So you need send some money Maybe you want to slip a few $20 bills into a birthday card. Maybe it’s a bigger payment for some not-totally-dissimilar, off-the-book services rendered. Either way, it can be a pain to send paper money without having to worry that it might mysteriously slip out of your envelope and into someone else’s pocket.
“Sending money physically through the mail or something is probably one of the least efficient options for moving money around,” says Kevin L. Matthews, a financial advisor who has offered money advice for WIRED before. “It’s not necessarily something I would recommend.”
The problem, he says, is that if something goes wrong and the cash disappears, there’s really nothing you can do about it. There are better ways to transfer funds, but if you absolutely must get your coins from one piggy bank to another, here are the best ways to do it without getting ripped off.
Don’t be a Scam
To be clear up front, you shouldn’t just put money in the mail and hope for the best. There is too high a chance that it will get lost, stolen or otherwise end up in the hands of someone you don’t intend.
And to that last point, if you are sending someone a payment, ask yourself these basic questions: Do you personally know the individual you are sending money to as well? Have you checked the agency claiming to bring your dough to the right place? Is there any fine print? Does the method of sending money seem too good to be true? If any of those questions give you pause, it’s probably a scam.
Frauds are evolving quickly, says Matthews, and they’re getting harder to detect all the time. “The number one rule is, never send money to anyone you don’t know. And don’t be afraid to call and check. That’s always an option. Pay attention to the details, check the information and just make sure this makes sense. Because usually once that money goes out the door, it absolutely doesn’t come back.”
There are many ways to keep yourself and your loved ones safe to become torn away and protect yourself of AI fraud calls. (Grandma, I promise you, Charter.bot text to ask you to send it gift cards is not a legal way to pay your cable bill.)
Paper Road
There are ways to send money securely. If you’re only sending a small amount, like slapping a fiver on a birthday card, using the regular postal system is probably fine. You run the risk of it getting lost, as with anything you post. But if you care about the money, that’s where it has to go, you should insure it or send a money order.
In the US, you can send cash up to $500 without having to register it with the US Post Office. It’s not technically illegal to send more than that through the US Mail, but it’s also not a good idea. If you do need to send money and don’t mind Uncle Sam knowing about it, you can insure your package for a value of up to $50,000. There are some caveats though.