Be it for saving or for sending your funds overseas, the safety of money is a common concern among many. And with so many online banking options available these days, we have better peace of mind with money transfers now.
If we only speak about UPI, last year alone, more than 84 billion transactions were recorded in India worth almost 139 trillion INR. However, you can never go wrong with practising caution, irrespective of whichever online banking method you use. Here, we have discussed seven ways you can ensure safety while transferring money online.
Seven Safe Practices of Online Money Transferring
Practising caution goes a long way when it comes to your money-spending habits. Here are some of the things to be mindful of next time you transfer funds:
● Safe Money-Transferring Options
With technology and innovations always on the rise, so is the threat of cyberattacks. Therefore, if you wish to steer clear from any kind of compromise, here are a couple of online money transfer options that you can choose from:
1. NEFT
You may transfer your money to a third-party account through this service (generally offered by banks). You can send your money to any bank nowadays with the NEFT scheme of RBI. Just take a look at the threshold of how many transfers you can make in a single day.
2. UPI
One of the famous methods of sending money to someone these days, the process is pretty straightforward. The best thing about UPI is you can send or receive money without the need to divulge any private information about the bank.
3. IMPS
Another one of the safest options is IMPS. It is available 24/7, and you can access it with your online banking.
● Never Use Public Wi-Fi.
Whether you are considering online money transfer from your banking app or any other method, consider being on a secure connection. By a safe internet connection, we mean your mobile data or home Wi-Fi. Steer clear from all the public Wi-Fi as they are not secure.
● Exchange Rates That Are Transparent
These rates are always changing. Therefore, before you make a money transfer, make sure you take a look at it to understand how much exactly you would need to send.
● The timing
Yes, you need to be careful with the timing of the transaction. You need to send money when there is no holiday nearby. With this, you don’t miss out on low exchange rates.
● Security of the transfer
Above all, you should opt for a service that practices encryption techniques to safeguard your valuable banking information during and after your money transfer.
● 24/7 Customer Service
Whether it is during your online money transfer or after, you would want to consider a service that is prompt with their customer service and always available.
Wrapping Up
Other than online banking, these days, there are many fast money-transferring methods out there. While some of them are reliable, too, you can welcome trouble if you are not wary. Like how we discussed unsafe internet networks, you should also practice caution when you are outside your home and urgently need to send money to someone. Little safe practices in online banking will save you a lot.
