Non-Resident Indians (NRIs), who form a huge remittance group globally, are strongly attached to their motherland despite staying thousands of miles away from it. They are happy to utilise those remittance services, which enable instant money transfer to India. By remitting money to their relatives in India for various purposes, NRIs stay connected to India. One such mode of remittance to India for NRIs is the online remittance service, which is quite popular. The main reasons behind the popularity of online remittance are the efficiency, quickness, transparency and security of these services.
Better exchange rates plus low transfer fees
Online remittance to India is favoured by NRIs also because such services generally offer lower/zero transfer fees and better exchange rates. NRIs value cost-effective remittances to India, which is why online remittance seems so attractive a proposition for them.
Traditional remittance methods like DDs, money transfer agents and global courier services generally demand higher transfer fees and additional service charges. Those people, without access to the Internet, still rely on these conventional remittance methods, for which they have to visit banks and do tedious paperwork. Such methods take more time to reach the recipient. Sometimes, there is no way of tracking the status of these transactions, which will create uncertainty in the remitter's mind.
Safe and protected transactions
Instant money transfer to India through the online medium provides you with advantages like round-the-clock customer support and state-of-the-art technology. These facilities ensure that the details of your transaction are kept confidential. Another nice aspect of online remittance services is that your money is untouched during the transactional process. It securely reaches the beneficiary's bank account within 3-4 working days depending on the nation, to which the money transfer is made.
The online money transfer service provides you with a chance to track the status of your transactions. You will thus be constantly aware of the progress of your transactions. There will be no uncertainty regarding the status of the transactions at all. The NRI remitter will receive regular updates via SMSes/emails regarding the status of his transactions.
NRIs need not visit the bank personally to initiate an online remittance to India. There is no need to go through taxing paperwork in a bank to initiate an online transaction. You need not experience long queues as well. All you need to do is register online with an online remittance company, for which you will have to provide your name, account data, remittance amount, your bank name, your address, your driving license number, passport number, etc. Your beneficiary's name, bank name, account data and related information will also have to be submitted by you online while launching a transaction. The bank also provides you with a Transaction ID and a password. After that, you can begin to remit money.
With just a few clicks online, your remittances to your loved ones are initiated sitting at home.