Lot of Indians emigrate every year: some shift their base for lucrative jobs and some for higher education, better lifestyle and to join their spouses abroad. As we inch closer to our goals, dreams become a reality propelling us into the orbit of success. In this process we leave behind a very important part and the biggest treasure of our lives in India – our family. As the number of Indians moving abroad is rising, we our building more responsibilities on our shoulder. Thus sending money to our families back in India and providing some financial support is one of the prime responsibilities of these migrants.
The activity of money transfer is quite age old and as years are passing the methods are also changing. The process of money transfer has changed from traditional to modern and in future there can be more prospects. Gone are the days when the payment and funds transfer sources were limited to physical methods such as direct currency exchange or a written cheque method. With the emergence of internet and mobile banking and the emerging e-commerce opportunities, banks too have marched ahead with introducing the concept of electronic funds transfer, which is much more convenient and hassle free.
Let us have a look on some methods of Money Transfer To India –
Money orders are a safe, cheap, and fast way of sending money especially to remote places in India. It is an ideal way to send money if the amount is small. The money orders can be deposited into your bank account or cashed at many check cashing locations. Most of them will require an ID to cash the checks.
Cheque is an another option, Cashing the check can be delayed because the bank has to verify the deposit. The recipient may have to pay additional fee for the exchange rate and encashment. This method is safer than sending cash by mail because you can cancel a check if it fails to arrive at its destination.
Sending cash is the most old-fashioned way when it comes to transferring money. For occasions where time is not the most important consideration, simply withdrawing cash and physically bringing it to another bank to deposit into an account is completely free! Keep in mind that sending cash through the mail is discouraged. If the mail gets lost, there is no way to retrieve the money.
Online Money Transfer Services
Online Transfer is the easiest way to send money. Here money can be sent over the internet through secure online services, often for a very small fee, but you will need to have a bank account or credit card and access to the internet, or at least an e-mail address, to transfer the money; you will also have to register your details online. The person you are sending the money to may also need a bank account and access to the internet (or an e-mail address), this method is especially recommended if you do regular transfer of funds.
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