So you have to send money. Maybe you’d like to slip a few $20 bills into a birthday card. This may be a larger payment for services rendered that are out of the norm and not at all sketchy. Either way, it can be a pain to send paper money without having to worry about it mysteriously slipping from your envelope into someone else’s pocket.
“Sending money physically through the mail or otherwise is probably one of the least efficient options for moving money,” says Kevin L. Matthews, a financial advisor who has offered financial advice to several people. WIRED front. “It’s not necessarily something I would recommend.”
The problem, he says, is that if something goes wrong and the money disappears, there’s really nothing you can do about it. There are better ways to transfer finances, but if you absolutely must move your coins from one piggy bank to another, here are the best ways to do it without getting scammed.
Don’t get scammed
To be clear up front, you shouldn’t just send a wad of cash in the mail and hope for the best. There’s too much of a chance that it will be lost, stolen, or end up in the hands of someone you didn’t intend for.
And on that last point, if you’re sending anyone any type of payment, ask yourself these basic questions: Do you personally know the person you’re sending money to? Have you checked the agency that’s supposed to get your money to the right place? Is there any fine print? Does the method of sending money sound too good to be true? If any of these questions give you pause, it’s probably a scam.
Scams are evolving quickly, Matthews says, and they are 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. It’s always an option. Pay attention to details, verify information, and just make sure it makes sense. Because usually once that money goes out, it absolutely doesn’t come back.
There are many ways to protect yourself and your loved ones. get scammed and protect yourself AI scam calls. (Grandma, I promise you, Charter.bot texting asking you to send them gift cards is not a legitimate way to pay your cable bill.)
Paper trail
There are ways to send money securely. If you’re only sending a small amount, like putting a nickel on a birthday card, using the traditional messaging system is probably a good solution. You run the risk of losing it, as with anything you send. But if you want the money to get where it needs to go, you need to insure it or send a money order.
In the United States, you are allowed to send money up to $500 without having to register it with the U.S. Postal Service. It’s not technically illegal to send more than that via US Mail, but it’s not a good idea either. If you need to send money and don’t mind Uncle Sam knowing, you can insure your package for a value of up to $50,000. There are some caveats, however.