Sponsored by Xoom, a PayPal Service
Lockdowns and social distancing have changed the way we send money internationally. There are multiple ways to send money such as bank transfers, money orders, and cash transfer through foreign exchange (FOREX) agents among others. However, while there are many options to choose from, you want to make sure that you are choosing the safe way to send money.
Safe money transfers during the Coronavirus pandemic refer to both financial and personal safety. Traditional ways of sending money often require physical contact, meaning you may have to meet an agent or broker, or visit a physical location. These traditional services can also be more expensive than some of the newer digital services in the industry.
While banks and other financial services are considered essential and continue to remain open, many people are beginning to shift to online and digital money services to reduce the risk of exposure to the virus and maintain personal safety. This is especially important when sending money internationally, since you want to make sure you're selecting a money transfer option that keeps both you and your recipient safe, with services that offer contactless transfers.
Money Transfer Scams
In 2019, the Federal Bureau of Investigation (FBI) coordinated raids with police of 10 foreign countries that led to an arrest of 281 people in connection to money-transfer scams suspected of stealing millions of dollars from companies and individuals.
In the report by the Federal Trade Commission (FTC) on fraud by payment method, credit cards and gift cards were one of the top payment methods wherein fraud was committed.
As we self-quarantine and are relying on the internet more and more to stay connected, scammers and hackers around the world are using these uncertain times to take advantage of vulnerable consumers. Here are a list of the common fraud trends to be aware of as you continue to navigate through the pandemic:
If you have been scammed, we recommend calling the money transfer company immediately to report the fraud and filing a complaint with the FTC.
More Information: Here are some tips to protect yourself from financial fraud
Is using a digital money transfer company safe?
When selecting a money transfer service, you want to ensure that your banking and personal information will remain safe. For example, digital remittance services like Xoom, a PayPal service, help to reduce the risk of having your payment information compromised, as it allows you to securely store your payment information, so you don't need to enter it for each transaction you make. Xoom also leverages proprietary compliance and anti-fraud policies and procedures mandated by applicable laws and regulations that help ensure your transactions are secure.
There are a number of ways to identify if the service you use is secure. Here are a few tips to identify if an online money transfer company is safe:
Tip 1: Check the registration license
In the United States, all money transfer service providers require a license. Referred to as Money Services Business (MSB), the federal license is administered by the Financial Crimes Enforcement Network (FinCEN) of the United States Department of Treasury.
You can find the registration status of money transfer service providers using the MSB Registrant Search on FinCen.
Tip 2: Encryption
When you are sending money online, make sure the website and the mobile app are secure and encrypted. Entering your debit card or credit card details on an unsecured website means that hackers could intercept the information and steal your data.
There are a number of ways of helping to ensure security and the most common way is through SSL certification. SSL enabled website creates a tunnel between the server that hosts the website and your browser, which means hackers cannot access the information you have transmitted over the internet.
Xoom is a VeriSign SSL Certified secured site that uses 128-bit data security encryption, so information sent between your web browser or mobile app remains private and secure.
Tip 3: Read verified reviews
All the money transfer companies listed on CompareRemit are regulated and secure. The best way to select the best money transfer company is to compare them side-by-side and read the verified reviews.
Click on the individual money transfer companies to find out what our verified users are saying. Here is a link to what our users have said about Xoom. Xoom has great ratings on Trustpilot and App stores. Happy customers have mentioned exchange rates, fast speed, low fees, and customer service as their favorites.
