So you need to send money. You might want to put some $20 bills in a birthday card. Perhaps this is a greater compensation for some not-at-all-sketchy, off-the-books 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 into someone else's pocket.
“Physically sending money through the mail or something is probably one of the least efficient options for moving money,” said Kevin L. Matthews, a financial advisor who offered advice to money for WIRED before. “It's not something I would recommend.”
The problem, he said, is that when something goes wrong and the money goes missing, there's really nothing you can do. There are better ways to move funds, but if you really need to get your coins from one piggy bank to another, here are the best ways to do it without getting lost.
Don't Be A Scam
To be clear up front, you shouldn't just put a wad of money in the mail and hope for the best. The chances of it getting lost, stolen, or otherwise falling into the hands of someone you didn't mean to do are very high.
And on that last point, if you're sending someone a payment of any kind, ask yourself these basic questions: Do you personally know the individual you're sending money too? Have you checked out the agency that aims to bring your dough to the right place? Is there fine print? Does the money transfer method seem too good to be true? If any of those questions give you pause, it's probably a scam.
Scams are evolving quickly, Matthews said, 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 details, verify information, and make sure it makes sense. Because usually once that money goes out, it really doesn't come back.”
There are many ways to protect yourself and your loved ones courting and protect yourself from AI scam calls. (Grandma, I promise you, Charter.bot Texting to ask you to send gift cards is not a legitimate way to pay your cable bill.)
Paper Trail
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 mail system is probably fine. You run the risk of losing it, just like anything you send. But if you care about getting the money where it needs to go, you should insure it or send a money order.
In the US, you are allowed to send cash up to $500 without having to register it with the US Postal Service. It's not technically illegal to send more than that via US Mail, but it's not a good idea either. If you need to send money and don't mind Uncle Sam knowing about it, you can insure your package for amounts up to $50,000. There are some caveats, though.
