Lot of Indian are migrating abroad, for better work opportunities and an easy lifestyle. Besides the large population of Asians, there is an increasingly large number of Indians living and working abroad. Additionally, over thousands of Indians are issued with visas to study and work in India. This itself proves the rapid growth of Indian migrants across the globe.
Handling finances is the major concern while residing abroad. Equally important is to send money home to our families residing in India. Many Indians have their parents and relatives, spouse and children staying back in their homeland. The prime responsibility is to fulfill their desires financially. The process of money transfer has evolved and post digitalization it has turned out to be more fast and secured. Earlier transferring money to India involved a lot of expenses, either in the form of direct charges or due to poor exchange rates. Arranging and selecting a money transfer service was not less than a task. Demand drafts, cheques, money agents were such old traditional methods of money transfers. Though, these methods helped one to transfer money to their destination, due to time consuming it also involved lot of patience.
Post digitalization, the quickest way of transferring money to India is by using on-line money transfer services. Transferring money to India by using a good money transfer company usually take about one or two working days. Online money transfer is basically where the old-fashioned concept of wiring money converges with the modern technology of electronic funds transfer. It is a simple and completely electronic way of transferring money from one bank account to another bank account. Completely an electronic method it involves basic information of the sender and receiver both. In short here the data is exchanged and not the paper money.
Online money transfer is different from the other traditional methods of money transfer, this involves more of the internet service. Online money transfer is the modern-day equivalent of wiring money – You can send money to someone back home in India, instantaneously simply by transferring money to another person. Usually involving little more than contact information, such as a cell phone number or an e-mail address of the sending and receiving individuals tied to a bank account. Money transfer from online money transfer services can be done for a small fee from a secure, web-based service via any computer with Internet access. There’s no need to go to a any money wiring office, post office or even a bank.