When you want to Send money to India or elsewhere by cash, check, bank draught, or money order it may appear to be going the way of the dinosaur in today’s technology-driven society. Although traditional methods may seem less common in the face of faster electronic methods for moving money between accounts, states, and even nations, this does not rule out the possibility of using them. Furthermore, if cost is your primary concern, there are low-cost money transfer methods, with the cheapest one varying depending on your contexts.
Banking’s landscape is shifting. Online banks are successfully competing with conventional brick-and-mortar banks, with high interest rates, reduced costs, and a proclivity for digital technology, pushing the high street banks of the UK to go mobile.
What Are The Different Sub-Types Of Traditional Bank Transfer?
Traditional banking services can be used in three ways.
- Wire Transfer: Wire transfer is the first among the three. You can send money to over 150 countries using more than 40 different currencies. Without a doubt, it is a secure way for money transfer to India & around the world, but the numerous commission fees make it slower. Furthermore, the virgin user must open and unlock a foreign currency account with the assigned bank. The planning time for wiring foreign funds is longer.
- Single Euro Payments Area (SEPA): SEPA is a European Union payment integration programme that aims to make wire transfers in Eurozone countries easier. This is the cheapest way to transfer money between 28 EU member states, four European Free Trade Association nations, and two microstates that have signed SEPA agreements because they share the same currency and monetary system. That is, you must have a bank account in one of these euro-zone countries that recognise only the Euro.
- Money Transfer Through Check: Finally, there are the checks. Checks are commonly used to pay bills or make payments because the interface is user-friendly. It was old days when there was no way to send money to India online; people use checks to transfer money to someone locally or overseas, all you have to do is send it via post or branch, and the recipient can easily deposit it depending on the check’s due date. However, it can take longer, and there may be extra service costs. The commission may be paid to both the transmitter and the recipient. It can take a few days for checks to be deposited into the receiver’s account.
Of course, the banking system is safer, but its slowness and red tape make users feel “snatched.” When confronted with the demands of emerging technology, the conventional bank system’s weaknesses become fragile. The traditional bank is moving to an online service system due to the time commitment and high exchange rates. Customers also prefer online money transfer to India and around the globe.