With technology evolving on a regular basis and the recent internet boom, new concepts of banking and online remittance are being introduced now and then. Gone are the days when you had to wait for long hours until the teller called your number and you silently followed his instructions either to deposit an amount to or have a cheque encased. As of today all the major financial houses offer their customer with doorstep banking facilities in order to ensure that they stay tuned with their finances from any part of the world. With the birth of the internet, all major remittance transactions have become faster and secured. Ditto for mobile banking, banking has been at its convenient best. Today it does not matter where your family or friends need the money as online money transfers can be made anywhere in the world. Additionally, you do not need to have a bank account to make the payment. Many of the online money transfers service providers have developed innovative methods for payments online and money transfers. Most of the service providers have easy steps to register online, get an account instantly, put some money into the account and then send it to the person, you want to. Similarly the person you send it to does not need to have an account to receive the money or have access to it. Money transfer services have been launched exclusively to enable easy transfer to India and other parts of the world. There are several ways to make an online remittance to India and each has its advantages and disadvantages. An option can be chosen depending on what the fund transfer requirements are. People migrate from villages to towns, from towns to cities, from small cities to bigger cities and from one country to another - all in search of better opportunities & a better life. But what is critical to note is that most migrants continue to be connected to their roots - emotionally or financially. While some of them have no intent to return, a significant chunk does aspire to come back to their homeland at some point of time. Many people use offline agents to foreign currency cheques or prohibitively priced wire-transfers, customers have many options for online and offline remittance. There has always been a debate to conclude which is the better way of remittance, online or offline? There are various advantages and disadvantages of both these situations. There are pros and cons of both online and offline remittance techniques. Let us focus on some positive and negative aspects of the same.
Online Remittance
• It's time efficient and only takes minutes to send money anywhere in the world.
• Online transfer is used by various banks; power transfer enables remitters to track their money.
• Money can be transferred directly to bank accounts of the customers.
• Online remittance allows remitters to receive money in their local currency.
• Payments made cannot be revoked or stopped and the amount of payment cannot be updated or modified. This can lead to credit transfers to the wrong recipient.
Offline Remittance
• No money transfer service fees.
• No need to worry about theft since it doesn't require any account or debit card. Some countries offer lower levels of security protection than credit cards, which results to recorded debit card PIN theft.
• It doesn’t involve any technical difficulties.
• No long queues.
• Checks are mailed and have to be deposited by the recipients in their bank account and then they'll have to wait for the checks to clear.
Thus there are many advantages and disadvantages of both the ways to transfer money. Customers can now use any services according to their preferences. It is a known fact though, because of its time efficiency many customers have inclined towards online remittance ways. Many customers have now migrated to more convenient & cost effective online money transfers. Online remittance to India is now the fastest growing choice to send money.
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