Online Money Transfer Services: Top Tips to Keep your Money Safe

Online money transfer services offer a fast and convenient way to send and receive money to your friends and family. From paying school fees to sending money to your community members, you can complete a low-cost transfer within minutes. But are online money transfers safe to use? Our handy guide highlights top tips on how to keep your money safe and explores the risks of choosing traditional money transfer methods. 


The risks of traditional money transfer methods

Here are some of the risks associated with using traditional money transfer methods to send money to your loved ones:

  1. Fraud: Wire transfers and physical checks may leave you open to fraud. For instance, your personal details can be used or your personal checks can be stolen
  2. Theft: Physical checks could get lost or stolen resulting in missing funds for the sender or receiver
  3. Delays: Traditional money transfer methods can take longer to process, causing delays in the delivery of funds. This can be inconvenient, especially during emergency situations or even special occasions such as Christmas or Ramadan.
  4. High fees: Traditional money transfer methods can be quite costly when it comes to transaction fees
  5. Inconvenience: Traditional money transfer methods can be inconvenient, as is sometimes requires the sender or receiver to physically visit a bank to make the transfer


Online money transfer services security features

When it comes to using online money transfer services, security is of great importance. Here at Mama Money, we use a variety of security measures to ensure your personal information and funds are protected at all times. This includes: 

  1. Mama Money makes sure that your information and transactions are kept private and secure through encryption, which is like a secret code that only you and Mama Money can understand.
  2. Mama Money uses a two-step login process, which means that you need to enter a password and a code sent to your phone to access your account. This makes it harder for someone to hack into your account.
  3. Mama Money has a system that checks for any suspicious activity, which helps to prevent unauthorised access to your account and protects you from losing your money.
  4. Mama Money is registered with the South African Reserve Bank (SARB), which means that it follows all the rules and laws to keep your online money transfers safe.
  5. Mama Money keeps an eye on its systems to make sure that they are always up-to-date with the latest security standards, which ensures that your information and transactions are always safe.


Top tips to keep your money safe

In addition to the security measures provided by Mama Money, it’s also important for users to take steps to protect their accounts and their money. 

  1. We recommend creating strong passwords for your account that are difficult to guess so that your account cannot be hacked. A strong password should include a combination of upper and lower case letters, numbers, and symbols. 
  2. Regularly monitor your account for any suspicious activities. If you notice any unauthorised transactions or activities on your account, report them to us immediately so we can help protect your account.  
  3. Always ensure that you have the latest Mama Money App installed on your phone to enjoy up-to-date security features.
  4. Be careful of how much personal information you share on your social media accounts such as Facebook or Instagram. Scammers can use your information to target you. Never send money to anyone that you are communicating with over the internet.
  5. Mama Money will never call you to ask for your card details or Mama Money App PIN. If this happens, please notify us immediately.

The benefits of online money transfer services

When compared to traditional banking, there are a range of additional benefits when choosing online money transfer services. Some of these advantages include:

  1. Convenience: With online money transfer services, you can easily send and receive money from anywhere in the world without having to travel to the bank.
  2. Speed: Online money transfer services are processed faster than traditional bank transfer methods, with money orders being completed in a matter of minutes. 
  3. Lower fees: Online money transfer services often charge lower fees compared to traditional money transfer methods, such as wire transfers and physical checks.
  4. Better exchange rates: Online money transfer services often offer better exchange rates which means that you get more value for your money.
  5. Multiple payment options: Online money transfer services offer multiple payment options, including bank transfers, credit/debit cards, and mobile payments. This gives users flexibility in how they choose to send and receive money.


How can I register with Mama Money?

To register an account, simply visit your nearest Mama Money agent or sign up for an account on your mobile phone by completing these simple steps below:

·         Step 1 - Download the Mama Money app

·         Step 2 - Enter your details

·         Step 3 - Provide proof of your ID

·         Step 4 - Submit a photo of yourself

Once your documents have been submitted using the Mama Money App, your account will be verified within 24 hours, and you can start sending money abroad to your loved ones. 


How can I send money with Mama Money?

To send money locally or internationally using Mama Money follow the steps below:

1.     Login to the Mama Money App and select ‘’Send Money’’

2.     Choose the recipient to who you are sending money

3.     Enter the amount you would like to send and press ‘’Next’’

4.     Select your preferred payment method and press ‘’Confirm & send’’

You can also send via USSD once you are registered by dialling *134*542#


To find out more about the safety benefits of using online money transfer services and how to switch to Mama Money follow us online via  Facebook,  Instagram,  Twitter, or  LinkedIn