Tuesday, 19 September 2017

The Dilemma Surrounding Online Money Transfers to India

Remittance is a vast field, not just in India but the world over. Even if we had to look at India alone, it would not be exaggerating to say that it has come a long way as far as remittance is concerned. While money transfer takes place between two individuals or parties, it indirectly means more money for the country too. This kind of cash inflow not only promotes personal growth but also fortifies the country’s economy. 

Remittance to India from any country is easy and simple, thanks to the countless avenues available these days. Still the dilemma continues for many – should I send it through the bank or send it online? Is instant transfer safe or should I opt for the tried and tested method of writing checks? Online money transfers to India can be confusing for first-timers but if you are receptive to novel methods, it’s not that complicated either. 

Check payments, bank transfers, card payments, money orders are all different forms of remittance. While there may be different requirements for subscribing to these services, they all have one thing in common – the exchange rate. No matter which method you choose, you will have to ensure that it is giving you the best exchange rates

The best method of remittance will be different for different people. The exchange rate and the money transfer fees applied will be different too. While a slight variation is okay, it can make a huge difference if the amount to be sent is large. There has to be research and considerable planning before choosing a method of remittance. Everything eventually boils down to how often you need to send money overseas. For frequent or regular transfers, you might as well stick to one vendor since you could be entitled for some extra privileges. Online remittance can be a great option too if you are willing to look around for better deals. 

When in doubt, you should compare the exchange rates offered and the services rendered before choosing a particular form of remittance.

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