personal privacy concerns with online money transfer

brannsiu

Honorable
Apr 20, 2013
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Hello
I'm recently trying some online money transfer that claims to save a lot compared to that of the bank fees.
I've registered a reputed service and provided my passport and residential address details to them and uploaded a copy of those photos for verification.

I'd like to know, would a legal and reputed online money transfer service take my personal information seriously? According to the common regulations, normally speaking, would they send a copy of my passport or residential details to their national government ?

I am not a criminal or anyone doing illegal business but I personally have bad feeling of giving those
information to an overseas company.

What do you think

 

Ralston18

Titan
Moderator
Do not do it. However, per your post it may be too late....

Follow your instincts.

The cliché being "if it is too good to be true it probably isn't" applies.

Work directly with your bank or other financial institution. If you are a good customer then you may be able to get a discount on the fees or maybe even have the fees completely waived.

Even then the fees may address some level of protection for you.

"Good" is technically subjective. However if you have been a long time customer with money in various accounts, then the bank may deem you as "good".

Ask and press the matter.

In the meantime, take a few extra actions to protect your accounts. Let the banks know that your information may (and probably has) been compromised.

Better to be wrong about that than find out later you were not wrong.
 

brannsiu

Honorable
Apr 20, 2013
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I sent EUR 1000 with TransferWise for the first time. It was very risky but it was so successful ! The most risky part was that I need to transfer money to their local account first and then they'll use their foreign account of my destined country to transfer the money to my receiver.

It's really so risky but it worths a try especially if you are going to send a very small amount of money, less than US 3 is needed to send small amount of money which is just impossible to do through banks at that price. However, if you need to send a large amount of money their fee will be close to that of the bank so it will be safer to do through banks if
you are going to send a lot of money
 

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