Why Do More NRIs Now Use Online Money Transfer Service?
An increasing number of NRIs all over the world now prefer online money transfer over other traditional options for sending funds to India. But what are the reasons for the rising popularity of digital transfers? Read this post to find out.
The increasing number of people moving to foreign countries has made India the biggest remittance recipient country in the world. As per a report by World Bank, more than $80 billion was sent to India by the NRIs in the year 2018.
While most NRIs used to rely on traditional methods like offline money transfer agents for sending funds to India, online transfers are getting increasingly popular. Let us have a look at some of the top reasons that make online transfers an excellent choice for most NRIs-
- Online Transfers are Convenient
With the rising personal and professional responsibilities, taking some time off your schedule to visit a money transfer agent is not practical anymore. One of the biggest reasons why we use the internet for a host of our day-to-day activities is the convenience it offers. The same is true for online money transfers too.
With international digital transfers, you are not required to go anywhere or spend any efforts or time on the process. Simply log on to the online portal of the remittance service provider, and you can instantly initiate a transfer.
- Anytime Access
Another important benefit of online transfers is their anywhere and anytime availability. The internet never sleeps or has fixed working hours like offline agents. It is available 24×7 so that you can make transfers irrespective of whether it is day or night.
Some of the service providers now also offer international transfers on mobile phones through their apps or mobile platforms. You probably have your mobile phone with you throughout the day, and the availability of mobile transfers only means more convenience and time-savings.
- Competitive Exchange Rates and Low Transfer Fee
As compared to offline transfer agents, online money transfer services are known to offer better exchange rates. This is especially true for international transfer services offered by reputed Indian banks. Some of them have a direct association with foreign banks which enables them to offer highly competitive rates.
Moreover, even the money transfer fee is highly affordable with online transfers. There are some banks that do not charge any money transfer fee for transfers of above a certain limit. Together, the competitive exchange rates and low transfer fee, helps NRIs get maximum value for their money.
- Safe and Secure
A lot of NRIs prefer using reputed offline agents even if that means getting a lower exchange rate and paying a higher transfer fee. This is mostly done because reputed agents are considered safer. But with online transfers, apart from better rates and low fee, you also get a higher level of security.
Reputed online remittance service providers have multiple security solutions in place to make sure that each of your transfers to India is fully protected. Just follow the basic security tips and rest assured that your recipient in India will receive the funds in the safest possible manner.
- Online Transfers are Faster
While offline agents now offer faster services as compared to the past, online transfers are still faster. While an offline transfer to India from a certain foreign country like the USA or the UK could take 3-4 working days, online transfers don’t take more than 1-2 days.
Moreover, the transfer could be significantly faster if you are using the money transfer services of a bank, and both you and your recipient have an account in the same bank.
Online International Money Transfer: Safe, Convenient, and Secure
These are some of the biggest reasons that make online transfers a far better option for NRIs over traditional transfer methods. If you have recently moved to a foreign country and want to send funds to India, look for a reputed online remittance service provider to experience all of the benefits listed above.
Prefer using services of a reputed Indian bank and do check things like exchange rate, transfer fee, transfer duration, and customer support before initiating a transfer.
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.”