It has never been more important to transfer money safely and securely internationally. In recent years, there has been an upsurge in remote working, which means it is easier than ever to live in another country for an extended period. 

Many people are economic migrants and have moved to a different country for better opportunities for themselves and their families. Sending money home to family has become a huge business for money transfer companies, with billions of dollars flowing into developing countries annually from their diaspora.

The rise in location-independent working has also led to many people varying where they work to maximize their quality of life while minimizing costs. It is also important for people who are traveling to have a safety net, and therefore, being able to accept money while in a different country can be considered a crucial part of modern travel. 

Every person who sends money regularly or from time to time should know the challenges associated with international transfers to avoid unwanted consequences like scams or extra fees. Here are some practical tips and strategies that will help to ensure secure and efficient transactions during travel or staying abroad.

Be aware of risks

There are many scams targeting people who wish to transfer their money abroad. One of these is an SMS or other messaging service scam in which the user receives a message from an unknown number addressing them as mum or dad, and asking for money.  This scam plays on the fears that all parents have for their children. It is essential to check the known contact details for your actual children before ever sending money in response to a message like this. Never respond to an unsolicited message you receive this way.  The important takeaway is the need to verify anything you are told in an unsolicited message. 

Research the Financial Landscape of the Destination

When traveling or moving to a new country for an extended time, it is important to research the financial infrastructure and familiarize yourself with the banks and financial institutions. This includes the websites and apps that are routinely used by people who live there. 

If a particular service is popular for transferring money within that country, setting up an account makes sense. This can be helpful because if someone local wants to send money to you, they can do so easily, and you can receive it with the help of the same platform they already use. 

Monitor the exchange rates to ensure you aren’t being ripped off by being charged too much. 

Choose a Reliable Money Transfer Service

Traditionally, many options have existed for transferring money internationally, and two of the most popular options, bank transfers and wire transfers have suffered from significant downsides. The new generation of apps allows for instant transfers between users and reduces the time, inconvenience, and cost.  

Consider the pros and cons of the different services on offer so you can choose the one that best fits your needs. If you are looking for apps to send money to Mexico, for example, BOSS Revolution could be a great fit. 

If Mexico is your country of origin or you have family there, it makes sense that you would want to send money to them, especially if you are earning money in a country that pays higher wages. The World Bank estimated that $66.2 Billion was sent to Mexico in this way in 2023, which is a truly incredible figure. This has been a substantial boost for Mexico’s economy, with the money going back into local businesses nationwide and creating and protecting jobs.

When choosing a money transfer service, it’s essential to know the fees charged by the provider. Along with the exchange rates, fees may significantly impact the sum that the  recipient will get.  Thus,  compare the rates and fees of different money transfer services before sending money. 

Set Up Accounts

When deciding which international money transfer provider to use, it can be worthwhile setting up several apps on your device to find out which is the easiest. They can also take some time to verify your identity, so it is advisable to go through this process in advance of leaving your home country. Some will require photos of household bills, etc., to verify your home address.

Have Access to Emergency Funds

It is very important to be sure that you will be able to access funds in an emergency. One of the easiest ways to ensure access to funds is with an internationally recognized credit card such as a Visa or Mastercard. 

These cards will allow you to withdraw money or pay bills up to your credit limit, which means you should be able to meet all of your costs, even if something went wrong with your money transfer and it didn’t go ahead as planned.

Another method of safely bringing money with you is using travelers’ cheques. These are made out to cash in the local currency and provided in your home country before you leave. You can only redeem them after showing the appropriate ID.

Ensure Your Transfers are Secure

You should avoid using public WiFi where possible, as this is far too easily accessed by hackers who mean you financial harm. Downloading a Virtual Private Network (VPN) will add a further level of security, and this can help by offering end-to-end encryption for your data.

Another way to ensure that your financial data is secure is to use Two-Factor Authentication (2FA).  Most of us will be familiar with 2FA. We receive a text message with a code to enter, once we have already entered our username and password for a service. 

Enabling fingerprint or face login on your banking or money transfer apps can also help to keep you safer. 

Conclusion

There are many advantages to being able to send and receive money internationally while traveling or when you have moved to another country. This can act as a safety net and source of reassurance, and you can send money home to your family. 

It is important to be aware of scams and know what precautions you can take to minimize exposure to them. These include computer and phone security tips such as only using secure WiFi and VPNs. Setting up local bank accounts or using apps favored by locals can help to integrate and keep your money safe while traveling.