How To Make Secure Money Transfers?

Secure Money Transfers

Let’s see how to lower the risk. And everything is simple: 

You do not need to pay/transfer money to a card/phone, but you need to make a regular bank transfer. And that’s all, that’s enough.

When you transfer money through a card, you use the VISA / MASTERCARD payment system, etc., which carries out the transfer, but, in addition to the payment system, you can transfer money to the bank account of the cardholder. 

The jug is the same, but the delivery methods are different. If you use a transfer via a card, then you are using a payment system, transactions in which our control authorities are not very well tracked. Also, in the history of payments on your account (in the statement), this information is reflected sparingly. But, if you make a transfer to a bank account, then the recipient of the money must tell you a little more information than the card or phone number (when binding the card to the phone), so to speak – he must open up in front of you. 

For such wire transfer you need:

  • The bank routing number – this is the 9 digit code that you use. For example, that you’re going to make a wire transfer with Capital One bank. So, you need to provide the capital one routing number.
  • Correspondent account – the account of the recipient’s bank 
  • The number of the payee’s current account is actually an analog of the card number, consists of 20 characters, and has a keying algorithm. Keying is an algorithm for checking the correctness of the account number, that is, in principle, you cannot transfer money to a PC if you made a mistake in one number – the account will not pass keying. With a few numbers it is more difficult – you can guess by chance.
  • Full name of the payee – everything is simple here.
  • Purpose of payment – a short description of what you are transferring money for.

For security purposes, make sure you identify the BIN number before making any money transfer for security that money is going to the right place. By using the bin checker tool you can easily look for the BIN number.

Yes, this method is somewhat more complicated than transferring by phone number, but there is the list of advantages:

  • You transfer money to the real owner of the current account, who has a full name, and the bank also stores passport data. An alternative is a number of the card, which can be virtual, or the phone number attached to the card, which is also a dull identification of the recipient.
  • Also, you indicate the text in the purpose of payment – this will easily allow you to resort to proceedings if you have not received the product/service from the recipient of the money.
  • If you made a mistake in the details of the recipient and the money left your account, then they either return automatically, or you need to make a request to search for money first in your bank, and then in the recipient’s bank. In case, the money will be returned.

Many will ask the question of how the account number differs from the card number: 

The current account number is your bank account, without it, you cannot open any bank card !!! That is, the account is primary, not the card. And only then, a card is tied to this account, which is serviced by the VISA / MASTERCARD payment system and so on. 

Accordingly, any cardholder can easily find out his account. To do this, you either need to contact the bank and they will gladly provide you with this information, or look in the section of your own details in the client bank (Internet bank).

To the security account for the recipient of the payment: it is impossible to write off money from the current account knowing only the account number (in fact, like the card), authorization is required.

How to carry out the procedure:

  • You can open your mobile bank and find in the transfers section: payments/transfers in other banks or a similar item. And then you indicate the details, amount, purpose of payment, and money off you go.
  • Come to your bank with a passport and say that you want to make a transfer using the available bank details.
  • On the account of the terms of the transfer: yes, the bank transfer takes a little longer to process, up to 3 working days. But, practice shows that money comes during the day. Payment to the card very often takes place in a matter of minutes.
  • The commission is approximately the same for both procedures, or it is not at all, it all depends on the bank, card, service cost, etc.

Well, the main point: if the recipient of the money does not want to show you his details or does not want to know them to complete the transaction, then he has good reasons for this – either laziness, or stupid, or a fraudster. 

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