alerts throughout the process.
You should also calculate the amount your loved one will be getting beforehand. In case of an unexpected deduction, you will have proof and can quickly initiate a money-back request.
