There are plenty of reasons as to why an individual would want to travel abroad. Better employment and career prospects are some of the causes amongst many others. No matter the reason for this relocation, there would always be a requirement to send money home. While this remittance process will continue to take place over the next few years, the mode of transfer will continue to change.
Over the last few years, the field of electronic funds has witnessed a considerable rise. This has resulted in an increase in opportunities within the e – commerce and m – commerce. This, in turn, has brought on plenty of options when it comes to transferring funds, making it easy for many. Here are the different reasons as to why you can now make an easy money transfer to India.
Institute to institute:
Plenty of banks and financial institutes are expanding their branches and services to different part of the world. As they follow a fixed transfer protocol within their system, it would be easier to transfer funds from one account to another, within the same bank. Therefore, families or individuals who want to send funds on a regular basis, or send large amounts on a regular basis, can opt for this kind of money transfer to India. These individuals only need to open bank accounts within the same banking or financial institute and provide standing instructions to the institute.
Fast conversion rate:
One of the major drawbacks of transferring funds from one location to another, especially when it comes to transferring from one country to another, is currency conversion. Depending on the amount of fund that is being transferred, the funds would need to be converted into the local currency before being transferred. This currency conversion, also takes into account the current financial market conditions, before the transfer is made. Since its economic and technological progress, banks now ensure you get the best out of the currency conversion before you make your money transfer to India.
Traditionally, funds could only be transferred through a physical bank or financial institute. Today, funds can be easily transferred through an online portal. Several banks and financial institutes are already offering their services on the online portal. Not only is it easier to manage and track transactions, but networking to other centres is also easy and constant. In addition to this, the advanced technology and fast processing have made such transfers quick, no matter the destination it is being transferred to. With this form of transfer, there is a reduction in the time taken for transferring, which would take 3 to 4 days as compared to 10 to 15 days through the traditional sources.
From the above reasons, we can see how easy it is to make a money transfer to India. With transferring modes like wire transfer, account to account transfer, and demand drafts, transferring funds have now become for plenty of individuals.