When it comes to sending funds from abroad, there are plenty of factors to be taken into consideration. Factors such as the location of the deposition, amount to be sent, a requirement of the transfer and conversion fees amongst many others needs to be considered when you want to send money online. However, thanks to the progression of technology and economy, there are plenty of transfer options, each with diverse features to suit the different requirements of money transfer. Given below are the different options you can consider, when opting to send money through an online portal.
NRI bank accounts:
There are several NRI bank accounts that offer the option to send money online. However, when opting to open this NRI account, the different features of the account must be taken into consideration. Certain NRI accounts can be opened in accordance with the status of the primary and secondary account holder. Once the account is functioning, the online money transfer service can be activated in order to make the required remittance. When making these transfers, you should check the type of account that permits certain kind of currencies and the limitations to money transfer limits. However, these accounts also offer certain benefits such as faster transfer and low transactions fees amongst many others.
E-mail money transfer:
One of the upcoming money transfer options includes the email money transfer. It is an ordinary online transfer facility, but it often does not charge extra fees depending on the transfer you are making. This kind of money transfer is convenient for many, as there is no requirement for the sender to possess the receiver’s bank information but only the email ID. However, a security question will be shared between both parties. If both parties manage to answer the question accurately, the transaction will progress ahead. Additionally, the sender’s bank may also request details of the receiver so as to validate his or her identity. This transaction will only take place under a secured and closed connection and rarely is sensitive information places in these emails.
Private transfer institutes
Apart from public banks and email transfer options, you can also approach a private transfer institute to make a money transfer. These institutes offer a wider range of online or offline transfer services, which offer a diverse mean to send money back to India. Through this money transfer option, the sender and receiver need not have a bank account to make a money transfer. However, a small service fee is charged along with the current exchange rate charges. You can get special alerts for these transactions on your phone or email id once it is completed.