How to avoid money transfer scams?

When you want to make a money transfer to India when settled abroad, there are various options you can consider. However, each of these options have their own unique features, they also have different requirements. Additionally, there is also a risk when it comes to using these modes of the channel to transfer funds. One of these risks is transfer scams.

Through certain money transfer channels, you cannot get your funds back. Scammers encourage unsuspecting applicants to use these channels, and convenience such users to send a large amount of funds to their destination back home.

What are risks involved with money transfer?

If you want to make a money transfer to India, it can be very useful. However, it is extremely risky if you want to make transfers if you need to send funds to an unknown source. As mentioned previously, once the funds have been dispatched and received, it is difficult to get the funds back. Additionally, if the recipient of the fund delivery gets the funds quickly, it is nearly impossible to reverse the transaction, especially if you’ve made a mistake in sending to the wrong source. However, with certain steps you can take, you can avoid money transfer scams.

Steps to take to avoid money transfer scams

The first step to take when avoiding a possible money transfer scam is to identify the recipient you are sending the funds to. If you get a request to transfer funds from these sources, you must either avoid or report them immediately:

• Individuals who insist on wire transfer for payments only
• Online love interest who are seeking emergency funds
• Rental or purchase flats available immediately for those who make an immediate money transfer.
• Potential employer or individual who is hiring you to make purchases
• An individual who is pretending to be a relative or friend of your friend, who is requesting emergency funds for hospital or legal reasons.
• Sources that claim you have won a prize and asking you to transfer a few funds so that your winning amount can be transferred to your bank account.

At times, scammers will also ask you to deposit a check on behalf of them. In return, they will wire the funds back. In this case, the check provided is fake which will bounce. In the end, you will owe your bank the funds you withdrew. In such an incident, it would take ages for the funds to be deposited from the check. By this time, the money would already be transferred, while it takes the time for the check to be discovered. In in the end, if you haven’t met the recipient in person, look for alternate sources of money transfer that works in your favour.

A simple guide to setting up a health insurance plan for yourself today?

No one likes to fall ill, especially if it required plenty of funds to recover back to normal. However, at some point in life, you will need the required treatment. In this case, a health plan is a great way to stay financial well protected as you grow old. Not only does it protect your health, it also ensures that your family members are well protected, in the event something happens to your health.

However, when you apply for a health insurance plan, it may seem like a complicated process. Apart from plenty of factors to consider, you will need to take ensure that you make a detailed comparison before you make your decision. Once you have decided what your ideal health plan is, here are the steps you will need to take:

Step 1: Proposal form and doctor’s interview

This is one of the crucial steps you will need to take when opting for a health insurance plan. When filling the details for this form, you must be careful and diligent. You will then need to submit the proposal form to the insurance company, wherein which, a panel of doctors will run through the proposal. At times, the panel of doctors will also call you to get a clearer clarification on any of your medical declarations.

Step 2: Schedule for medical check-up

After your proposal has been reviewed and the doctor’s review, you will need to undergo a set of medical check up to assess the finalization of the proposal. During this process, you may have to undergo at most 12 to 15 different check-ups. Some of the check-ups will include tests related to your blood, lipid, sugar, urine amongst others. You may also have to undergo liver function test, kidney function test and serum creatinine routine tests. A PSA for men and sonography for women may also be recommended. If you enjoy a well-controlled lifestyle or suffer from minor ailments,  you have a good chance of getting through the medical check-ups easily.

Normally after this step, you will be given the clear ahead for the approval of your health insurance proposal. In reality, most health insurance policies have a stringent evaluation before accepting any proposal of insurance. In some cases, your proposal may be rejected. So what are the steps you can take if such a case arises? Here is what you can do:

Opt for a re – check up at a reputed medical institute

In the occasion you are having doubts over the medical evaluations of your proposal, you can take the same tests at another reputed lab. If you get the required favourable results, you can contest with the insurance company against their previous results. In this case, the insurer can rely on your report or opt for another retest before taking a final decision.

Eliminate your fears and doubts about sending money to India

For those who have settled abroad, sending funds back home is always a concern. While there are plenty of means to do so, there is always a fear that the funds will be misled, stolen or even take the time to be deposited. Keeping this mind, plenty of these individuals think twice before opting to send money to India. However, while these fears and doubts are normal, certain steps can be taken to eliminate them. Given below are details of how you can take the necessary steps to send funds back home without any fear.

