When making a money transfer to India, there are various options you can consider. Some of the traditional channels of money transfers include in – house bank accounts, wire transfers, email transfers and even cheques.
However, with digitisation take up a prominence, more and more banks are offering services to send money to India through specialised apps. These apps are designed to be specifically used on the smartphone platform.
Some of the benefits of this platform includes:
Easy to use: It’s like a one touch pay, with no requirement to fill in your card numbers and passwords every single time. You can easily link your banking card or account details to the app and make the payment immediately.
No inconvenience regarding transfer amounts: When you make a money transfer to India through these apps, you need not worry about making a money transfer with amounts that have to be fixed. You can send any amount of funds, as per your requirement. This can be in even or odd amounts.
Make instant payments: It will be possible to make instant payments. This is especially useful for cases where a financial emergency occurs. Additionally, it also eliminates the lengthy waiting periods, which normally occurs during the traditional money transfer channels.
Everything under one roof: Through these apps, all your data from multiple platforms will be synchronised through one channel. Right from your bank accounts, banking cards, mobile accounts and bills, they will be interconnected on one platform. This will make it easier to manage and access, as it will be all under one roof.
Some of the disadvantages of this app include:
Mobile network connectivity: Mobile network connectivity is always the biggest impediment. Furthermore, both the sender and the receiver will need a fast, secure and reliable network connection to make a successful money transfer.
Mobile security: Alongside connectivity, security issues are also now on the forefront. Plenty of occurrences of money being misused through these apps has to make rounds, creating doubts and suspicion in the minds of users.
Insufficient support infrastructure: Indian still has to reach its peak potential when it comes to its infrastructure and financial literacy. Unless this requirement is met, there is no use in focusing on advanced technologies when the base is not strong enough.
Customer service is not up to mark: India does not have such a solid dispute resolution process. In the event an individual as an issue with the app, considerable time and effort will be taken to resolve the issue. Furthermore, the experience of most individuals with the customer service agents hasn’t been encouraging.
While there may be disadvantages present through this channel, the advantages overweight them. By being aware of these disadvantages, you will know how to make the most of this money transfer services and make the most of this service.