Money transfer scams are becoming an increasing concern for expats in the U.S. Their hard-earned money is put at risk when financial services use weak security measures.
If you’re sending money from the U.S. to your loved ones in Uganda but are worried about digital scams, this guide is for you. Here are six safety tips you should follow to send money back home safely:
Double-check the Recipient’s Details
Confirming the details of the recipient might seem inconsequential, but it can save you from delays and losses. Double-check the following details:
- The recipient’s full name
- Contact number
- Address
- Bank account details or SWIFT code
Errors in the spelling of your recipient’s name or email address can lead to rejections and make it difficult to recover the money.
Check the Exchange Rates and Fees
The foreign currency rate is constantly fluctuating, and relying on a money transfer agent to give you the best rate is not wise. Check the global exchange rates yourself and use tools to compare them.
Look for hidden fees and calculate the exact amount your loved one in Uganda will receive. This will help you get a refund in case of any discrepancies.
Beware of Exchange Rate Scams
Thousands of expats lose money due to exchange rate scams. Here are some red flags you should look for:
- Unrealistically high currency exchange rates
- The agent is using high-pressure sales tactics, asking you to make a decision quickly
- The agent is hesitating in disclosing the actual exchange fee
- Lack of transparency
- The financial institute has a poor online presence and negative reviews from previous customers
- Agents emphasize exchanging higher sums for rewards or discounts
Don’t send money to transfer agents who contact you by phone or email. Always use credible methods to transfer money to Uganda, such as wire transfers, bank drafts, and online apps.
Assess the Security Measures
Next, assess the security measures of your chosen money transfer method. Look for the following security features:
- Multi-factor authentication for logins and transfers.
- Built-in encryption technology to prevent unauthorized access.
- Biometric verification for sending large payments.
- Compliance with the Payment Card Industry Data Security Standard (PCI DSS).
- Tokenization and Secure Socket Layer (SSL) certificates to protect sensitive data during transactions.
Using a money transfer method with robust security measures will ensure peace of mind.
Track Your Transfers
Note down the payment ID after initiating a transfer. Track your payment until it reaches your loved ones in Uganda.
You can turn on automatic transaction alerts or manually check the processing. Many online international money transfer platforms, such as Western Union, give real-time updates for maximum security.
Reach Out to Customer Support
If you’re experiencing payment delays or unexpected deductions, reach out to customer support and report the issue. Many money transfer services offer 24/7 support through live chats and phone calls.
In case of unexpected deductions during money transfer, a dedicated customer support team will process your complaint and provide timely chargebacks.
