If you’re like most people, you transfer money on a regular basis.
You might move funds from a checking account to a savings account to boost your emergency cash reserves. Perhaps you send a friend some money to cover your share of dinner out. Or maybe you send money to a loved one living abroad to help pay for their education.
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Whatever the reason, you probably don’t think twice about when to transfer the funds — you just do it. However, if you don’t consider the timing of your transfer, you could set yourself up for a costly error.
We asked financial experts about the worst days to move your money. Here’s what they had to say.
Avoid Transferring Money on Friday Afternoons, Weekends or Holidays
“Don’t make transfers late on Fridays, weekends or holidays when banks are closed. You’ll have less recourse if something goes wrong,” said Matthew Stern, CEO of CNC Intelligence Inc., a firm that specializes in digital asset tracking and cyber investigations. So, what could go wrong?
Common issues that could prevent or delay funds from reaching your intended recipient include, but aren’t limited to:
- The systems that handle your transfer could experience a technological glitch.
- You may enter the wrong account number.
- You may misspell the recipient’s name.
If the bank is closed, you can’t re-attempt the transfer or try to fix the error until the next business day. As a best-case scenario, the cash won’t get where it needs to go on time. As a worst-case scenario, you could lose your money.
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Anytime You Feel Pressured
In addition to limiting money transfers to weekdays, you should also pay attention to how you feel before completing the transaction.
“If you’re feeling pressured, that’s the time to pause,” Stern said. “No matter what the payment method is, but especially with methods like wire transfers or crypto — which are often irreversible once completed — you should never send money under pressure.”
He continued, “Fraud often thrives on urgency. If someone tells you to act quickly or avoid speaking with your bank or family, that’s a major red flag.”
So, how can you avoid becoming a victim of a money transfer scam?
“Never send a third-party wire without calling the recipient to verify the request, using a trusted number — not one from an email,” said Noah Schwab, certified financial planner (CFP®) at Stewardship Concepts Financial Services, LLC.
“Also, if [it seems like] your bank is calling asking for transfer details or personal information, hang up and call them back using the official number on their website. Taking this extra simple step could save you from making the biggest mistake of your life.”
If you witness suspicious behavior, report it to the bank or financial platform’s fraud department. If you’ve been a victim of money transfer fraud, contact your local authorities and your bank. You may also want to freeze your credit.
Money Transfer Best Practices
Here are some additional tips to help you transfer money safely and effectively:
- Research people or companies you haven’t transferred money to before to ensure they’re legitimate. Don’t use the information they provide. Run independent searches online.
- Transfer money using a trusted and secure platform through a bank, a well-known financial services provider or a reputable mobile app.
- Enable two-factor authentication on all of your financial accounts, making it more difficult for someone to impersonate you.
- Learn how to identify common money scams so you can quickly shut down fraudsters.
- Consider transferring funds on a Monday instead of a Friday so they can continue to accrue interest over the weekend, suggested Meredith H. Schneider, CFP® and founder of Schneider Wealth Management.
The bottom line: If you have any doubt, don’t transfer the money. Get additional clarification or ask someone you trust before taking action.
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This article originally appeared on GOBankingRates.com: Don’t Transfer Money on This Day of the Week
