Digitalization has revolutionized the remittance industry. NRIs worldwide can now conveniently and securely transfer funds to their family and friends in India. But what are the reasons for the widespread popularity of online transfers? Read this post to find out.
A decade ago, Indians working in all the different parts of the world had no option but to visit offline money transfer agents to send funds to their families. They were required to stand in queues, pay an exorbitant transfer fee, and wait for multiple days to get their transfer processed.
But online transfers have eliminated these challenges. Digital remittance is quick, secure, affordable, and available 24×7. Let us have a detailed look at some of the top reasons that make international digital transfers so popular among NRIs-
1. Secure Transfers
While cyber threats are rising globally, reputed remittance providers implement advanced security solutions to secure their platforms. All the transfers are monitored 24×7 to ensure enhanced safety. As a result, remitters can rest assured that their funds will reach their beneficiaries in India in the safest possible manner.
But note that only reputable and reliable remittance providers, such as banks, are known to use such high-end security solutions. If you are looking for a remittance service, then choose one of the most popular services for complete safety.
2. International Remittance is Now Affordable
As digital remittance service providers do not have high overheads like offline services, they are known to charge a minimal transfer fee. Many service providers have a flat fee structure to make the transfers highly affordable for customers.
Moreover, some of the top Indian banks do not charge any service fee up to a limit if you also have an account in their bank. If you regularly send funds to your family in India, then you should take advantage of such offerings to make some significant savings.
3. Competitive Exchange Rates
Remittance providers like banks have extensive national and international networks. This makes it easier for them to offer highly competitive exchange rates to the customers.
You are living thousands of miles away from your loved ones to provide them with a financially secure future. Needless to say, you’d want a service that offers the best value for your money. Online remittance with its highly competitive exchange rates makes this possible.
4. 24×7 Availability
Another major advantage of using online remittance is its 24×7 availability. Simply log into your remittance account and transfer money to your beneficiaries in India, no matter if it is day or night. Moreover, some of the service providers also have their mobile apps for on-the-go transfers to India.
This 24×7 availability makes digital transfers highly convenient and useful when you want to send funds to your family instantly.
5. Faster Transfers
You no longer need to wait for days to complete a transfer to India. Apart from being a secure and easy way to transfer money to India, online transfers are also fast. While there are factors such as your location and the service provider you select that impact the transfer duration, digital remittance is significantly quicker than offline transfers.
There are some Indian banks that offer same-day and even instant money transfer service to India from several foreign destinations.
Experience a World of Difference with Online Remittance
The internet has impacted almost every aspect of our lives. For NRIs, it has proven to be a boon by making international transfers to India highly secure, quick, and affordable.
If you’ve recently moved to a foreign country and looking for a secure way to transfer funds to India, then look for a reputed Indian bank that offers online remittance services. You can also go ahead and open an account in the same bank to experience added benefits.