Here’s How To Make Sure That You Don’t Send Too Much Money Via Online Transfers

Mistakes can happen while making any kind online transfer, an account number off and you will be sending money to a complete stranger.
(Credit: Alistair MacRobert/Unsplash)

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Eid, Chinese New Year, Gawai, Deepavali and Christmas, all of these events have one thing in common; they are all have some form of Duit Raya.

This festive season is the perfect time to plan that long awaited meets with family and friends that was postponed for 2 whole years due to the pandemic.

Malaysians have seen the benefits of online payments and using them to transfer money from one to another, in lieu of the festive spirit of giving duit raya, it is important to practice some safety measures before gifting the kids or significant others money.

Here are some tips you can look out for to reduce any sort of mistakes when transferring your money online:

(Credit: Tessa Rampersad/Unsplash)
  1. Keep an eye out for transfer fees.

    It is good practice to check if there are any transaction fees involved when transferring money online. Some sites are upfront about their fees which means customers will see the total fees including conversion chargers and transfer fees before proceeding with the transfer.

    By keeping an eye out for these fees, customers will know exactly what they are paying and they could also see it in the receipt.

    When vendors do not specify their fees, recipients might end up paying more than what they originally intended to.

  2. Don’t miss the deadline

    To those sending money overseas and using digital transfer services, make sure you set up your account and give it enough time to do so.

    Because by law, licensed services have to verify who you are before the first transaction and it may take a day or two before it passes the security checks.

    Understanding how fast money is being transferred is also important as you would not want to miss making payments accordingly.

  3. Double check the recipients’ details

    I know there is a lot of readers that have experienced sending money to the wrong person because they have one digit off of the recipient’s account number.

    That is exactly why you should always double maybe triple check the details before transferring any amount of money to them, it avoids the unnecessary calls to the bank to rectify the mistakes.

  4. Keep yourself updated of the exchange rate

    It is a nice thing to surprise that special someone whose away from you with the gift of money, as is the case with international money transfer, you need to know what the exchange rate is before sending any amount of money.

    The amount of money they receive rests heavily on the transfer date, that’s why you should transfer on a day when the exchange rate doesn’t fluctuate.

    Services such as WorldRemit has a currency exchange notification feature on their application, making things easier for you.

WorldRemit is a cross-border digital payment service which lets customers transfer money to anyone internationally.

They’re also offering new users a small holiday gift, they will waive the transfer fee for three transfers to anyone that uses the promo code ‘3FREE’.

The WorldRemit app is available to download on the Apple App Store and Google Play Store.

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