Money transfers are part of everyday life. Maybe you use a peer-to-peer payment app to reimburse friends for dinners, pay your cell phone bill online, or tap your digital wallet for coffee.
What you may not do often is send money across borders. And when the need arises, international money transfers (also known as global remittances) can feel intimidating. Whether you’re helping family abroad, purchasing goods from overseas, or funding education in a foreign country, it’s important to use a secure and reliable service.
Below, we explore how to safely send money internationally, along with red flags to watch out for along the way.
Key Points
• Thoroughly vet the transfer service to ensure licensing and regulation.
• Consider the exchange rate markup as well as the transfer fee for total cost.
• Triple-check recipient details to prevent errors.
• Protect your account with a strong password and two-factor authentication.
• Learn to identify red flags of wire fraud, like urgent requests or unknown recipients.
10 Tips for Safely Sending Money Internationally
Sending money across borders is becoming increasingly easier and faster to do through banks and other money transfer service providers. But there are still risks involved — from security concerns to remittance scams to hidden transfer fees. Here’s how to make the process as safe and seamless as possible.
1. Vet Your Transfer Service Like a Detective
For one of the most secure options, and particularly for larger amounts, you may start with your own financial institution to see what options they provide for international transfers using your bank account. Some banks may offer wire transfer services or app-based international transfers.
If you can’t use your bank, make sure you thoroughly vet any provider you’re considering. Check to make sure the company is licensed and regulated by financial authorities in your country. Legitimate services should make this information easy to access and verify.
It’s also a good idea to research customer reviews and ratings for the company. Look for patterns, such as repeated complaints about transfer delays, poor customer service, or surprise fees.
2. Look Beyond the Transfer Fee
Banks and money transfer services typically charge a transfer fee, which may be a flat fee or a small percentage of the amount you send. But this fee is only part of the story. It’s also important to look at the exchange rate the service is offering you.
Banks and providers often add a markup to the ​​mid-market exchange rate, which is the rate that big banks use when they’re trading foreign currencies with one another (and often considered the “real” exchange rate).[1] For example, a bank will often add 3% to 6% to mid-market rate, which considerably adds to your costs.
The best way to compare global remittance providers is to look at both fees and exchange rates, and exactly how much the recipient will receive when all is said and done. A service with low or no upfront fees but a high rate markup could cost more than one that charges a transfer fee. Fortunately, federal law requires international transfer companies to be transparent about all fees (including the exchange rate that applies to the transfer) before you pay.
3. Triple-Check Every Recipient Detail
When sending money internationally, small errors can lead to major big headaches. A single wrong digit in an account number or misspelled name can delay your transfer — or worse, send it to the wrong person entirely.
Before confirming a wire transfer, carefully review:
• The recipient’s full name, address, and phone number
• The recipient’s bank name, account number/IBAN, and routing number or SWIFT/BIC code
• Account type
• Transfer amount
• Your full name, address, and phone number
While this may seem tedious, spending a few extra minutes verifying details is likely to be a lot less painful than trying to reverse a misdirected transfer.
4. Secure Your Account With Digital Locks
When using any kind of payment service, it’s critical to protect your personal and financial details from being intercepted by hackers or unauthorized parties. To guard against bank fraud, be sure to:
• Use a strong password: This is the initial key to your account. To make sure scammers don’t get through the door, use a strong, long password and make it unique for each account. Consider using a password manager to keep track of them.
• Enable two-factor authentication (2FA): This adds another layer of security by requiring a second verification step, such as a code sent to your phone or email or a fingerprint scan. Even if a fraudster has your email and password, it would be difficult for them to get through the door thanks to your digital deadbolt.
• Set up account alerts: Many transfer services offer notification for login and transactions. These account alerts give you real-time updates and can help you spot unauthorized activity quickly.
5. Learn to Spot the Red Flags of a Scam
Fraudsters often use wire transfers to scam people because they offer a fast, irreversible, and difficult-to-trace method for sending money internationally. This allows them to quickly collect funds and disappear before victims realize they’ve been defrauded.
To protect yourself from wire transfer scams, the Federal Trade Commission (FTC) cautions against sending money to:[2]
• Anyone you’ve never met in person
• Someone claiming to be from a U.S. government agency (the government won’t ever request payment this way).
• Anyone who makes an urgent, high-pressure request for payment.
• Anyone who says a wire transfer is the only way to pay.
• Someone who tries to sell you something over the phone (it’s illegal for a telemarketer to ask you to pay with a wire transfer).
Send cash in a flash with worldwide money transfers.
6. If It Sounds Too Good to Be True, It Is
Sometimes transfer services use marketing tricks to lure customers. Some might advertise “zero fees” but significantly inflate exchange rates. Others might claim “instant transfers” when funds typically take days to clear.
