Online forex and remittance marketplaces have well and truly revolutionized the way how people send money abroad. So many people are transitioning from conventional overseas remittance systems to work out their transfer needs. You can now send money online via online remittance platforms which just takes a few minutes. The method is very quick and easy to use.
With the online forex and remittance platforms, you can move money from India to abroad for reasons like paying the tuition fee, medical treatment of a family member, investing in foreign instruments, and several other reasons.
All the KYC documentation is now done online and you do not have to visit any bank. Transferring money abroad to your family, relatives or friends can be done from the comfort of your home. Online remittance platforms also provide you the option to lock or freeze the currency rates and this can be really useful in volatile times.
You get a lot of advantages using such platforms for doing international money transfers from India. Some of the advantages are:
1. Convenience: Compared to conventional international remittance services, it is much easier to send money abroad via the online remittance marketplaces. You can compare different platforms, their exchange rates, and commission charges and all this can be done from the comfort of your home. You can then use professional services to do your foreign money transfer.
Some people think it's a complicated and challenging process to get started with an online forex platform. But it's not true and it is a simple process. In reality, most of the platforms have simple steps for doing an international money transfer. The process is fairly simple and these are the steps:
Step 1: You go to the portal’s website and book an order online.
Step 2: You transfer the funds into one of the portal’s partner banks. The online remittance portals have several tie-ups with the banks and other authorised money exchangers.
Step 3: The customer’s KYC documents can be picked up from his/her home. Due to COVID-19 outbreak, this is now a paperless process and it’s all digital now.
Step 4: The online remittance marketplace’s partner bank processes your transfer and gives you a SWIFT acknowledgement right after.
2. Fast & Economical: When you use the online remittance companies to transfer funds overseas, you can pretty much guarantee that you'll receive fast transfer speeds than other ways. Many platforms will send your funds the same day others will send it the very next day at the maximum.
The marketplaces for online remittances offer some of the best exchange rates and commissions. There are a variety of platforms that charge absolute zero commission to enable your international transfer while there are others that charge as little as INR 200.
There are no hidden charges on these online forex & remittance marketplaces either. Some banks usually put up a lot of charges and what you end up paying might be entirely different from the amount you thought you were supposed to pay. This is one of the biggest advantages of using such platforms.
3. Transfer money overseas at day or night: The online forex marketplaces are always up and they never sleep. You can transfer funds overseas at any time of the day be it daytime or night. You may also facilitate a transfer on a public holiday or Sunday.
There's a little catch in this though, your transfer request will only be carried out when working hours begin.
4. Tracking the transaction: The online foreign remittance marketplaces allow you to have a little peace of mind on your foreign transactions by enabling you to monitor the progress of your transfer of funds in case it does not hit the beneficiary’s bank account within the given time. Such platforms have a dedicated customer support team and you can call them up & ask them to track the progress of your foreign money transfer.
5. Freezing live rates of currency: You can use online foreign exchange & remittance platforms for doing a wire transfer as it provides a better way to transfer money abroad from India than banks. You can save up a lot of charges that banks usually put while sending money abroad. It’s also a completely digital and paperless process.
Forex prices, as you understand, keep on changing significantly and even the smallest difference can have significant effects. With online forex marketplaces, you can freeze the rate for the day when they are in your favour. You can do the transaction by the end of that particular day. Some platforms allow you to lock in the rates which are the same thing. You can lock the forex rates for up to 3 days as well. These platforms also notify you when forex prices hit your desired rate.
Also Read: Consumer Rights & Protection In India For Sending Money Abroad
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