How to send money abroad safely during the holidays

Sending money safely overseas is possible, but as with any online transaction, it's important to keep safety in mind. In fact, less than 6% of consumers regularly transfer money overseas.¹ This could point to a lack of knowledge about the best ways to do it and open the door to possible risks.

Top tips for a safe international money transfer

By using safe money transfer apps and staying vigilant against signs of fraud, it's possible to send cash securely. Here are some tips to help ensure a safe international money transfer.

Use a trusted and safe app

For any overseas transaction, it's a good idea to use an international money transfer app with built-in security features. One way to do this is to choose a well-known brand with plenty of reviews and download it directly through a device's app store.

It’s possible to send and receive money safely and securely with PayPal.² With the peer-to-peer feature (P2P), users can quickly send money to other PayPal account holders in 110+ countries. This can be a convenient way to gift cash to a loved one during the holidays and all that’s needed is the recipient’s name, email, or phone number. Delivery options vary by service. Xoom, a PayPal service, allows customers to send money for cash pickup, directly to bank accounts, and more.

Confirm your recipient’s details

Ensure you have the correct information for the recipient — the person the money is going to. Be sure to double-check the following details:

• Full name
• Email
• Phone number
• Bank or account details

It's important to review the spelling of the name and email address and check the recipient's bank details if required. Using the wrong information could result in money never arriving, and it could be difficult to recover.

Another reason for vigilance is that scammers may impersonate family and friends online. If someone sends a suspicious message asking for help, contact them directly to make sure it's real.

Avoid sending money in the mail

There are lots of risks associated with sending money in the mail. Once the cash leaves the sender, there's minimal accountability as a high risk of theft, damage, or loss. Also, international shipping times during the holidays are unpredictable.

Since it's generally not safe to send money in the mail, it's better to make a digital payment via a direct bank transfer or a money transfer app.

It's not safe to send money to strangers

International transfer scams are not uncommon and include things like offering a lottery win, pretending to be from a charity, or getting in touch about lost inheritance. Sending money to strangers is fraught with risk. In all cases, it's wise to consider whether an unsolicited email or text message could be a scam by asking:

• Is it too good to be true?
• Is there a sense of urgency?
• Are they asking for payment through an unknown channel?
• Is there pressure to hand over bank details or personal information?
• Are they promising to send money back?

If the answer is yes, it could be a scam. PayPal users can block, decline, and report suspicious requests and view their payment history with sellers before they pay in invoice.

Check exchange rates and fees

Exchange rates and fees are an important consideration when sending a payment. In the lead up to the holidays, it's a good idea to check the exchange rate to find the best time to send the money. This ensures the recipient will get as much of that cash gift as possible.

When it comes to international money transfer fees, PayPal aims for full transparency. Customers can view a breakdown of any associated fees to understand what they will pay and the amount their recipient will receive before the payment is finalized in the activity tab.

Track your transfer with PayPal

With PayPal, it's easy to track an international money transfer by going to the activity page and selecting the transaction. With this feature, financial transactions can be monitored and money can be watched as it makes its way to the recipient.

PayPal can help you send money safely during the holidays

PayPal offers a convenient and secure way to send money to loved ones over the holidays. PayPal's security features help the money arrive quickly while minimizing the risk of it getting lost.

It's always important to exercise caution when sending money abroad. That means always confirming someone's details before hitting send and being aware of scams that can surface around the festive season. Extra vigilance against fraud combined with a reputable money transfer app can help protect money.