Money transfer represents the daily transactions, in which money is transferred from one account to another. It needs to be remembered, however, that there is no concrete movement of money. Instead, what occurs is that one account is credited and the other is debited. International money transfer to India has been taking place on a massive scale in the last few decades. With the onset of online money transfer services, the volume of such transfers has only burgeoned.Circumstances for despatching money to IndiaBesides online money transfer, the other ways of transferring money to India are via bank cheques, demand drafts, money transfer agents and wire transfers. There are several circumstances behind this trend of online money transfer to India from abroad. Let us have a look at those circumstances for remitting money to India:
4.Payments against your purchases
5.Expenditures for taxes
6.Repayments against loans
7.Payments for insurance premiums
8.Payments for telephonic/electricity/gas billsThus, the above mentioned circumstances are some of the circumstances, which make the people remit money to India.
This post helped me to gain more awareness of the reasons behind money transfers