OTC remittance, the smart and swift way of money transfer

OTC or Over the Counter remittance is one of the preferred ways of remittance globally. Since the market has become greatly dynamic and customer centric, agents and service providers want to offer fast and effective service to the clients. As a result, OTC becomes a well-established thought.
However, OTC is a little bit different concept when we talk about MoneyTransfer to India.
What do we mean by OTC remittance in the Indian context?
In simple terms, when the agent performs transactions on behalf of the clients, it can be termed as OTC. Some experts call it assisted transaction because agents assist in making it successful. The person who wants to initiate remittance transaction need not have a mobile number or mobile wallet. Also, there is no need of acknowledging the mobile wallet opening by the customers. Customers do not play a role in the remittance process, but the agent does it on behalf of their clients.
However, the normal KYC (Know Your Customer) that rules cash outflow from the account for other transactions are applicable for OTC remittance as well. The financial services are expected to follow regulation and compliance.
Two possibilities of OTC money remittance to India
In the backdrop of the information given earlier, there can be two scenarios of OTC Remittance:
  • Agent doesn’t inform the customer about the remittance process. He uses the personal account or account of somebody else while transferring money to India from US. Sender tells the account number of the receiver and the entire process is done by the agent.
  • Agent uses a wallet to perform the transaction. He doesn’t tell anything about the wallet details or the process to their clients. The sender knows about the progress of transaction through text messages at different levels. Many times customer doesn’t even know that a wallet has been opened in his name. He thinks that the messages are from the service provider’s automated system.
OTC process outline
  • Opening of wallet on behalf of the customer is the first step.
  • Receiver’s details are required to determine the destination point. Bank name, bank account number and IFSC code are other details.
  • Money transfer process. NEFT or IMPS are the most commonly used methods while sending money online to India. IMPS is preferred, and NEFT is used as the backup process. Transactions done using IMPS happens almost instantly.
  • Confirmation is received as soon as the transaction completes.
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Exchange rate affects the profitability while remitting; know about it beforehand

https://www.remitlite.com/remitlite/index.jsp
When you want money remittance to India, it is very much important that you gather sufficient information about the current exchange rate USD to INR. Why is it so much critical? The answer is very simple. The rate of exchange decides about the relative value of the money in India in the USA.
Why the exchange rates are fluctuating?
Well, many people get puzzled by the fact that the exchange rates are variable, and one has to know about it before remitting the money. Why should it change? Why it can’t remain fixed? It happens because the international currency trade works on the principles of demand and supply. Since currency has the highest liquidity, buying and selling happen worldwide. Trading activities happen round the clock because the markets are open in some other country even if it is midnight in your country.
Based on demand and supply, the currency exchange rates change. Therefore, you must know about it before initiating an online money transferto India.
If you are remitting a small amount, then it may not be relevant but for high-value transaction, the difference of a few cents is sizable.
What is the best way to transfer money to India without using exchange rates?
No, there is no such way where you do not get affected by the exchange rates fluctuation. All legal and valid ways of money transfer use exchange rate calculation. Experts say that one should understand the fundamentals before initiating the money transfer. It helps a lot.
Interbank rate is also known as bank-to-bank rate. It is the wholesale rate and not retail. Banks exchange the currencies using this exchange rate. The Interbank rate is always different than the normal rate offered to retail customers.
Selling rate or Sell rate is the rate that you get while exchanging the local currency against foreign currency.
Buying rate or Buy rate is the rate that you get when the other country’s currency is transferred into local currency.
When you know the meaning and implication of the three exchange rates, it becomes pretty simple for you to decide the right time for initiating money exchange. Regardless of the ways to transfer money to India was chosen by you, doing it at the right time is always important.
It is possible to get help from professional before you exchange money. They suggest the right moment of doing the same so that you get good profit. Some service providers initiate a transaction on your behalf when it is the best time.

Why RemitLite???

Nearly a decade ago the main problem faced by the Indians residing in USA was transfer of money to India. But now the scenario has changed, transferring money is no more a stressful task. With changing times many modes of money transfer has been introduced. Online money transfer has gained a lot of momentum in past couple of years since it is quick and convenient. But in this case also there is a lot of confusion regarding the selection of right service provider who provides good exchange rates along with great service.

RemitLite is one of the best online money transfer service and some of the reason for selecting RemitLite are as follows:

  • Best Exchange Rates – We know the value of your hard earned money and therefore RemitLite consecutively have been offering the best exchange rates as compared to others and will continue to do so.
  •   Minimum transfer fees – RemitLite charges a very low amount as the transfer fee as compared to others and therefore you end up saving more of your money.
  •  Safe & Secure transfer – Your money is safe with us. All your transactions and data exchanges are secured with SSL encryption. So sit back, relax and leave all your worries to RemitLite.

So now transfer money to India without any hesitation through RemitLite and keep enjoying the excellent exchange rates along with great service.

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.