Transferring Money online is very safe and it is the most preferred mode to transfer money abroad from India. International money transfer online has made it simpler to transfer money to the intended bank account. The transaction can be repeated with ease, and the money will be transferred without any hassle.
This facility is being used for payment making requirements, including both business and personal needs. Through such services, people are sending money for business transactions, college tuition fees, medical bills, charity contributions and even sending money to family members.
The instant money transfer online has significantly reduced the time taken to complete the transfer. Sending money abroad has never been so convenient and rapid. Sending money has many obstacles and limitations including the time and location. Now, the transactions have become hassle free and are being used by people everywhere.
Among all the other options, wire transfer is the most convenient way to transfer money as transferring money abroad from India has become very easy through Forex dealers. Now, the dealers wire fund directly to the foreign bank account, and the money is directly transferred to the bank account.
Here are the 5 common myths about Money Transfer that have been busted
- Only banks can make an international money transfer
Money can be transferred abroad in different ways and through different mediums. Other than wire transfer through banks, money can be sent through service providers. These service providers offer their services through their branches and website. You can place a request for the money transfer on their website, and the money is sent to the requisite bank account.
For placing the request you need to provide all the important information such as the bank account details of the recipient account holder including the Swift code and MICR Number. You need to provide the details of the currency of the recipient account, and the equivalent amount in Indian Rupees will be paid to the Forex service provider for the transfer.
With all this information, the money is transferred to the recipient account through the Forex service provider.
- Online money transfer is not secure
Since foreign banks transact in foreign currencies, money has to be send in the foreign currency only. You must be careful at the time of handling money, especially when you are handling foreign currency. With the conversion rates, the amount changes with the smallest deviation or fluctuation of rate. While making international wire transfers, it is essential to be aware of the exact rates and amount of the transaction.
The transfer of Forex through the website of the Forex dealer are safe with the adequate security measures put in place. The foreign currency is wired only to the recipient bank account in the currency of the account holder. The money is directly transferred to the account holder, without any interaction with a foreign bank or organization. With adequate safety measures, the money and transfer is secured.
- International money transfer takes time
The transfer takes place instantly and there is no time delay when the transfer is facilitated by online Forex vendors. The money is received by the recipient account holder as soon as the transfer is made from India. The entire transfer is processed instantly, and there is no loss of time after the funds leave from India and before they are received.
- International money transfer is expensive
Money transfer through online Forex dealers is not expensive, and it is the cheapest way to transfer the money abroad. Online Forex dealers are the best option to make the wire transfer abroad as the transfer is cheapest and the most convenient.
Forex dealers offer many services through their website. All such services are the best Forex services which are offered in India. Such services offer great convenience and are offered at great rates. These rates, such as for conversion of currency are offered at the best rates available in India. Due to their services, Forex dealers are the most preferred medium for transfer services and for all other Forex services.
- Money transfer can only be done from branch during banking hours
The request for money transfer can be placed online at any time of the day. You are not required to visit the bank or the branch of the dealer to make the transfer, the request can be placed directly from their website. With such facilities, anyone can request the transfer of funds conveniently without physically visiting any bank or store.
The online availability of the Forex services, makes the availability of money exchange services highly accessible. Vendors offer these services online and give accessibility throughout the day. Their services are provided 24 X 7 through these websites, including on Sundays and holidays.
