Money Transfer Service Scheme, the amazingly simple way of money remittance to India

If you talk about easy and convenient ways of online money transferto India, the MTSS or Money Transfer Service Scheme is amongst the easy and convenient options. It allows inward remittance of money from abroad to India for family maintenance. The facility can also be availed by tourists traveling to India. They can transfer money to India using the MTS facility. No outward remittance is possible using MTSS service.
This is a joint venture of Moneygram International, WUFS (Western Union Financial Services), and Department of Posts.
What is the process?
The process of sending money online to India using MTSS is quite simple and straightforward.
  • The remitter goes to a MoneyGram location or Western Union money transfer outlet in any of the countries where the service is operational. He fills in the form and pays the money and additional charges applicable. A unique MTCN (Money Transfer Control Number) is generated by the system which acts as the Reference Number
  • The remitter calls up the payee and informs about the deposit. The Payee (receiver) goes to the Post Office, fills in a form and shows identification document. He shares the MTCN to the officer. The code is verified from the transaction record. Once the validation is done, money is delivered
  • It is one of the fastest ways to transfer money to India that doesn’t take more than ten minutes
  • Payee gets the amount in Indian currency. As per the rules, remittance of up to 2500 USD is allowed in one transaction. It is a guideline issued by the Reserve Bank of India that can’t be overruled
  • As per the rules, up to 50,000 INR can be paid in cash. Any amount above can be deposited in the account directly, or a cheque is issued in the name of the beneficiary
In spite of the limitation of maximum 30 transactions annually, it is one of the best ways of doing money remittance to India. More people get benefited by it every year.
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Only the most transparent remittance operator is trusted by clients

https://www.remitlite.com
Remittance operators that offer online money transfer to India from USA expect a great surge in the business in the coming years. There has been a phenomenal growth in the number of transactions both volume wise and value wise in the recent years. Financial experts say that the future of remittance industry is bright, but with a few riders.
It goes without saying that offering competitive rates for remittanceto India is a distinguishing aspect. According to the latest convention of remittance operators held in Switzerland in 2015, transparency will be the only way forward. As the technology becomes easily available to everyone, it doesn’t remain a game changer.
What is the meaning of transparency in this business?
Well, the term transparency is quite ambiguous, and it can be interpreted in several ways. What do the experts mean about money transfer business? As per business stalwarts, it means that the customer has to be well-informed about everything which is relevant for him, e.g. fees and charges applicable, details of service, money transfer rate, transaction time, and exchange rate margin.
Initially, it might be a daunting task for remittance operators because they do not have a system established to transfer money to India. However, it will become a routine thing after a few years as everyone will follow the same path.
It has been observed that in spite of stringent regulations, still there is a big gap between the actual cost of money remittance and what customers perceive. They get a surprise at the end of the transaction when the payout is less than expected. Business leaders feel that it is not the right way of doing business. Hence, transparency is more than required.
Remittance costs are declining every year
Statistics proves that the cost of remitting money is declining gradually. However, it doesn’t bring the profitability down as the number of transactions shows an increasing trend. The economy of scale governs the sector. New age technology and innovative techniques simplify the procedure, and more people find it practical to remit to India.
The use and popularity of the Internet increases worldwide and penetration of handheld devices makes the remittance fast and convenient. How to send money to India is not a daunting question now.
Experts say that user education is still a big challenge. People don’t know about several charges while initiating money transfer and often receive a “bill shock”. Use of intricate financial jargon confuses them sometimes. All these issues will have to be eradicated by making the process fully transparent. It will be the only success mantra!

Sending money to India has never been easier!

Are you looking for a convenient way to transfer money to India? Your search end here! There are many good online money transfer portals which help you for money transfer to India easily and securely.
Previously, sending money to other countries was a tedious task which required a lot of documentation and was time consuming. But now with just a few clicks, one can transfer money to India from US, UK, other countries, with help of online money transfer websites. Along with safe and secure transfer services, these platforms also provide very good exchange rates and a host of other services that add value to your transfer.
Whether you want to transfer money for business or to you loved ones, the purpose gets fulfiled by following a few simple steps. The hassle of going to banks and standing in queues for hours just to deposit the money transfer amount is now avoided. Transfer money from the comfort of your home in minutes!
Just create an account by providing your personal details and setting your desired password. Then, you need to add your account number and the details of the receiver. Once this is done, you can transfer the required amount in no time. The best way to send money to India from USA and UK is through online money transfer service provided by RemitLite. RemitLite enables easy remittances to India and is secure, reliable and trustworthy. It is considered to be among the most dependable sites for transferring money to India from US and UK. All you need to do is sign up on RemitLite.com to start transferring.

Money Transfer helps In Economic Growth!

Are you looking for any money transfer facilities to India? Now-a-days, it is done very easily with the help of various online money transfer portals. This has become possible due to the ever increasing growing technology and economic development. With new technology, especially internet facilities, online money transfer has become quick and hassle free. India is considered among the leading recipients of online funds among all other nations. According to the estimate taken by the World Bank in 2011, India has even exceeded online funds received by China and Mexico. This showcases that the growth of the country has increased in the past few years and will be increasing by approximately 9% in the coming years.
One of the best and the safest ways to transfer money to India or any other country is through online money transfer services. Strict Protocols need to be followed for the purpose of security and international money transfer safety. One can transfer money without worrying, just with a few clicks. Indian economy has been growing due to money remittance in the past few years and is expected to increase in the coming years. Money transfer has become so easy that one can be stress free and transfer his/her money to India without worrying by following a few simple steps. All you need to do is give your personal details, account number and add beneficiary; then start transferring funds right away. Start fund transfer to India right away without wasting a minute!
Various online portals have been proved helpful in transferring online money among which RemitLite offers the best way to transfer money to India from USA. Many of the RemitLite users have had a satisfactory experience for transferring their funds due to best transfer rates as compared to other portals like Xoom that offers a transfer rate of just Rs 61.52 and AxisRemit offers only Rs 61.82 where as RemitLite offers exchange rate of Rs 62.02 which is leading among all other portals currently. Worry no more and make your Money transfer to India successful with RemitLite.

Mobile Money Transfers are getting up to Speed

Ages ago transferring money from overseas was great deal. There were limited or rather no options. The only way to do so was by post, and it took days for the money to reach the beneficiary.

With the most portable device money transfer is speeding to real time. Today using your smart phone you can transfer money to a bank account at the speed of light, by the time you realize, your transfer has been realized to the beneficiary’s account. Making a mobile transfer is as simple as booking tickets for a movie; you simple have to follow the steps, fill in the required details and push the send button and there your transfer is made. It is so easy that even a 12 year old could do it by following the steps to make the transfer. Everything and everyone is online today, there is nothing that cannot be done from your smart phone; from shopping to booking tickets to transferring money. All that you need is a smart phone and your finger-tips, that’s it! Rest is all just a ball game. That small little electronic box in your pocket is a key to every possible lock.

Mobile money transfers are trending today and catching the pace of light. Mobile transfers have brought about a revolution in the banking sector, simplifying banking to the commoner.