How is Money Transferred Globally? Is it Safe?

Summary: The complex system of transfers involve numerous pit stops in various countries along with embedded security systems to prevent sensitive information from leaking.

More than likely, you’ve transferred money to a relative or acquaintance that you know at least once in your life. But, have you done so to another person overseas? This is much more complicated and requires additional security measures to ensure it reaches its destination safely without compromising sensitive information like account numbers or addresses.

Now, there are numerous solutions to overcoming the difficulties of micro-transactions and bank transfers, but there is still an overwhelming issue of security for each credit card processor. The fact that there are people constantly scouring the Web for a way to hijack these systems is enough to make you hesitant.

Money Transfers: What’s the Cost?

In today’s economy, much of contract labor comes from around the globe. While this represents an amazing opportunity for the individual, there is a cost however. Money transfers cost money, and not every ecommerce merchant account is willing to pay the premium price to send the allotted amount to the individual.

In order to compensate for this, merchants will often include numerous fees to cover the costs of moving the money around from country to country.

Security Measures

Regulations in countries vary in regard to how strict their policies are when it comes to personal information. Owners of online wallets need stay cautious in how they accept money, the types of protocols involves, and whether they are making themselves vulnerable to hacks. With various security measures being implemented regularly, transfers are slowly starting to gain back their reputation of being fair and secure – although to be fair, it’s not entirely perfect yet.

 

Profiling Omar Amanat: Businessman and Philanthropist

Omar Amanat was the founder and CEO of Tradescape, an electronic brokerage company that quickly became an industry leader by offering investors a direct connection to all nine Electronic Communications Networks. Responsible for processing over 10% of NASDAQ’s daily trading volume, it was deemed one of the top 50 private companies in the United States. In 2002, Mr. Amanat sold Tradescape to E*Trade for $280 million.

Mr. Amanat studied at the University of Pennsylvania and the Wharton School of Business before working with CyberTrader founder Philip Berber to develop a stock trading platform that was acquired by Charles Schwab for $488 million. He survived the dot-com crash, and narrowly avoided the crash of the World Trade Center in 2001. His observations of the post-9/11 world led him to explore the role of media images in cross-culture empathy. Mr. Amanat was the first financier of Bridges TV, an American station devoted to promoting positive images to unite Muslim and non-Muslim worlds. He is also a key investor in several Hollywood film production companies, one of which plans to release between 20 and 30 feature films in the next five years.

Finally, Omar Amanat is a well-known philanthropist, using his skills as both a businessman and public speaker on behalf of humanitarian causes. He served as Vice Chairman of the Board of the Acumen Fund, a global venture capital fund for the poor that was described as one of five charities changing the face of international charitable outreach. He is also on the Board of Directors for Human Rights Watch and Malaria No More, and is a member of the Council on Foreign Relations, as well as the Rubin Museum of Art in New York City.