With families back home in India, one of the most common needs for the majority of NRIs across the world is a simple and efficient remittance solution. Check out this post to know how online transfers effectively fulfil this requirement.
At more than 18 million, the Indian diaspora is the largest across the world. The country receives remittance in excess of $50 billion every year. With many Indians working in foreign countries having families in India, remittance is a regular affair for most. A reliable and simple remittance solution thus becomes a necessity.
While offline transfers were the go-to solution in the past, an increasing number of NRIs now prefer online remittance services. Here are some of the top reasons for this gradual shift in how NRIs transfer money to India-
1. Anywhere, Anytime Convenience
Earlier, NRIs were required to look for an offline remittance agent closest to their foreign location and visit them personally to make the transfer. Like any other physical office, the offline agents operate only for a fixed duration on working days.
Online transfers eliminate this need to visit anyone personally to make the transfer. Simply log in to your digital remittance account from your computer or even mobile phone and initiate the transfer. The online platforms are available 24×7, enabling you to make a transfer to India no matter if it is day or night or whether you are at home, working in the office, or travelling.
2. Same Day and Instant Transfer Facility
A decade ago, offline fund transfers to India used to take several days. But as technologies improved, offline transfers became significantly faster time card app. However, even in the present times, most offline agents require at least 2-3 working days to complete your transfer request.
Digital transfers, on the other hand, come with same-day and instant transfer facilities. While the transfer duration can vary between remittance providers, reputed Indian banks are known to offer quick and highly secure transfer services.
3. Security You Can Trust
With most offline transfer agents, you are required to deposit the remittance amount in cash. Your beneficiary is then required to withdraw the cash amount from the agent’s office in India. This can be a cause of concern when you remit a considerable amount of money. Online transfers are safer as the amount is directly deposited into the bank account of your beneficiary.
Moreover, top remittance providers also use the best of technologies and tools to ensure that each of your transfers to India remains protected at all times.
4. Great Savings
Last but not least is the savings. As offline remittance providers are required to manage the expenses of physical offices and staff, their overhead expenses are higher. This converts into higher transfer fees and other charges. Online transfers are comparatively cheaper.
Also, when you use the services of reputed banks for money transfer, their national and international banking network enables you to get highly competitive exchange rates. Ultimately, this helps you get the best value for your money.
Online Remittance for Easier Money Transfers to India
If you’ve recently moved to a foreign country and searching for a reliable way to send money to your loved ones in India, then it’d be wise to look for an Indian bank that is well-known for its online remittance services.
Do check the reputation, exchange rate, user-friendliness, and other terms and conditions of the service provider to experience all the valuable benefits of digital remittance.