If you encounter a deal that seems unusually generous, proceed with caution. Ask yourself: How is the company making money? Reputable providers prioritize transparency regarding fees, rate markups, and transfers times, making it easy to compare service apples to apples.
7. Use Traceable, Digital Methods
While using an international money transfer isn’t entirely risk-free, sending cash in the mail or through a courier is far riskier. If that envelope is lost or intercepted, the money is gone and there’s no way to get it back. Mailing a check isn’t fail-safe either. If it gets lost or stolen, it could lead to delays and, potentially, check fraud.
By contrast, banks and licensed money transfer companies provide tracking options to monitor your transaction. Once you send money, you’ll receive a confirmation number or tracking code. You can typically enter this on the provider’s website or app to see the transfer’s status in real time. Some services also send an email or phone alert when funds are received. Having a reference number can help resolve any issues that come up.
8. Keep Meticulous Records
It’s a good idea to document everything when sending money abroad. Make note of any confirmation codes, save your receipts, and screenshot all correspondences, as well as advertised exchange rates and fees. These records could come in handy if there is any need for dispute later.
9. Know Whom to Contact If Something Goes Wrong
If a transfer fails or seems suspicious, knowing your next step is key. Every provider should clearly state their dispute resolution process and provide multiple support channels (such as phone, chat, or email).
If you make an error or you realize you sent money to a scammer, you’ll want to contact your bank or the money transfer service immediately to explain what happened. If it’s early enough, they may be able to correct or reverse the transfer. If you’re the victim of any kind of money wiring scam, you should also report the experience to the FTC.
10. Send a Small Test Transfer First
When using a new service or sending money to a new recipient, consider sending a small test transfer before committing to a larger sum. This allows you to:
• Verify that the service works as expected
• Ensure recipient details are correct
• Confirm the timeline for delivery
• Check the actual exchange rate applied
While you may pay a small fee, a test run provides reassurance and minimizes the risk of costly errors. Once you’ve confirmed everything works smoothly, you can proceed with confidence on larger transfers.
The Takeaway
Sending money internationally can be stressful, but as long as you use a trusted, regulated, well-reviewed service — and make sure you get all the information correct when submitting the transfer — you should be fine. Just remember: Money transfers are a favorite tactic of fraudsters. Never send money to someone you don’t know.
Being proactive and approaching each transfer with caution and care helps ensure that your money reaches the right hands, for the right purpose, every time.
SoFi Checking and Savings members can now send money to Mexico, with other countries to follow soon. SoFi worldwide money transfers are a fast, affordable, and simple way to transfer money to loved ones abroad — directly from the SoFi app.
If you don’t have SoFi Checking and Savings, you’ll need to open and fund an account before making an international money transfer.
FAQ
What’s the single-most important security feature to look for in a transfer app?
One of the most important security features to look for in a transfer app is two-factor authentication (2FA). This adds an extra layer of protection, such as requiring you to enter a code sent to your phone or a fingerprint scan. Even if your password is stolen, hackers can’t easily access your account without the second verification step. This significantly reduces the risk of unauthorized transactions.
What should I do immediately if I think I’ve been scammed?
If you think you’ve been scammed, contact your bank or money transfer provider immediately to report the fraud and request a hold or reversal if possible. Next, you’ll want to change your account passwords and enable two-factor authentication (if you haven’t already). It’s also a good idea to file a report with the Federal Trade Commission.
Is it safe to save my credit card information in a money transfer app?
If the money transfer app is reputable and regulated, storing your credit card information in your account is reasonably safe. However, no system is foolproof, as data breaches can still potentially occur. In general, it’s a good idea to limit storing your payment details online to reduce potential exposure.
How can I verify a transfer request from a family member is legitimate?
Scammers often impersonate family members, so it’s crucial to confirm any suspicious transfer requests via a separate channel, not through the message you received. To make sure you aren’t being scammed, call your loved one using a trusted phone number or video call before you send any money. If that’s not possible, ask the person making the request a very specific question only your loved one would know the answer to.
About the author
Timothy Moore
Timothy Moore is a personal finance writer and editor and a Certified Financial Education Instructor. His work has been featured on sites such as USA Today, Forbes, Business Insider, LendingTree, LendEDU, and Time. Read full bio.
Article Sources
- Consumer Financial Protection Bureau (CFPB). What is a remittance transfer and what are my rights?.
- Federal Trade Commission (FTC). What To Know Before You Wire Money.
Photo Credit: iStock/Dilok Klaisataporn
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SOBNK-Q325-115
SOBNK-Q325-115