Opt for the safest means of money transfer options

There are plenty of ways you can send funds back home to your family or friends whenever required. Means such as wire transfer, online transactions, and online bank accounts are some of the different options one can consider when making the required money transfer to India. Each of these options has different safety features that ensure you can securely transfer money to India. Take, for example, the wire transfer requires a secure answer to be shared between the sender, receiver, and the respective banks. Even online transactions through the means of online bank accounts would require a secured password to be shared between both parties to ensure that the transaction can proceed.

Set up alerts for the money transfer process

Setting up alerts for your money transaction is one way to stay alert of the proceedings. These alerts can be in the form of phone calls, email alerts or even message alerts. Through these alerts, you can be well aware if the right amount of funds have been withdrawn from your account or whether it has been deposited in the receivers account. Some means of money transfer also take a required time period. Therefore, if you do set up an alert system within this given time period, you can take the necessary steps to ensure that your funds reach the designated location on time.

Opt for large money amounts for regular transfers

If you make regular transfers to your home country, it is best to opt for a large amount over a small amount. Through a lot of funds, there will be no requirement for you to make smaller transfers. With smaller amounts, you will have to make multiple transactions. Additionally, you will also send a lot of funds on the transfer and conversion charges. Even a single large transfer will have low risks of transfers as compared to multiple small transfers. Therefore, when making a money transfer to India, the ideal solution here is to opt for a single, yet large amount.

While there are plenty of other tips to consider, these basic tips should help you eliminate any fears or doubts associated with sending money to India.

3 myths busted about online mobile recharge

With today’s progress in technology and economy, financial transactions have now been designed to provide the ultimate form of convenience. From the comfort of your home or your mobile phone, you can now easily make any online transactions. These transactions can include purchasing stocks, making bill payments and even opting for an online mobile recharge of your choice.

Through this process, one would need to log online the respective recharge website and opt for the required recharge amount or package. Once the selection has been made, one only needs to make the required payment through a banking card or alternate offers such as cashback. Once this process is done, the recharge amount will be directly deposited in the prepaid user’s number account.
Although this form of mobile recharge is slowly becoming a popular trend for many prepaid mobile connections users, there are still plenty of myths surrounding it. Most of these myths are a cause of misunderstanding or unawareness of the different features of this form of mobile recharge. Given below are the details that debunk these myths.

Myth 1: Most online recharge networks are never secure

The risk to an account user is as high as what the venture is providing the recharges. In other words, if measures are not taken to protect a transaction from a user end, there is a high chance that measures can be taken by unruly characters can access any date of the venture that is providing the recharge. There are various ways such characters can access this data, especially through means of hacking, malware or even adware. Therefore, these companies take immense means to protect the networking channels, thus providing you with the ultimate form of protecting whenever you want to make an online recharge for your mobile. If you are unsure about the security of your online mobile recharge transaction, look for the SSL certificate when making a transaction. This code indicates that the transaction that is being made is secured one.

Myth 2: Your financial account details are permanently stored with the recharge venture database:

Storing of any form of user data is illegal. This would also include the financial details of your account you are using to make an online mobile recharge. Only important details regarding your mobile number and login profile are stored in the database, only after you acknowledge it.

Myth 3: You cannot get back the amount debited from your account when there is a failure in the recharge process:

If there is a failure in the recharge process, you can always seek assistance on the helpline of the recharge venture. Also, if you are using any banking card for the recharge, you can always contact your bank to reverse the charges.

How applying for a credit card will change your financial habits

Every individual possess a unique financial habit that suits their own needs. Keeping this mind, plenty of banks and financial institutes have provided a variety of financial tools that is designed to aid this financial habit. Banking cards, such as the credit card is one such tool. So how does this tool assist you with your financial habit? Given below are the details of the credit card to apply for today.

Stay updated with your daily spending:

The credit card is designed to allow the applicant to access borrowed funds by the bank. Through this process, the bank has included a system that keeps a track of the applicant’s expenditures. Through this card, you can easily keep track of all your expenses. You can easily get alerts on your mobile phone or email on any transaction you make. All you need to do is set up a system that sends you an immediate alert as soon as a transaction is made. You can even use this system to set up alerts for credit card billing payments. You can even save your receipts and check it against the monthly statements to see if they match.

Use it to build your credit history:

At one point of time in your life, you will need to apply for a loan. Various aspects of your financial habits and profile will be taken into consideration when you apply for this loan. In this case, your credit history will be taken into account. With the right steps and the right usage, you can use it to build a credit history right in the beginning itself. Therefore, when the time is right, you can convince lenders that you are a potential customer for the best loan rates.

