When transferring money between your accounts there are 3 mistakes to absolutely avoid to avoid the risk of losing part of your savings.
Even transferring money between your current accounts could lead to risks and there are mistakes to absolutely avoid to avoid theft, scams and thefts. Money, as the years go by, is becoming more and more virtual. We pay with credit cards and debit cards, we view our balances from home banking, and we make transfers and payments directly from our smartphones.
Even if cash is used very little, the risk of losing part of your money is still very high. Precisely for this reason, when you are about to transfer your money from one account to another, you must be very careful.
To transfer your money from one account to another, you can use different methods:
- withdraw cash from one account and deposit it into another;
- have the bank where you have an account issue you a cashier’s check to then deposit into the current account at another bank;
- use a bank transfer.
In all three cases, those who transfer money are not subject to the limits on the use of cash (which, we recall, only apply in the case of transferring money to third parties), but the most commonly used method today is that of direct transfer, via a bank transfer.
What is a bank transfer and differences with a wire transfer
The first thing that will be explained is the difference between a normal bank transfer and a bank transfer. These are two different banking transactions. A bank transfer allows you to transfer money from a current account in your name to one in the name of another person. It is therefore used to transfer money to other people.
The bank transfer, on the other hand, allows the transfer from one current account to another (or from a current account to a savings account) both registered to the same person. The person who makes the transfer and the person who receives it is therefore the same. Even if the account that receives the transfer is also registered to another person (jointly registered), the bank transfer is used. This is an operation that takes shorter times and, usually, lower costs (but this aspect depends on the credit institution of which you are a customer).
The 3 mistakes not to make when transferring money from one account to another
If you use the electronic money transfer to move them from one account to another, you must be very careful and use specific precautions to prevent your savings from being stolen by malicious people.
The first mistake to avoid when using a telematic transfer system is not checking whether the site you are using (even if it is your bank’s) has a https protocol. Simple HTTP does not guarantee the security of the data transmitted and could expose your sensitive data to theft by malicious people. How do you recognize a secure site? In the address bar of the browser you are using, there must be a padlock symbol (which guarantees the use of the HTTP protocol).
The second mistake that you should not make is not giving the right weight to "End-to-end" encryption. If you use the app made available by your bank, it is always a good idea to check whether it uses this particular encryption that allows the reading of financial information transmitted only to the recipient and the sender. In the presence of end-to-end encryption if a malicious person illegally enters the telematic network, it will not be able to steal any sensitive data.
The third mistake to avoid is not paying the right attention to the IBAN of the recipient account before confirming the transaction. In this case, you risk sending the transfer to a current account other than your own. It is also advisable to constantly monitor the transactions performed to check that the one just arranged is present and block, if necessary, unauthorized ones.
Many credit institutions also allow the customer to receive a notification on the app or via SMS for each arranged transaction to check that they are aware of any payment or transfer arranged from their current account.
Original article published on Money.it Italy 2024-09-15 16:45:00. Original title: 3 errori da evitare quando trasferisci soldi tra i tuoi conti
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