A money transfer usually refers to one of the several possible modes of cashless money relocation. These could refer to either wire transfers, using your credit or debit cards to make payments, engaging the services of companies that provide money transfer services, writing someone a cheque, cashing a cheque or issuing a demand draft among others. As you can see, even though the act of transferring funds without using liquid cash is quite simple, there is more than one option available to do so.
An online money transfer, or a wire transfer as it is otherwise known, for example, is refers to the electronically facilitated movement of money and other assets (such as securities) from one account to the other, usually to an account which belongs to another financial institution. Online money transfers are the best way to transfer money to India as they are executed by almost all of the world’s major banks. Their biggest advantage is that they allow for the shipment of money across vast geographical distances in a matter of minutes. Banks and money transfer services charge a fee for their transfer services, in proportion to the scale of the transfer.
Money transfer service will charge you a fee, so pay close attention to their rates. These usually vary with the currency and amount being transferred, and to where. It is also important to avail only of those money or balance transfer services that you know and trust. The digital medium is still prone to criminality, such as phishing and cyber fraud, so shop around for the institution that is most technologically secure. It will go a long way in ensuring that your finances remain safe on the internet.
