Not so long ago, sending money to India from a foreign country involved a tedious process. You had to go and deposit Euro or US Dollar in the exchange bureau, and the receiver had to collect the money by visiting the exchange's branch in India. Today, all this can happen online with just a few clicks. Let's look at some of the main benefits of transferring money to India online.
Safer: International online money transfers are safer, not just for you but also for the beneficiary. As opposed to earlier, where you had to physically visit the money transfer branch with the cash and the beneficiary had to do the same, you can transfer the amount from the safe confines of your home or office. And the beneficiary doesn't have to handle physical cash too. Moreover, online services have evolved today to become absolutely secure and safe. Security encryptions such as SSL and advanced anti-phishing tools used by online providers ensure the money reaches safely to the beneficiary.
It is Quicker: While earlier physical transfers through money transfer providers were preferred for their speed, that is no longer the case now. Many online transfer services and banks can transfer the money from your bank account to theirs within 24-hours.
It is Easier for You and the Beneficiary: Let's face it, online transfers are easier for both you and the beneficiary. All you need to do is follow the steps as instructed on the bank's website, and the transfer is done. Moreover, the beneficiary, which could be your father or mother or your child, does not have to visit the branch of the money provider in India to get the money. Within a day or a few, the money is directly credited to their bank account in India.
Anytime Anywhere Transfer: It's 24X7. Whatever be your locations, and whenever you need to make a transaction, you can do it from anywhere at any time.
Track Your Transaction: Most online transfer services give you a transaction or a reference number that you can use to track the status of the transaction online. This can help you and the beneficiary sitting in India know when the money will be credited.
Lower Cost: Physical transfer requires the service provider to have branches in the country of your residence as well as in the city of transfer in India. This adds a huge financial burden on the transfer provider, usually passed on to the remitter in terms of fees and transfer rate. In online transfers, the money transfer service need not have a branch in India for the transaction to happen. Once the transaction is initiated from anywhere in Europe online, the money can be credited to any bank in India as long as it is enabled for online transactions.
Transparency and Better Control on the Exchange Rate: When you send money online to India, you have slightly better control over the exchange rate. An indicative rate is mentioned while you make the transaction, and the actual rate is quite close. In fact, some banks also give you a guaranteed rate of exchange, making it easier for you to calculate the money you need to transfer. Moreover, all the fees and transfer rates are in front of you before making the transaction, making it transparent.
Online transfers are surely a better way of transferring money internationally. However, it is important to choose a reliable service provider that offers all the benefits mentioned above while keeping the transaction safe and secure.
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Reuben Williams Joined: August 21st, 2017 Articles Posted: 7
