Sending money to India or internationally does not have to be complicated or costly. Some currency specialists are even less expensive than high-street banks. Knowing the fundamentals of foreign payments will help save time and money.
It can be unclear if you’ve lived abroad and never sent money to India online or your home country before. You input your details from your house, on your computer, or your phone, and your cash magically appear in your friend’s bank account on the other side of the planet.
There is a lot of information about online money transfers to India and worldwide on the internet, but not all of it is right. Have you done your research but aren’t sure what to believe? Allow us to assist you. We’ll dispel some of the most common myths about online money transfers and explain what’s going on.
What’s a More Secure Option Between Online Money Transfer and Wire Transfer?
Since you trust the bank with your money because you already had a bank account for so long, you’ll naturally turn to your bank branch, believing they’re the most trustworthy institution to handle your money transfer to India and elsewhere.
Banks were highly reliable in paste when no other option for international money transfers, but they aren’t always the best choice for money transfers. Service fees and reduced operating hours, in addition to the unfavourable exchange rates already listed, could result in you paying more money for a slower money transfer.
Furthermore, online money transfer services are the best alternative to banks as they are more secure. In every country where transactions facilitate transactions, online money transfer services have enterprise-grade security measures in place and adhere to regulatory requirements.
Why Is Online Money Transfer Said to Be a Complex Process?
It was in the past, but not any longer, particularly if you send money online. Here’s what you’ll have to do when transferring money from India to a foreign destination using your bank’s services:
- Pay a visit to a bank branch that provides money transfer services.
- Carry the necessary documentation depending on the situation.
- Fill out the form and submit your order.
Online money transfers companies like ACE Money Transfer, on the other hand, have a simple way to send money overseas. You can complete all of the required paperwork from the comfort of your own home.