After demonetisation digital transactions have increased sharply. The trend has been helped by the plethora of options available today for online money transfer. However, the sheer number of options makes it difficult to people to decide which one is best for them. If we are staying out of India, sometimes or most of the times we need to send money back home, either to someone else or to our own account. But if you’ve every tried to transfer money to India, well, you know it’s not as simple as it might seem. There can be many factors that surface such as exchange rates, service fees, and the time required before the recipient actually gets the money. Online Payment Services or online money trnasfer services are one such option which considered to be the most used and applied.
Let us try knowing more about online money transfer services –
If your are staying abroad, this is most likely the most convenient option to send money or transfer money back home in India, as you can do it from your own home on a computer, in only a couple minutes. These companies are ubiquitous and easy to use. Transferring money via online money transfer services, can provide some advantages when sending money abroad. If both you and your recipient both have an account you can often transfer money online instantly, even taking funds directly from your bank account so you don’t have to arrange anything else. Fees vary between providers; but they offer a fast and easy online transfer solution. Online money transfer is the best way to send money for NRIs, all you need is an internet connection and use of local banking services to transfer money to an account in India. You will need information including the name and address of the account holder or the recipient, information about the financial institution the money is being sent to, and the IFSC code of the recipient bank. This method is especially recommended if you do regular transfer of funds. You can avoid the steep banking charges and the transaction can be done from the comfort of your home. In times of modern technology, you can obviously choose among a number of online services to transfer money. Both sender and recipient need a registered account, and the transfer may take a couple of days. First, you need to put money from your bank account into your online account. Then you can transfer the sum to the recipient, who will, in turn, transfer the money to his or her own bank account. How long it takes for the money to get from one bank account to the other varies: It largely depends on the methods both parties use to transfer the amount to and from their service accounts.
