An increasing number of NRIs spread across all the different parts of the world now prefer online international transfers. Check out this post to know top reasons that make digital remittance so popular among NRIs.
Sending funds to India from a foreign country used to be a time, effort and money-consuming process in the past. The NRIs were required to look for reputed money transfer agents, visit them personally, and deposit the transfer amount in cash for initiating the transfer. Moreover, the transfers used to take anywhere between 7-10 working days to reach the recipient in India.
But thanks to digital technologies and the advent of online transfers, these hassles are now a thing of the past. Let us have a look at five reasons that make online international transfers an excellent choice for NRIs-
- Competitive Exchange Rate
As compared to offline money transfer agents, online transfers are known to have considerably better exchange rates. Moreover, there are now banks that offer international money transfer services at highly competitive rates.
Some of the banks also offer services like Fixed Rupee Money Transfer where you know the exact exchange rate even before initiating the transfer. In simple words, online transfers help you get more value for your money.
- Anytime, Anywhere Access
Online remittance service providers eliminate the need for you to visit any agent or office during their working hours. You get to initiate a transfer anywhere and anytime you like. Simply log on to the online portal of the service provider, and you can initiate a transfer within minutes.
For enhanced convenience, some of the service providers also offer online mobile transfer services. So, no matter if you are at home, office, or travelling, you can use the online service anytime you like.
- No Paperwork
As the entire transfer process is handled online, there is no need for any paperwork. Earlier, NRIs were required to fill a transfer form and would get a receipt once the transfer was initiated. They were required to keep this paper receipt safely for future reference.
But with online transfers, there are no paper forms or receipts involved. You simply fill the details of the recipient online and receive a digital receipt for transaction confirmation. The receipt can be easily stored in your online money transfer account or in your mailbox.
- Low Transfer Fee
Even the transfer fee used to be very high in the past, especially if you wanted to send funds to India from places like the USA and the UK. But as online services help service providers keep their administrative overheads low, the transfer fee has reduced significantly.
Most of the online services now mostly have a flat transfer fee. Moreover, some of the banks do not charge any transfer fee for amounts above a certain limit.
- Enhanced Security
Reputed service providers make use of advanced security features like a firewall and SSL (Secure Socket Layer) for safe money transfer to India.
As long as you follow the basic security tips like using a secure device, not sharing your transaction password, etc. rest assured that each of your online transfers to India will remain fully protected.
Experience Convenience Like Never Before with Online Remittance Services
These are some of the top reasons for the rising popularity of online international transfers. If you are an NRI, it is not difficult to understand the many ways in which online transfers can help you.
Look for a reputed bank offering online international transfer service to experience all of these amazing benefits.
Disclaimer: “The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”