Usage of Online Money Transfer for family maintenance

India has seen a huge leap in the form of displacement to other countries. This can be attributed to increased education, work opportunities and other factors for Indians. Though there is a clear displacement; there is a need for transfer of money, goods etc. to family, friends back to the country of origin. In the same process internet has played a huge role of simplification and making it hassle free.

Indian centric data on remittances sheds light on the importance of such services. According to the April 2010 study on remittances by Reserve Bank of India (RBI) 61% of remittances to India are used for family maintenance. The balance is used for investments in bank Fixed deposits, stocks and real estate, among others.

Family maintenance tops the list for usage of remittance. Hence it is important to understand that the medium to send money has to be instant, reliable and easy to use. Online banking is the quickest way to transfer money. The same service can be availed while on the move through different mobile devices. Mobile banking has been around for a while now and is gradually being accepted by a wide array of people.

Additional data from RBI shows the use of remittance in India. In contrast with the 61% use of remittances for family maintenance across the various states in India, the most commonly used food, health services and education, was lowest in Ahmedabad (35%) and highest in Ranchi (72%), Bengaluru (70%) and Bhubaneshwar (70%). Relatively higher proportions of remittances were banked in Delhi (31%), Ahmedabad (30%) and Kochi (25%). Higher proportions of remittances were invested in property and equities in Ahmedabad (12%), Mumbai (11%), Hyderabad (9%) and Bengaluru (8%).

The easy access to broadband has made online remittances easier. The online fund transfer and payment system empowers the customers to instantly send and receive money for family maintenance, payment of utility bills, sending gifts to loved ones and do much more with unmatched ease, speed, transparency and safety.

4 Responses to Usage of Online Money Transfer for family maintenance

  1. shashank says:

    All the contents you mentioned in post is too good and can be very useful. I will keep it in mind, thanks for sharing the information keep updating, looking forward for more posts. Thanks

  2. transfer money says:

    Your effort to write such a blog is too good. It is helpful to understand how to transfer money.

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