Why Is Online Transaction a Valuable Option These Days?

If it were not for the technology surrounding all aspects of life, international money transfer(s) would still be an uphill task. Every developing country worldwide has vast populations of expatriates migrating from different parts of the world. These expatriates, for instance, the Indians, essentially need to make an online money transfer to India  to their families which is always their primary concern while living in a foreign land. You will learn about the value online transactions carry and the different available methods to choose from.

 

It is, of course, imperative for you to learn about the online transactions through which the expatriates worldwide move their remittances. Keep reading!  

 

Needs to send money back home from abroad

India is the world’s top remittance recipient, with upwards of 20 million expatriates spread worldwide. And the annual volume of remittances India receives averages annually above $80 billion. 

These expatriates earn money in foreign countries and then send back remittances through the best way(s) to transfer money internationally offered by the world’s top company ACE Money Transfer. 

Remittance is derived from the root word ‘remit’, which means to send back. Thus remittance means the money one earns in a foreign country and then sends back home. 

A few essential needs expatriates send money back home for are discussed below. 

 

Poverty alleviation

Most of the expatriates that go abroad belong to underdeveloped countries. In their countries, they live in abject poverty and cannot break away from it with the limited means of earning. But, from abroad, they help their families alleviate poverty through the remittances they send back. 

 

Access to better education 

With limited means of earning, the people of developing countries cannot afford a better education for their children. You know that poor parents’ children are their only hope for a better financial future. This is only possible if they can afford quality education for their children. But, if they cannot do that, they will end up in the same vicious cycle of poverty. 

Remittances help poor people afford quality education. 

Remittances help save money.

Of course, with limited earnings, one can barely afford to make ends meet. But, remittances help save money which eventually allows people to have a safe financial future. 

 

Remittances and business opportunities

With remittances, people can make investments in different businesses. And one of the most sought after investments is the purchase of property and the construction of houses, etc. Investment in the construction industry alone sets the economic wheel in motion as a whole because many other industries are attached to it. 

 

Let’s now talk about different money transfer methods.

 

Different money transfer methods

There are many methods to transfer money that some of the best international money transfer services, such as ACE Money Transfer, offer. A few important ones of those are discussed below. 

 

Wire transfers via banks 

This is one of the oldest and most conventional methods that people use to transfer money internationally. With the coming of other methods, which you will learn about, the traffic to banks decreased substantially. A wire transfer takes several days to transfer money, and besides, banks charge a high fee. 

 

Hawala or Hundi

Although it is now established that this method is illegal, people still use it to avoid paying taxes. This method is part of the black economy and is unregulated. Furthermore, this is a channel through which money, aimed at supporting evil purposes, is moved.

 

Mobile wallet or online companies

And this is the method that offers the most value and convenience. Some of the world’s most credible companies, including ACE Money Transfer, offer these services. ACE is your perfect solution if you are an Indian expat looking to find the best ways to send money to India online. You can transfer your remittances directly to the recipient’s account right from the middle of your comfort zone through their international money transfer app. 

 

These few companies will charge you a low fee and offer the best exchange rates. This benefits you two ways: 

  1. a) You get the best exchange rates which increase the amount after conversion
  2. b) You can pay the company less while saving and sending more.

Online money transfer: the best option to send money back home

Nowadays, online money transfer is the best option to transfer money because it is fast and efficient. With online money transfers, time restrictions are now a thing of the past. Besides, in online money transfers, you are saved from the hazards of travelling physically, like banks. 

 

Online money transfers do not impact your schedules. For example, you will have to take time and arrange a visit to the bank for a transaction should you choose to send remittances through it. But, in online money transactions, you can initiate a transaction right in the middle of an important task you are attending to without having to pause it. 

 

What are the key features of online money transfers?

Here are a few key features of online money transfers. 

 

  • Speedy transfers

Through online money transfers, you can send money quickly and efficiently. Here you hit send from whichever online channel you like, and there the recipient gets notified about receiving funds! If you wish to make a money transfer to India swiftly, an online remittance service like ACE is the best option for you.

 

  • Online money transfer services are available 24*7

There is no time restriction on online money transfers like the banks, which operate in a schedule. You can avail of online money transfer services at any point in the day or night.

 

  • Secure transactions

In online money transfers, your money is safer than through other platforms. But, you must bear in mind that the tight security of transactions is not offered by every platform you choose. It is the hallmark of a few credible companies, including ACE Money Transfer. 

 

  • Low transaction fee

Unlike banks, some online money transfer companies offer low services charges which help the remitters send more to the recipient. 

 

  • Best currency exchange rates

Some companies, not all, offer the best currency exchange rates to their customers. These companies link their currency exchange rates with the international markets where these rates keep fluctuating. Therefore, the customers can choose a time of their liking to send money to get the best rates. 

 

  • User-friendly mobile app

Some of the companies have launched simple and easy-to-use mobile apps that enable you to initiate and track your transaction till completion on the go! 

 

ACE Money Transfer: a short insight

We offer all the features explained above, under one roof. And the proof of our competence lay in our constantly expanding customer base with zero complaints. We have millions of customers, and we operate in over 100 countries worldwide. 

 

ACE Money Transfer: mobile app explained briefly

The user-friendly mobile app of ACE Money Transfer is available for both Android and Apple users. Its simplicity and convenience can be gauged from the fact that all you have to do to transfer money through it is the following: 

  • Select recipient
  • Select amount and hit send. Tadaa!

 

Even though online money transfers are a convenience never seen before, you must beware of the unscrupulous companies that claim to be best but, in the end, rob customers. Therefore, making your choices in selecting which company you want to send your money through should be based on your thorough research and profound analysis of the services of different online money transfer service providers.