When people move out of their own country for a job, sending money back home remains one of their major concerns. Earning a higher income is one of the important reasonswhy they move out, and it is only natural that they look for a safe and secure money transfer gateway. For workers, securing their income, often translates into making investments back home. Therefore, they are always on the look for a proper and safe channel to send money.
The importance of remittances in India
The largest category of people who use international remittance services of banks for online money transfer is migrant workers. They remit money to India to their families in India for their daily expenses and for investment. A migrant worker queuing outside banks and other money transfer companies, to send money home is a common sight anywhere in the world.
It is no wonder that India leads the remittance inflow volume with $69 billion coming in, in 2017 alone – a sharp 9.9% increase over the previous year.
Online money transfer – a viable solution
Affordable mobile money solutions from banks provide an easy way for online money transfer. For just a nominal fee, the security and convenience offered by such mobile apps for online money transfer remain unmatched. This is a huge sigh of relief for the person sending the money. As the money remains in safe hands.
There are also many advantages offered by such transactions as discussed below:
- They allow workers to send money overseas, during any time of the day.
- Workers are not required to stand in queues and spend long hours waiting to get the transfer done.
- Workers do not need to hand over their money to someone else for the purpose of handing over the money to family members. This way, they remain protected from potential fraud.
- Workers have a record of all their transactions.
- Mobile solutions offer secure and immediate means to send money.
- Workers don’t have to take time off and visit a bank to get the transfer done
Reputed banks also help the sender to avail of benefits like locked-in exchange rates that protect him/her from currency exchange rate fluctuations. This, in turn, ensures that the recipient gets the maximum value for the amount received from abroad.
With many known banks offering their own app for money transfer, the task has become easier for people working or studying in foreign nations. They can concentrate on getting their work done while relying on the secure connection and hassle-free transfer architecture offered by mobile app solutions offered by banks.
Some banks like ICICI have been in the business of online money transfer for the past 15 years. This extensive experience comes in handy in designing a robust and secure infrastructure that allows people from anywhere in the world to send money to India. Such reasons make banks the top online remittance solutions provider in India.
Disclaimer: “The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”