| The need to transfer large amounts of money | | | | are one of the most reputable companies in |
| overseas is growing and beginning a much more | | | | this regard. With a burgeoning market for |
| common practice. Whether the purpose is for | | | | money transfers many new companies are |
| purchasing a second home overseas, buying a | | | | entering the market offering new services all |
| car, for business purposes or simply because | | | | the time. Remember cheaper doesn't always |
| you are emigrating the need for safe and | | | | mean better so here are a few questions you |
| efficient money transfer services is growing. | | | | may wish to consider asking before using a |
| | | | money transfer service as a safety check |
| One of the most important things to remember | | | | list: |
| when transferring large amounts of money is | | | | |
| that even a small differences in exchange | | | | Are they registered with the official bodies |
| rates between currencies can make a | | | | in that country? |
| significant difference to the amount of money | | | | |
| that you will receive at the other end. For | | | | How long has the company been doing business? |
| example just a 0.5% improvement on $100,000 | | | | |
| is $500! Therefore making sure you get the | | | | Do they have a large staff? A medium-large |
| best exchange rate possible should be of | | | | sized company would generally be more |
| prime concern to the sender. | | | | reliable than a small recently started up. |
| | | | |
| One of the most common ways to transfer large | | | | What is feedback like from other users of |
| amounts of money is to use a bank wire | | | | this service on chat forums? |
| transfer. The main reason for this is that | | | | |
| they are by far the safest way to transfer | | | | Are audited accounts available for viewing |
| money. The reasons why this is a very safe | | | | for example at Companies House (UK)? |
| method are because every account holder must | | | | |
| show proof of identity which will be | | | | Is there a designated money transfer account? |
| thoroughly checked. Charge-backs are also | | | | |
| unlikely to occur however wire transfers may | | | | Of course a few other safety tips should be |
| be recalled. The information sent regarding | | | | added, although they seem fairly obvious. |
| the transfer is in a highly secure format | | | | Never send money to someone you do not know |
| using encrypted communication methods very | | | | for a product or service. The recipient may |
| are very difficult to intercept and | | | | just collect the money and run. Seems pretty |
| interpret. | | | | obvious advice but a spate of scams requiring |
| | | | people to do this was very successful for the |
| The price of bank wire transfers varies | | | | scam artists. At the time it was known as the |
| greatly, depending on the bank and its | | | | Nigerian letters scam, 419 scam or advance |
| location; in some countries, the fee | | | | fee fraud. Do not be a victim. |
| associated with the service can be costly. | | | | |
| | | | The Federal Bureau of Investigation describes |
| Bank wire transfers can often be one of the | | | | the scam as follows: |
| speediest methods to transfer significant | | | | |
| amounts of money between bank accounts. The | | | | "Nigerian letter frauds combine the threat of |
| cost of bank transfers can alter greatly | | | | impersonation fraud with a variation of an |
| between banks so make sure you shop around | | | | advance fee scheme in which a letter, mailed |
| for the best deal. | | | | from Nigeria, offers the recipient the |
| | | | "opportunity" to share in a percentage of |
| The process for bank transfers is as follows: | | | | millions of dollars that the author, a |
| | | | self-proclaimed government official, is |
| The bank sending the money sends a message | | | | trying to transfer illegally out of Nigeria. |
| using a highly secure system like Fedwire to | | | | |
| the receiving bank with instructions | | | | The recipient is encouraged to send |
| detailing the payment. | | | | information to the author, such as blank |
| | | | letterhead stationery, bank name and account |
| Funds may take several hours to be | | | | numbers and other identifying information |
| transferred to the recipients bank account so | | | | using a facsimile number provided in the |
| it is not immediate. Usually the banks | | | | letter. Some of these letters have also been |
| involved with the money transfer have a | | | | received via E-mail through the Internet. The |
| reciprocal account with each other or the | | | | scheme relies on convincing a willing victim, |
| payment may be sent through another bank that | | | | who has demonstrated a "propensity for |
| does have such an account | | | | larceny" by responding to the invitation, to |
| | | | send money to the author of the letter in |
| Millions of bank transfers are performed | | | | Nigeria in several installments of increasing |
| everyday particularly in Europe. Wire | | | | amounts for a variety of reasons." |
| transfers within Europe can be very cost | | | | |
| effective whereas sending outside of Europe | | | | With that said generally speaking using your |
| can be a good deal more costly. | | | | common sense and shopping around to get the |
| | | | best price, wire transfers are a very safe |
| Of course there are other ways to wire money | | | | method for you to transfer large amounts of |
| not just through bank accounts. western Union | | | | money overseas. |