So you need to send some money. Maybe you want to put a few $20 bills in a birthday card. Perhaps it is a larger payment for some non-incomplete, non-binding services provided. In any case, it can be a hassle to send paper money without worrying that it will mysteriously slip out of your envelope and into someone else’s pocket.
“Physically sending cash through the mail or other means is probably one of the least efficient ways to move money,” says Kevin L. Matthews, a financial advisor who has offered money advice to PRE-WIRED. “It’s not necessarily something I would recommend.”
The problem, he says, is that if something goes wrong and the money is lost, there’s really nothing you can do about it. There are better ways to transfer money, but if you absolutely need to get your coins from one piggy bank to another, here are the best ways to do it without getting scammed.
Don’t let yourself be cheated
To be clear, you shouldn’t just put a wad of cash in the mail and hope for the best. The chances of it being lost, stolen, or otherwise ending up in the hands of someone you don’t have are too high.
And lastly, when sending someone a payment, ask yourself these basic questions: Do you know the person you are sending money to personally? Have you checked the agency that claims to get your money to the right place? Is there any fine print? Does the method of sending money seem too good to be true? If any of these questions make you think, it’s probably a scam.
Scams are evolving quickly, Matthews says, and they’re becoming increasingly difficult to detect. “The number one rule is: never send money to someone you don’t know. And don’t be afraid to call and check. That is always an option. Pay attention to the details, verify the information and make sure it makes sense. Because normally, once the money goes out, there’s no way it’s coming back.”
There are many ways to stop yourself and your loved ones from doing this be ripped off and protect yourself of AI scam calls. (Grandma, I promise you, Charter.bot A text message asking you to send gift cards is not a legitimate way to pay your cable bill.)
paper trail
There are ways to send cash safely. If you’re only sending a small amount, such as putting a fiver in a birthday card, using the regular postal system is probably fine. As with anything you send, you run the risk of it getting lost. However, if it is important to you that the money gets to where it is needed, you should insure it or send a money order.
In the US, you are allowed to send cash up to $500 without having to register it with the US Postal Service. It’s not technically illegal to send more than that through the US mail, but it’s also not a good idea. If you need to send cash and you don’t mind Uncle Sam finding out, you can do so Insure your package for a value of up to $50,000. There are a few caveats, however.
