Online Money Transfer India

by | Aug 2, 2016 | Financial Services

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When it comes to sending money across the globe there are a variety of options open to you. You’ll also find the choice of financial institutions is vast when dealing with international markets and this makes the organization of money transfer relatively easy. Depending on the financial institution there will be a menu of options available through which you can transfer money. One such online money transfer method is through direct money remittance, which is often viewed as one of the quickest and safest methods.
To use the direct money remittance method you however need to set up a bank account in the country where the money originates. For most people this is not an issue as companies will tend to have a business account set up. The financial institution receiving the money transfer will then request the money from your business bank account and transfer the funds to the required destination.

The best financial institutions to consider are those that specialize in currency exchange. They will be best placed to advise you on the best time for online money transfer and which method will suit your requirements. Often you can provide much of the required information online making it quick and efficient. The foreign exchange specialist will verify all your information and carry out the money transfer on your behalf. This way you can avoid unnecessary bank charges and fees other than those agreed between you and the specialist financial institution. As one of the fastest and most cost effective methods to do online money transfer to India and it is worth considering for all your business transactions abroad. However take time to talk to the experts before jumping in.

Online Money Transfer To India

Sending a cheque is by far the slowest method for sending money within a country or abroad because it can travel for days and weeks before the recipient is able to cash it. This old-fashioned way of sending funds is replaced by various kinds of electronic transfers. You do not need a bank and you do not need to sign any papers to withdraw cash from your bank account using your debit or credit card. We are accustomed to have instant access to our money and for that reason some people are surprised when a money transfer of theirs does not arrive for days.
The time frame for a funds transfer abroad can vary greatly depending on the destination country, the method used and the terms and conditions of the service provider. Transferring money between your different bank accounts or to someone else’s account within the same country can usually happen in within hours or within one business day. Transferring money abroad is entirely different.

Many online money transfer providers advertise their ability to execute instant money transfers. Online electronic transfers between two online accounts can be conducted in seconds, that is a true, but you have to also withdraw the money you just received. Strictly speaking, you have to transfer the funds from your online account to your bank account before you can withdraw them and this can take up to 3-4 days or even more if we take into account that it takes additional time for the sender to transfer the money from his bank account to his online account. The overall duration of such a transaction can take 3-4 days for online money transfer to India.