The three apostles of money transfers in India

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The love for a life overseas has been an open secret, long before people of any other nationality even thought about it. Back then and it is the case even to this day, professional growth prospects happened to be the prime reason behind this phenomenon. Although recent years may have seen education and leisure emerge as strong contenders, work opportunities still outrank the other two by a huge margin.

 Indian upbringing still follows a traditional bent and this is especially true when it comes to monetary aspects like savings & investments. Besides, for every Indian working overseas, there is an average of four people dependent upon his/her financial assistance back home. This is the reason why the countrymen (and women, for that matter) have earned the distinction of being the single largest customer segment when it comes to money transfers from abroad.

 Traditionally, it was only the government owned/ managed banks that held the rights to carry out such transactions. However, the economy was thrown open sometime in the nineties and the volumes exploded manifold, eventually overwhelming the system. Private Banks and institutional lenders soon moved in on the scene and brought along with them, the seeds of a revolution. Today, a person can carry out a money transfer online , right from the comfort of his home, office and car. In-fact, with mobile phones and financial apps having become commonplace, one can pretty much be anywhere on the planet and still send funds, as long as they have the money in the first place, the credentials necessary & are connected to the network.

 Technology has proved to be a major game changer in the world of money transfers. The monopolies of the past have long been consigned to the vassals of history. Information flows freely and businesses have learned to adapt to the changing environment. People no longer have to stand in line for hours on end, fill in a mountain of paperwork and pay through their nose in commissions for sending cash.

 The whole of taking money transfers online means that the recipients receive the amount due to them, within minutes of the transaction being completed. Speed has indeed become the hallmark of e-transactions. The depositor has to authenticate their credentials, ensure a certain minimum amount of funds and click a few buttons. The software then takes over and displays the money in both the currencies involved, the exchange rate in effect for the transaction, commission charges (if any), together with the net amount. Upon acceptance, the fund transfer is completed and dispatched straight to the recipient.  

 Unlike the perception of a certain section of society, monetary transactions carried out through authorised financial channels are often the safest option available. The chances of being defrauded are significantly reduced due to the inherent checks and balances that have been baked into the system. Proper authentication procedures are followed at each step of the way and only then are transactions completed.

 Moreover, if in case something were to go wrong, the money would still be safe, as all online transactions conducted through official channels are secured via an appropriate insurance cover that would reimburse the amount. Then there's the whole convenience angle. Every other method is time consuming and filled with tedium. These then are the three apostles that help facilitate the transfer of money through online transactions. 
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