How safe is it to send money online?


Quick Answer

It is safe to send money online as long as an established and respected money transfer service is used, says Get Safe Online. Such services put in place several safety measures so that the money reaches the desired destination and no data is stolen en route, explains HowStuffWorks.

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Full Answer

Layered data encryption is the most important safety measure used by services that transfer money online, states HowStuffWorks. Owing to data encryption when the money is en route it exists as coded data and gets decoded only when it is deposited in the recipient's account. This way even if the data gets hacked when being transferred, it will appear illogical to the hacker. Also, all online money transfers are processed by the Automated Clearing House, which ensures that financial data transmission is done in a secure manner.

Additionally, the money transfer services offer their own protection through insurance policies, confirmation phone calls and confirmation emails to both parties so that bank account details are not divulged and money reaches the right hands, details HowStuffWorks.

Some safe methods of sending money online are through online banking, via Western Union and MoneyGram, and through reliable online money transfer services such as PayPal, recommends Technology Personalized.

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