So you need to send some money. Maybe you want to slip two $20 bills into a birthday card. Maybe it’s a hefty payment for some not-quite-sketchy, off-the-book services rendered. Either way, it can be a pain to send paper money without worrying that it might mysteriously slip out of your envelope and into someone else’s pocket.
“Physically sending cash through the mail or something is probably one of the least efficient options for moving money around,” Kevin L. Matthews, a financial advisor who offers money advice, says Wired first. “I don’t necessarily recommend it.”
The problem, he says, is that if something goes wrong and the cash is lost, there’s really nothing you can do about it. There are better ways to transfer funds, but if you need to get your coins from one piggy bank to another, here are the best ways to do it without getting ripped off.
Don’t be deceived
To be clear, you shouldn’t just put a wad of cash in the mail and hope for the best. It’s much more likely that it will get lost, stolen, or end up in the hands of someone you don’t intend.
And to that last point, if you’re sending someone some kind of payment, ask yourself this basic question: Do you personally know the person you’re sending money to? Have you checked the agency to bring your dough to the right place? Is there a fine print? Does the money transfer method seem too good to be true? If any of these questions give you pause, it’s probably a scam.
Mathews says scams are evolving quickly, and 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. This is always an option. Be careful with the details, verify the information, and make sure it makes sense. Because usually once that money goes out the door, it doesn’t come back at all.
There are many ways to protect yourself and your loved ones Closing And protect yourself From AI scam calls. (Grandma, I promise you, Charter.bot Texting to ask you to send a gift card is not a valid way to pay your cable bill.)
Paper trail
There are ways to send cash securely. If you’re only sending a small amount, like slapping a fiver on a birthday card, using the regular mail system is probably fine. You run the risk of its loss, just like anything else you mail. But if you care about where the money goes, you should insure it or send a money order.
In the US, you are allowed to send up to $500 in cash without registering with the US Postal Service. Sending more than that via US mail isn’t technically illegal, but it’s also not a good idea. If you need to send cash and Uncle Sam doesn’t mind knowing about it, you can Insure your package For values up to $50,000. However, there are some caveats.
