Pay it Safe: Is Your Financial Service Provider the Safest Way to Send Money Overseas?

When we set out to find the best online banking solution, we come across ads that typically discuss rates and fees, special promotions, and fun features. While these are all important elements that we should definitely look into, an excellent online financial service is, first and foremost, safe and secure. 

In a world that deals with cybercrime on an hourly basis, it should come as no surprise that many users are concerned with their online financial service provider’s ability to protect their data. Almost half of EU citizens state that their main concern when using the internet is the security of online payments, and they are 100% correct. The data on digital financial platforms is extra sensitive. While other online services might eventually lead hackers to our most prized possessions, financial services have a direct link to our bank accounts. 

A safe service provider:

  • Protects your data from possible breaches and leaks 
  • Isn’t gathering sensitive and unnecessary information on your personal preferences 
  • Would never trade the data you provide
  • Doesn’t collaborate with questionable businesses or individuals 

So, assuming we would hate to miss out on the many benefits offered by digital banking services, it is up to us to examine whether the service we’re interested in is secure enough. Sounds complicated? Follow these steps, and you’ll soon realize it’s easier than you think. 

The safest way to send money overseas is by following these guidelines: 

  • Only work with fully regulated businesses:

    Avoid using unauthorized banking services that may actually be involved in certain illegal activities themselves. Trusting criminals with your money is not the best idea, to say the least. Only choose digital financial service providers who follow the rules and take full responsibility for their work and your finances. 
  • Research the company’s data protection history:

    Unfortunately, some banks and digital financial service providers have already suffered breaches and leaks that made headlines. Conduct quick online research to reveal whether the service you’re after is on that list.  
  • Check the company’s certifications:

    The security world offers different mandatory and voluntary regulations and certifications. Visit the service’s website and read the privacy policy to see which ones they comply with. To give you a sense of what responsible online banking services look like, here are some of the regulations and guidelines Rewire adheres to.  
    • GDPR: The General Data Protection Regulation is an EU legislation that protects European’s data and privacy within and outside the EU.
    • AML Directive: The 5th European Anti-Money Laundering Directive
    • Guidelines of the European Banking Authority: An additional layer of security in order to reduce fraud. For example, adding a 2 factor authentication process for account holders.
    • Local regulations: Each region has its own regulations. Since Rewire offers safe money transfer from one location to another, we comply with each and every one of the relevant regulations. Some regulations in the Netherlands, for example, include the Dutch Money Laundering and Terrorism Financing (Prevention) Act, the Dutch Sanctions Act 1977, and more. 

With a little research and care, you can make sure that your hard-earned money will stay protected. After all, your financial service provider’s job isn’t just to transfer money between accounts but also to offer you the peace of mind in knowing that you’re in good hands. Stay safe!