Every month, Venezuelans in the US send billions of Venezuelan bolivars to their relatives back home. Although this may seem like a large figure, it’s not a lot of money when it’s converted into US dollars because Venezuela is under the grip of hyperinflation and its currency has been extremely devalued.
On August 20, 2018, the Venezuelan government rolled out a new currency as an attempt to deal with the rampant inflation. It also increased taxes as well as minimum wage.
According experts in economy, these measures will not help the country’s economy in the long run, because the root of the problem is that there is an enormous shortage of goods. Experts believe that the new currency will soon lose its value like the one before it.
In other words, changing the currency is just a simple, short-term solution that may cause more harm than good in the end. Nonetheless, Venezuelans living abroad still need to support their families by sending money, and if you’re among them, you need a way of doing it safely.
Sending money back home
It’s a well-known fact that wire or bank transfer is a convenient way of sending money back to your loved ones in Venezuela no matter where you are in the world.
To carry out such a transaction, there are a few important details that you will have to enter into online forms, depending on the online financial service that you’re using. However, there are a number of threats that lurk online when you do this.
Needless to say, banks and other financial institutions have in place powerful systems to protect the organization and its customers against online threats. But that’s not enough. The number of people who fall victim to cybercriminals as they make online transactions continues to increase.
So, as a netizen and customer of these institutions, it is important that you also take responsibility for your own online security and privacy and use all the available resources to make sure that you don’t become the next victim.
Ensuring safe money transfers using a VPN
One of the most powerful tools at your disposal for ensuring your security and privacy while you go about your online activities is a Virtual Private Network (VPN). An increasing number of people online are appreciating the importance of using a powerful VPN service whenever they engage in any sensitive online activities, including banks transfers.
Among the main characteristics of a VPN service suitable for making money transfers is one that has a large global network of servers that allows you to send money to your relatives and friends back in Venezuela no matter which country you are currently in.
Ideally, the provider should have servers in many countries and should also have multiple servers in those countries, because this guarantees that you can always find a safe and reliable connection.
In addition to having a large global network of servers, it is imperative that the VPN providers you’re considering have top-tier security and privacy features. To offer impenetrable security, a VPN should ideally use the industry-leading 256-bit AES encryption standard to make sure that snoopy government agencies, hackers, and your ISP don’t pry into your online activities.
For added security, the powerful encryption should be accompanied by perfect forward secrecy and a wide variety of security protocols, including OpenVPN, IPSec, L2TP, PPTP, SSL/TLS, and SSH.
Give preference to providers that are committed to offering their customers true privacy through a strict no-logging policy. In other words, in addition to hiding your online activity, you want a provider that doesn’t log or store your data.
Find out whether a provider logs any user data and, if so, how long it holds on to the data and what it does with it. It is also important to consider the legal jurisdiction under which the provider operates and the legal requirements it’s subject to regarding the collection of user data.
It’s an added advantage if a provider accepts payments in cryptocurrencies such as Bitcoin because it adds a layer of anonymity. It’s also a good idea to go for VPNs that offer additional security/privacy features such as Double VPN, DNS/IPv6 leak protection and a kill switch.
Of course, you also need to take into account the cost of these VPN services. Even as you endeavor to safely send money back to loved ones in Venezuela, it’s important that you do so affordably. For this reason, you want to choose a provider that offers its services at reasonable subscriptions rates.
Crucial, however, is to stay away from free VPNs when doing something as sensitive as transferring funds because these services are not known for their high standards of security. In fact, many have been reported for tracking customer data and selling it to third parties.
If you’re a Venezuelan living abroad, you’re probably among the many that send money back home to their loved ones every month using wire or bank transfer. However, using these online financial services opens you up to a number of online security threats, including hacking and theft of money or identity.
But that is not to say that you should stop sending money back home. All this means is that you should take measures to ensure that your online transactions are secure and private. To do this, you need an effective VPN service, among other security tools. You need to know what to look for in order to pick the right one for securing your money transfers.
However, the sheer number of VPN providers online means it’s a daunting, possibly impossible, task to compare various providers in terms of each of these points unless you have the right tools and a team of VPN experts.
Well, the good news is that at VPN Base, our experts test and research hundreds of VPN services in order to determine the best ones for a given purpose—in this case, for sending money to Venezuela. Based on these tests, our recommended providers for money transfers to the country are ExpressVPN, NordVPN, CyberGhost, VyprVPN, and IPVanish.
Have you been using a VPN to send money back to Venezuela? What has been your experience when using the technology? Feel free to share in the comment section below.