How Online Money Remittance to India Works?

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Online money transfer procedure involves the old-fashioned wire transfer concept mixed with modern technology of EFT (electronic funds transfer). However, online remittance is different from EFT. It is a process through which you can send funds to someone instantly.

The best way of initiating money remittance to India or any other country is to select a reputed money transfer agency. Remittance through online agencies is more cost-effective and easy compared to remittance through banks. Banks charge a high transfer fee and their currency exchange rate is also high.

Once you have chosen an online agency, all you need to do is register on their website for free and feed the necessary details in your profile to start sending money. Usually, online transfers require little more than contact information such as email address or cell phone number. This data is required from the sending and receiving parties who are tied to a bank account. Any secure device such as a laptop or a tablet can be used for sending money from one country to another. Remittance agencies require a certain amount as transfer fee every time you initiate a transfer. If you want to save some money, it is recommended to send a large amount once rather than sending small amounts multiple times.

Online remittance is not just easy and cost-effective but also convenient. All you need is a secure device and safe internet connection to start sending money from the comfort of your home or office. Whether it is midnight or any time of the day, you don’t have to worry about bank closing hours. It is possible to initiate money transfer at anytime from anywhere, without having to visit a bank or an agency.

Here are a few tips to help you save time and money when transferring funds from one country to another:

  • Make sure you are comparing rates offered by different agencies before choosing one
  • Comparing will help you find the best rate, lowest transfer fee and reliable customer service
  • Be aware of transfer limits. The transfer fee incurred depends on the amount you will be transferring
  • Pay attention to the total cost of remittance because there are chances that the exchange rate will be high and incurred fee will be low
  • It is not recommended to pay additional fee for expediting the transfer unless you really have to

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