There are pros and cons of every remittance method available. It is important to understand the different methods of money transfer and how they work. By researching on the different modes of transfer, it will become easy for you to save money each time you send money to India or any other country.
Advantages of Online Money Transfer to India:
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The most prominent advantage of using online money transfer is the speed. Gone are the days when people waited for weeks for the money to reach them. Today, with the help of internet it has become quick and easy to send and receive money. You just need a safe device and internet connection for transferring money. You can do it from the comfort of your home or office and at any time you want. Today, money can reach the recipient within minutes.
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There are many banks that offer power transfer that enables the money sender to track the money online. You can track the money whether you are the sender or the receiver. Some banks have featured remittance with the help of which the recipient can get money in their local currency and can be used after receiving it.
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Through online remittance, it is easy to send money straight into the recipient’s bank account. Business groups are also benefitting from online money transfer services. It helps them move money faster without the delays caused in formalities of sending money offline such as, waiting for a cheque.
Disadvantages of Online Money Transfers
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At times, using credit card or debit card in remittance can lead to losses if you are not well informed. Credit card companies charge a huge fee if you use their services for international remittance. This means that if you will be sending money on a regular basis, using your credit card, it can burn a hole in your pocket.
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You can become a victim of identity theft if you are not choosing a reliable online remittance agency. It is best to ask for recommendations from your peers when choosing an agency. If there are no recommendations, then do some research on your own and find an agency that charges low transfer fees and offers quality services.
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If you are not using a secure device, then there are chances you will become a victim of hacking. Even virus attack or malware can put your confidential information at stake.
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At times, you can face technical difficulties when sending money online. The money might get deducted and you may have to contact the agency to find out the next process.
There is no doubt that even online wire transfer from USA to India is quick and easy. It is also the safest mode of remittance provided you are doing it in a secure manner. From your choice of agency to the use of a safe device, there are several ways of ensuring that your online remittance experience is hassle-free and doesn’t involve any challenges.
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