Technology has changed the face of banking completely and we have the bestways to transfer money to India in the form of electronic remittance. It is fast, smart and highly safe. Not only big banks but even small local banks also offer the facility to their customers. The virtual version of money transfer let the banks sweep out and sweep in huge loads of money without handling a single currency note. Looking at the volumes of money transfer to India, it is the need of the day to find out effective and fast methods of transferring money.
In the world of electronic money transfer, the sun never sets. When the night falls in India, millions of rupees get transferred from the brighter side of the globe.
No need to go to the agent when online transfer is possible
When people want to “wire” money today, they do not need to step out of the house. Just login to an agency offering online money remittance to India and click “Transfer” button and the work is done. As more and more people use Internet and online facilities nowadays, going to an agent’s office becomes an outdated practice. Cross-border remittance conquers newer heights every year. Statistics says that the major chunk of it has been contributed by transactions of small amount, but the enormous volume makes the overall turnover huge. The major contributor is transferring money to India fromUS. As the number of people working abroad swells, the figure is expected to reach the rooftop. Unofficial estimates say that it will show an annual increase of 8 percent or more. The figures are certainly encouraging, and private agencies are ready to reap the maximum benefit from it.
Banks are reluctant to use the opportunity because they have other priorities
Since most of the banks don’t see money remittance as a lucrative business area, private remittance agents have a gala time. They offer more alluring services to the customers so that the largest share of the cake can be consumed. They offer the easiest way to transfer money to India and treat customers with utmost care. No wonder, people also give them preference. The flourishing market opens exciting opportunities for small and medium players. They can grab more customers by adding further services to the menu card.