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  • Writer's pictureGeorge Henderson

Are Overseas Money Transfers Legal and Secure? Yes. TransferWise!

Updated: Dec 23, 2020

What are the Security Considerations when Transferring Money Abroad?

  • The SWIFT network is widely recognized as the standard, safe messaging network. But, there are other numerous vulnerabilities in the process of traditional wire transfers between banks.

  • Data entry mistakes such as a different number in a bank account or the wrong ABA (Routing) number or SWIFT code will result in the transfer either going somewhere else or being delayed. And.. you may or may not be alerted nor notified.

Recovering your money could prove to be time-consuming and difficult:

Typically, you don't find out your money is in limbo until the very end when your funds should have already arrived into the recipient’s account. Why? Because nobody contacts the recipient to double-check and confirm their information.

And what if the funds do land into somebody else's account? Trusting a complete stranger somewhere in the world to return your money seems unlikely.

Nobody wants a delayed payment. Especially a friend, family member, contractor, employee or overseas supplier. Proactively having to monitor your transfer takes time away from managing your day-to-day business.

If you ask your bank where your transfer is, often, nobody seems to be able to tell you where it is in the process.

TransferWise, the Safe and Low-Cost Alternative to Traditional Bank Wire Transfers:

We don’t want to scare you away from doing business internationally. In fact, going global is the only way forward for many US small businesses in today's new economy.

With TransferWise, your international wire process becomes a very simple step-by-step process whereby you are constantly apprised and aware of where your transfer is and the approximate time it will take to get to your overseas destination.

TransferWise is the next generation B2B payments platform and gives you the freedom and ability to send money abroad quickly, easily and trackable throughout the transfer process.

TransferWise has introduced a new, easy, safe and seamless payment processing services. TransferWise makes international money transfers not only cheap but fast, safe, easy and also very user-friendly.

Sign up for a free TransferWise account and enjoy international money transfers and payments of the future.

  • TransferWise has about 8 million customers in 71 countries transacting $5 billion every month and there is no doubt their business is growing rapidly.

  • TransferWise holds your money in a secure, safe, separate, domestic account. These funds are separate from the company’s operating accounts.

  • TransferWise has data security at the ”bank level” and from what you can see when using them, this is likely the case. 

  • TransferWise is an authorized "Electronic Money Institution" independently regulated by the Financial Conduct Authority (FCA) in the UK.

TransferWise Safeguards your money by holding it in a low-risk financial institution:

  • For all European users, TransferWise uses their Barclays UK Account.

  • For all North American users, TransferWise uses their Wells Fargo N.A. Account.

  • These accounts are reserved strictly for the customer's money, this means your money is held separately from the operational money account they use to run their business.

In comparison to other online money transfer services, TransferWise is a very transparent and secure way to transfer money domestically and abroad. Either online via the website or the Mobile App, TransferWise are very upfront about what they charge and the amount of money you will receive when you make an online transfer.

TransferWise offers exceptional, additional services like "Borderless" and their "Prepaid Mastercard" which may also suit your personal or business needs.

Either way, your transfers will certainly be much cheaper and at least as secure as your bank. Give it a try and Register for Free now!

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