Consumer tip: Understanding wire transfers

Need to send money internationally but the recipient doesn’t have a bank account to send it to? In some instances, wire transfers may be one of your only choices to send money.

If you both have a bank account, a money transfer app, like Venmo, PayPal and Zelle, will do the trick. Otherwise, companies, such as Western Union, still offer wire transfer services and can be a reliable way to send money between parties. The downside is that the money gets picked up at the other end and the recipient is essentially anonymous, making it a popular way for scammers to ask for payment. It’s the equivalent of sending cash.

For these reasons, you should avoid wiring money to strangers and only send transfers to those you know and trust. If you’re making a purchase and the unknown seller insists on payment by wire transfer only, rethink the purchase as you may have no recourse if it ends up being a scam. Credit card payments are safer and have more protections.

More information at marincountyda.org or 415-473-6495