January 23, 2020
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money transfer gst rate

Basically, there are three different methods for transferring money to anywhere around the world, and those three methods are Bank Transfer, Money Transfer in Cash, and Money Order. Each of these three methods is then categorized in further types, and each type has its own Money Transfer GST Rate. Mostly the organizations that are involved in money transfer are usually Banks and some online and physical companies including Ace Money Transfer. And these companies will simply take cash from you, whereas at the other end cash will be received as well.

How it works

Now what these companies do exactly is that after receiving the original and tax amount from you, then they will transfer the amount online from their own network to their agent at the receiving end. Now all receiver had to do is to visit the office of the same company and provide the necessary information and identification including password in order to receive the cash. As you are already aware that sending and receiving of cash is a critical matter so a proper verification of receiver is required. And this is one of the common methods that is being used nowadays because many migrants receive their salary in the form of cash, which they send back to their homeland.

Online Transfer Method

After this, the most used method is Online Money Transfer, and this is all in all online method because it does not involve any physical cash. Here if you are thinking that it is completely secure then you are mistaken because it is one of the most critical methods for money transfer. This is the age of technology, and hackers are always ready to steal your electronic money during transfer. And the worst thing about this kind of transfer is that no one is responsible for your loss. But on the other hand, it also provides ease for you, because now you need not go anywhere, and simply sit in your chair to make all the transfers.