Then you need to send some money. Maybe you want to include a couple of $20 bills in a birthday card. Maybe it is a higher payment for some services provided that are not completely incomplete and unrecorded. Either way, it can be tricky to send paper money without having to worry about it mysteriously falling out of the envelope and into someone else’s pocket.
“Physically sending cash through the mail or something like that is probably one of the least efficient options for moving money,” says Kevin L. Matthews, a financial advisor who has offered financial advice for WIRED before. “It’s not necessarily something I would recommend.”
The problem, he says, is that if something goes wrong and money is lost, there’s really nothing that can be done about it. There are better ways to transfer finances, but if you absolutely have to move your coins from one piggy bank to another, these are the best ways to do it without getting scammed.
Don’t be scammed
To be clear from the start, you shouldn’t just send a wad of cash in the mail and hope for the best. There is a good chance that it will be lost, stolen, or end up in the hands of someone you didn’t intend to.
And to the last point, if you send someone any type of payment, ask yourself these basic questions: Do you personally know the person you are sending money to? Have you researched the agency that aims to get your money 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 make you wonder, it’s probably a scam.
Scams are evolving rapidly, Matthews says, and are becoming harder to detect. “Rule number one is: never send money to anyone you don’t know. And don’t be afraid to call and check. That 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 prevent yourself and your loved ones from being scammed and protect yourself from scam AI calls. (Grandma, I promise you, Letter.bot texting asking him to send you gift cards is not a legitimate way to pay your cable bill).
paper trail
There are ways to send cash safely. If you’re only sending a small amount, like putting a five-dollar bill on a birthday card, it’s probably fine to use the regular mail system. You run the risk of it being lost, as is the case with everything you send by mail. But if you care about the money getting where it needs to go, you should insure it or send a money order.
In the US, you can send cash up to $500 without registering it with the US Postal Service. It’s not technically illegal to send more than that through the US Mail, but it’s also not a good idea. If you need to send cash and don’t mind Uncle Sam knowing, you can secure your package for a value of up to $50,000. However, there are a couple of caveats.