According to recent data released by the central bank, Mexico received an impressive sum of nearly $5.7 billion in remittances during the month of May, setting a new monthly record. However, analysts caution that the strength of the peso against the dollar may have mitigated this achievement.Since the majority of remittances to Mexico originate from the United States, the value is recorded in dollars. Goldman Sachs analyst Alberto Ramos explains that "a strong peso hurts remittances," referring to the fact that the appreciation of the Mexican currency has an adverse effect on the funds received when converted from dollars to pesos.Interestingly, the peso has emerged as one of the top-performing currencies this year, appreciating over 13% against the U.S. dollar between May 2022 and May of this year.Due to the peso's appreciation, when measured in local currency, remittances actually experienced a 2.2% decline compared to the previous year, as stated by Ramos.Mexican President Andres Manuel Lopez Obrador has consistently highlighted the positive impact of remittances on the country's economy. The funds, primarily originating from the United States, have played a significant role in Mexico's economic growth.In 2022, Mexico recorded a record high of $58.5 billion in remittances from abroad, making it the second-largest recipient country, trailing only behind India.Despite the challenges posed by the "super peso," the dollar value of remittances sent in May increased by nearly 11% compared to the previous year.The latest data for May reveals a substantial jump of almost 14% compared to the previous month, resulting in a total inflow of funds reaching $24.67 billion this year.Notably, this amount surpasses the combined revenue generated by oil and agricultural exports during the same period, as noted by analysts at Mexican brokerage Monex.Analysts at Monex and BBVA attribute part of the May surge to the celebration of Mother's Day, suggesting that around 10% of the increased transactions can be attributed to this commemoration.The number of transactions in May experienced a 7% year-on-year increase, reaching a total of 14.56 million. Furthermore, the average amount per transaction rose by 3% to $391.Goldman Sachs' Ramos emphasizes that the strength of remittances reflects the robust U.S. labor market and visible wage growth, particularly in sectors where Mexican citizens are prominently represented.To compare today's best rates when remitting money to Mexico, use CompareRemit's easy-to-use USD to MXN exchange rate comparison tool!
CompareRemit is thrilled to announce the launch of our NEW Spanish language website! Spanish speakers can now effortlessly navigate through the CompareRemit website to compare exchange rates, fees, and transfer time when looking to send money overseas using one of our trusted partners. Fully understand the offerings of online remittance companies and compare their services with ease while browsing our Spanish-translated site. In addition to making comparisons easier to navigate in Spanish, we have also launched a Spanish blog dedicated to money transfer guides and topics that will help Spanish speakers better understand how to send money online, how to use money transfer apps, reviews of the best remittance companies, and so much more. Plus, we don’t use Google translate for our Spanish-language supported website; our site is translated by native Spanish speakers to ensure that you are receiving accurate and helpful information. How to Navigate the New CompareRemit Spanish Language SiteStarting on the homepage, check out the current exchange rates for top remittance countries, including USD to MXN. These are the best available market exchange rates offered for the moment. You can also manually enter in how much money you are looking to send and to which country, which will redirect you to a new page detailing the company choices you have. You can compare exchange rates, transfer fees, transfer time, and coupons available from our trusted partners. If you are looking for more information on the best ways to send money overseas or tips and tricks when it comes to exchanging or transferring money, be sure to navigate to our blog section. Here, you’ll find detailed articles related to remittance to help make your money transfers easy and seamless. Find detailed money transfer guides, the latest news, and more! To see what offers our current partners have, check out our coupons page. Here, you’ll find the latest deals that our trusted remittance partners are offering. Typically, you’ll be able to get a special exchange rate for your first transfer, or money off your first transaction. Don’t miss these deals, because they don’t last long and help you save even more money when sending cash overseas. Lastly, if you have any questions or concerns while scrolling our site, head to our contact us page where you can send us a message. We will get back to you as soon as possible! We hope that our new Spanish website helps Spanish-speaking visitors to easily navigate the CompareRemit website. Use our website before sending any money overseas to get the best exchange rate, lowest transfer fee, and fastest turnaround time. Compare USD to MXN today!
The Indian Rupee has closed at a 20-week low against the US dollar. Paired with the unexpected outcome of the US presidential election this past week, the main reasons for dragging the rupee down can be accredited to the strike on black money via demonetization of high-value currency notes and weak industrial output. The US currency, in turn, has strengthened based on speculations that the policies of the US President-elect Donald Trump would be inflationary and lead to a rise in the interest rates, thus impacting foreign money flow to emerging countries like India.Foreign investors withdrew over Rs. 2,350 crore from the stock markets as the US-backed assets are looking more attractive and as a result, the economy is expected to improve in the coming quarters.According to India ratings, the sudden decline in money supply and a simultaneous increase in bank deposits - due to withdrawal of 500 and 1000 rupee notes - will adversely impact consumption demand in the economy. This, coupled with the depreciation of real estate, construction and informal sectors, will further weaken the rupee in the upcoming months. It is very much possible in the upcoming months, as well as even forecasted by many agencies, that US Dollars will become stronger against Indian Rupees. All this means is that the spending power of the NRIs will increase, leading to a rise in the remittance flow to India.Compare. Save. Send Money Home Wisely.TODAY'S BEST RATE USD to INRAdditional ReadingHow will India's Currency Ban Affect NRIs in the USA?How India's currency ban of Rs. 500 & Rs.1000 will affect NRIs?How much Indian Rupees can one carry to India?
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