A money-received message is a common form of notification that banks and financial institutions use to inform customers of completed transactions.
While these confirmations are convenient and help to keep customers informed, they also pose a risk as they are prone to scams.
In this article, we will be discussing what is a money-received message, along with the risks, warnings, and steps to protect yourself. We will also be answering common questions we receive on the topic below.
This is part of our free series on banking, covering topics like choosing where to bank to opening an NRI bank account, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Money Received Message
- How Do I Write a Payment Message?
- Examples of SMS Messages for Payments
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Money Received Message
Money received message refers to a payment notification that is sent to the recipient of a transaction. This notification is a confirmation, in the form of an alert that a deposit was successfully received into their account.
While not all financial institutions send a money-received message, many banks, credit unions, payment gateways, and digital wallets do send an electronic or mobile communication acknowledging a deposit.
Importantly, if you receive a “money received” message asking you to click on a link or send payment DO NOT respond. Unfortunately, many scammers will send a money-received message in order to entice victims to provide personal account information, which can then result in financial loss or identity theft.
With this in mind, it is extremely important that account holders do not engage with messages from financial institutions. Instead, if the account holder wants to confirm the information in their account, they should close the message and proceed to log into their account using the normal process for balance confirmation that they would usually use.
Examples of SMS Messages for Payments
In most cases, if you are receiving a message from your financial institution confirming that a payment has been received it will include the following information:
- Date of the financial institution
- Account number or wallet name
- Transaction ID number
- Payment amount
- Date of the transaction
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into what a money received message is. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Is an SMS Payment Message?
An SMS payment message is a notification that is sent to an account holder when they receive an incoming deposit into their account at a financial institution. In most cases, the SMS payment message includes key information including the name of the financial institution, the account number or wallet, a transaction ID number, the amount of the payment, and the date that the payment was received.
How Do I Accept Mobile Payments via SMS?
To accept payments via SMS, you typically need to open an account with a mobile payment platform. Once you identify the best options in your country, you can proceed to open an account with your chosen provider. In most cases, mobile payment providers are free to use and only charge transaction fees when sending (or receiving) money.
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