Financial management becomes a huge task when it comes to managing finances while studying abroad. Secure money transfer shouldn’t be one of the problems that a student faces while dealing money-related matters.
Choosing secure money transfer channels is a crucial task which may require some help and guideline and we are here to help you with that. Read below to find how one can choose secure money transfer channels –
Research the safest money transfer options
In today’s world of Internet, there are plenty of options available to make international transfers. However, it is important to choose the best ones and consider all the options available.
Checking out the online money transfer platforms – There are plenty of online money transfer platforms which provide user-friendly and convenient options for transferring money. They provide competitive rates and lower transaction fees. Now, UPI is also available for international money transfer in several countries.
Banks and Traditional Financial Institutions – Various banks provide very secure money transfer options. They may charge higher fees when compared to other options but they have reliable security measures.
Also Read: Know more How Foreign Remittance Works and how can you Remit Money
Evaluate Security Measures
Financial Fraud is a constant threat in the digital age. Hence, it is important to be very careful when considering money transfer. Security measures should be taken into consideration which are as follows –
Check the level of Encryption and Data Protection – It is really crucial to protect your data so it is really important to check this when choosing a money transfer channel that it is secure or not. Check for the lock symbol in the url to confirm its a secure one.
Check how strong are authentication measures – Multi factor authentication and bio-metric verification are some of the best ways to add more security layers to the money transfer transactions.
Note: Don’t forget to ensure the channels complies with the regulations and guidelines and its liscence is appropriate. Also, make sure the remittance services are approved by the Government banks of the country.
Check the transaction cost and exchange rates
Factors like transfer fees, exchange rate margins and hidden charges are strongly to be considered. The hidden charges like GST, TCS or any other additional charges can make a hole in your pocket if not checked beforehand. Understanding and checking all these factors lead to better transparency while making transactions.
Read customer reviews before proceeding further
In this ear of digital world, one can definitely check insights of everything as it basically showcased. Before choosing a transfer channel, one can definitely check online reviews, ratings, and testimonials of other international students those who have used the particular channels.
Pro tip: Don’t forget to check the customer support options just to be on the safe side always.
Also Read: Get all answers on Currency Exchange for Students
Follow the Fly Finance Newsdesk to get regular updates on study abroad loans, the latest guidelines, international money transfers etc.
