Is Currency Online safe for overseas money transfers? | finder.com
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How safe is Currency Online for international money transfers?

Featuring competitive exchange rates and quick transfer speeds, Currency Online has the precautions in place to get your funds overseas securely.

Attention US customers

This provider does not offer money transfers to clients in the US or Japan and residents of Quebec, Canada. Compare similar services to Currency Online to transfer money internationally.

Currency Online lets you send money internationally in minutes once you’ve set up a free account. Learn about the security measures in place to keep your transaction safe.

How does Currency Online protect my money?

Keeping your financial information secure is a top priority at Currency Online. With 25 years of transferring money overseas, Currency Online can safely and quickly get money to your loved ones and businesses abroad.

  • SSL encryption. Currency Online employs 128-bit encryption and is secured by VeriSign to protect your information during transfers.
  • Accountability. Its parent company is Euronext Worldwide, a company that’s publicly traded on the NASDAQ.
  • Segregated accounts. Your money is kept in a separate account so it can be easily identified in case of emergency.
  • 24/7 system monitoring. Currency Online is protected by Norton Security, used by the largest banks in the world.

What are my rights when it comes to money transfers?

The Consumer Financial Protection Bureau established rules in 2013 that protect US citizens when transferring money internationally. Federal law now requires many credit unions, money transfer services and banks to disclose information both before and after a transfer.

Before a transfer, you have the right to know:

  • The exchange rate.
  • Fees and taxes.
  • Fees charged by agents overseas and others involved in the transfer process.
  • The amount your recipient is expected to receive (excluding foreign taxes and recipient fees).

You also have the right to know:

  • Your ability to cancel the transfer. Unless the transfer has been picked up or deposited, you have 30 minutes (and sometimes more) to cancel at no charge.
  • The company or bank’s process to investigate and fix any mistakes. It generally has 90 days to resolve any problems.

These rules apply to all international transfers of $15 or more.

How do I report suspicious activity to Currency Online?

Currency Online will never email you to confirm passwords, transaction details or personal information. If you are the recipient of an email from someone claiming to be Currency Online, do not respond. If you’re wary about an email or phone call, contact your local authorities and email compliance@currencyonline.com.

How to avoid a money transfer scam

Don’t be the victim of a money transfer scam. Stay vigilant with these easy tips.

  • Don’t answer unsolicited phone calls and emails. Phishing scams often involve an email asking you to resend passwords or information. If you’re not sure whether it’s legit, go to the company’s website directly.
  • Don’t transfer money to someone you don’t know. For an online sale or auction, be sure that you have all of the seller’s information. And do a little research online before sending your payment.
  • Ask questions. If a business responds quickly and accurately, that’s a good sign you’re working with a reputable company.

Tips for picking up cash safely

You can avoid becoming the victim of a money transfer scam by staying vigilant with a few easy tips.

  • Call ahead. Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
  • Bring a friend. Carrying money when alone can be dangerous. Ask a friend to come along.
  • Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
  • Keep your cash hidden. Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.

Bottom line

Currency Online is a secure and inexpensive way to send money internationally 24/7. Compare transfer speeds and available currencies to discover if Currencies Online is the option best suited for your needs.

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Common money transfer scams to watch out for

ScamWhat to watch out forWhat to do
Online purchasesAsking for money up frontDo not pay up front, ask to meet or arrange escrow
Lottery and sweepsMust pay a fee to receive your prizeIgnore it; it’s not a real prize
“Guaranteed” loansRequest to pay for your application or taxes before you receive the loanRip it up; do not send the money
PhishingAsking for personal details over email (bank accounts, passwords, SSN)Do not reply or click any links – forward the email to spam@uce.gov
CharityDonation requests from a fake charity posing as real one.Never wire money when donating to charity, regardless of their legitimacy.
Nigerian dignitarySomeone contacts you to help recover a large sum of money, and need your bank account info to help pay fees.Never provide financial information over email.
“Stranded traveler”A loved claims to be in trouble, and they are asking for you to send cash.Never send a money transfer until you can verify you know the recipient.
Online datingGetting to know someone online and after you feel a connection, they ask you to wire money.Never send money to someone you have not met in person.

Keep your money safe from money transfer scams

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