Money transfer to India has never been an easy process. Especially people without a bank account struggle to find ways and means to transfer their hard earned money to their families in India. Even for bank account holders, it takes anywhere between 7 to 10 days for the beneficiary or recipient to get the transfer. However, since bank wire transfers are secure and safe, they are the most popular and preferred modes of money transfer.
Online money transfers are also safe and secure, however these take twice the time taken by banks to transfer funds to India. The online companies have tie-ups with banks enabling recipients get a direct credit into their bank account. However, online money transfers are less expensive and cost effective. These companies offer multiple delivery options that include direct credit into the recipient’s bank account. It is very important to cross check the exchange rates that banks or money transfer companies offer, because it varies from bank to bank or company to company.
With the advent of swift and convenient money transfer service online the importance of other retail value transfer systems such as Western Union etc. have probably come down. As with the case of any internet based systems, online money transfer systems also offer convenience, speed, traceability etc. to its customers. Also, it allows remittances to be done within the comforts of home.
Money is remitted to India much more speedily via this method than through the old-fashioned methods. Online money transfer to India from Singapore has become the preferred choice of a majority of remitters there. It is not surprising. After all, it is the objective of the senders to transfer money to their Indian beneficiaries as fast as possible. Online money transfer services provide that along with safety and security.