Use it to save money in the long run:
When you maintain a habit of paying your bills on time, you build-up on your credit score and your financial profile. With a good credit score, you can easily qualify for low-interest mortgages and small loans. In the long run, this will save you a lot of funds, especially when you apply for multiple loans at the same time.

Use it to get rewards:

Most credit cards come with a point reward system. Therefore, anytime you make a transaction on your card, you get a certain set of points. You can redeem these points for a gifts or assets of equal value. Depending on your credit card, you can earn cash backs on daily purchases such as gas or groceries. You can even earn reward points on speciality credit cards such as air travel credit cards which can be redeemed for air miles.


Apart from these features, there are plenty more. it is important to ensure that you get the most of these benefits. So remember these benefits when you go ahead for the credit card to apply for today.

Top four common preconceptions about car loan

In the last few years, purchasing a car is perceived more than a financial achievement. It is also perceived as a means of purchasing an asset. Purchasing this asset is easily achieved, with the fact that now, any individual can get the required financial assistance. A car loan, for example, is the perfect means to purchase a vehicle.

Although the car loan is slowly becoming a popular concept for most aspiring car owners, there are those who still possess preconceptions. Here are a few presumptions that have been explained:

Restriction from getting car loan due to poor credit history:

It is a known factor that a poor credit history is equal to a bad loan. However, many also believe that a poor credit history would lead to a high probability of a loan rejection. This preconception has been the leading cause for many applicants to reduce opting for this financial assistance. However, this is not entirely true. While there is a probability of a loan rejection, it would only occur in rare cases. In most cases, the loan application would be approved, with an increase in the interest rate and the down payment.

Financing can be done only on a new car:

It a misconception that a car loan can be used to purchase a brand new car. This has stopped a large portion of the car owners from applying for this loan. However, on the contrary, it can also be used to purchase a used car. However, there are certain restrictions when it comes to purchasing a used car. The value and year of the car are taken into consideration when applying for this loan. Additionally, most loans are not provided to car’s that are more than 5 years old.

Only an individual can apply for car loan:
This is one of the most common misconceptions about the car loan. Many aspiring car owners feel banks or financial institutes would only approve a loan application by a single applicant. However, there is no strong ruling for this conditioning. In other words, there is no reason why an individual can apply for a car loan, along with a co – applicant. Only, in this case, the financial profile of the co – applicant is taken into consideration when the overall amount of the loan is reviewed.

No easing in the terms and conditions of the loan application:

As a loan applicant, you will need to review all the terms and conditions of the loan contract. Many loan applicant’s perceived these terms and conditions as a no – change policy. However, as an applicant, you are given the power to make necessary changes in the terms and conditions. However, in the end, they must match the requirements of the bank or financial institute as well.

Get a car insurance before you regret it today

Insurance is a form of financial protection. This is no different for the car insurance. Not only is this form of insurance a compulsory one, it is also a crucial requirement. However, if you do not have the required insurance for your car, you must apply for it as soon as possible. Here are the reasons why you should get this insurance today before you regret it later on.

It’s the Responsible decision to be protected:

Although the law requires you to possess a car insurance, it exists for a good reason. When travelling in a car, an error of judgement can lead to more than a simple mistake. At such an event, you put yourself as well as the surrounding entities at risk. With car accidents, the level of financial responsibility is high. At times, any damage by a vehicular accident can be expensive. If the person responsible for such damages is unable to pay for it, it ca lead to financial struggles or even court battles. Possessing a car insurance ensures that you are financially responsible for any damages you might cause. In the event of an accident, you can maintain the ability to get those damages covered, including yourself.

Accidents can happen anytime:
Accidents, by nature, can occur anytime without a warning. Anybody can make a single mistake, which can lead to an accident. This accident can be a minor one or a major one wherein it can lead to serious injuries that can leave an individual off work for an extended period of time. In reality, you possess a car insurance because of this simple fact. This insurance may not prevent these things from happening, but it does provide an ideal security blanket. Even if an accident occurs by another party, and they are not covered by insurance, you will be well protected in this part.

It is cheaper to possess one in the long run:

Month on month premiums for the car insurance many seem like an expensive affair. However, in the event you get into an accident with another party, there is a high possibility the damage can be inflicted to both. If the other party is without insurance, you will still be left with an expensive bill to be repaid. However, an insurance can protect you in this situation. In other words. A car insurance premium will be considerably cheaper, than paying out of your pocket. This insurance exists solely to protect you against a real risk in the event that you find yourself financially responsible for some large bills you may not afford to pay. However, when the day comes a car insurance can save you from a financial disaster.