When many Indians are abroad, first question they ask is how they could send their hard earned money to India or especially to their kith and kin. In essence, the questions come to their mind are:
is online money transfer methods such as Western Union or Xoom the most economical and reliable solution ?
It is very well known that 30 million Non Resident Indians settled around the globe are one of the generous remitter communities in the world. It has been noted that last year alone, the Indian diaspora has remitted nearly $20+ billion foreign exchange to India. Such high remittance levels were associated with many numerous reasons. For example, one might send money to India for the purpose of supporting immediate family or for the close relative's wedding or for an emergency or an illness. Hence, whatever the purpose, the expatriate Indian community will constantly look for most economical, hassle free reliable and faster methods to remit money to India. As such, many new money transfer methods are there to meet the rising demands of Indian expatriates in the world compared to traditional methods.
They can use the tradition money transfer methods such as telegraphic or Wire transfers, Bank Drafts, Credit Cards, and Cheques. These traditional methods were available for some time to Indian remitter. However, such money transfers (such as bank draft and wire transfer) although seemed to be secured; they were highly inefficient and slow, when transferring money to India. Similarly, the credit cards seem to be faster and secured but the beneficiary in India can face many problems associated with financial regulations and practices enforced in India.
The long-established money transfer methods are beset with numerous problems during sending money to India from a foreign country. It can be either long waiting periods or high transfer commissions or several visits to the local bank or the agent. It is also plagued with risk of misplacement or theft. These can put the sender or the beneficiary into highly irritable and inconvenienced position. Hence, such problems, many Indians living overseas are looking for alternative means of money transfer that are faster, convenient and more importantly cheaper.
The online money transfers have become very popular means among many expatriate Indians. It is one of the smoothest ways to remit money online to India.
Today, many Internet sites are there that are dedicated to online fund transfers. These online money transfer services can provide services to almost all the countries in the world including India. So now, any Indian can send money to his/her motherland quickly in any selected currency from any country. These online money transfer sites are so user-friendly, anyone can send money to India by following few steps online.
There are many online money transfer websites available today that provide outstanding and convenient services. You only have to sign in or register an account with the online money transfer services such as PayPal, Moneybookers, Western Union, Cash2India and Xoom. Once you register successfully, you can type in the details of the transaction (such as the name, address of the recipient in India) and then upload the funds via credit card, bank transfer and submit online. It has become so simple and fast, so once the online service provider approves your request, it will send the funds either directly to the recipient's accounts or to a nearby branch office or franchise to withdraw the cash, in India.
Besides above, the above online money transfer services are available 24x7 at your desktop at your home or office, providing you with inexpensive and faster ways to transfer money., Now you can say adios to lost cheques, thefts, high transfer commissions, and inconvenience. These online money transfer services provide you the best in terms of convenience, reliability and cheapness. The online money transfer is the smoothest way to send money to India.