There are various ways and means to receive money from across the world from your NRI relatives and clients as well. It is imperative to understand the banking coverage, timing and also cost of the remittance.
Today, the world has been faster in many ways. The people are capable of sending information within some seconds to any destination of the world by virtue of internet. Sending emails that includes photos, videos and other informative content has been extremely easy with some clicks on your mouse. Transferring money to any destination of the world has been as easy as sending email through your laptop, smartphone or tablets as well.
Traditional remittance a defunct system
There were traditional systems of money transfer to India before some years by means of post or cheque or bank draft etc. However, it was very difficult to get money in your account in the nick of time. The cheque and bank draft used to take minimum 10 to 15 days to get the money encashed. Therefore, payee used to face a lot of difficulties in case of emergencies like critical health issues and also death etc. The people are no more eager to send money through the traditional channel.
Modern system of money transfer
You may have your clients or NRI relative leaving abroad and you would like to get money transferred to Sri Lanka. There are versatile ways of receiving money. The fastest ways of getting money is wire transfer, online remittance, PayPal and international money order.
Western Union was one of the oldest money transfer companies in the world that has largest network and offices across the world. It is very simple and you get a secret code from the sender that you need to show to your nearest Western Union money transfer agent.
PayPal
During recent years PayPal has played a vital role in the various countries in the world. The freelancers are getting handsome amount by the help of PayPal for last 10 years. Previously, PayPal used to send cheque. However, in course of time PayPal has option to transfer the money directly to your bank account. There are strict guidelines for the PayPal fixed by the Reserve Bank of India. Similarly, there might be different rules of receiving funds through PayPal in different countries.
Wire Transfer
Wire transfer is the commonest ways to send funds to any countries of the world. The sender just need to move to the nearest bank or the agency that helps transferring the money worldwide. The wire transfer is one of the easiest ways to transfer money to India. The sender needs to provide detailed information about the receiver and its bank.
International money order
International money order is quite easy if your amount is low. This is one of the cheapest, easiest and safest means of remitting funds to India and Sri Lanka. The money order can be received through your bank account and can be converted in to money by the help of various cheque cashing locations.
E-Mail money transfer
As you know the internet has made the world a possible machine where impossibilities are converted in to possibilities. The email fund transfer is a sort of online money transfer. The beneficial point is that you don’t need to pay extra charges for this. It is a kind of bank to bank transfer. Simply, the sender needs to fill the bank form online and answer a security question. The sender requires to share the security questions with receiver only.
Having multiple choice of sending funds is always good as the remitter can have one of the easiest ways to remit money.
The Significance Of International Remittance In Overseas Studies
Studying abroad is one of the ecstatic experiences which very rare numbers of people can avail. While being in the overseas destination it is extremely imperative to understand as to the international remittance.
Why India Is The World’s Largest Global Remittance Recipient?
The Indian people are receptive to language, science, and technology. That is why the people have been able to migrate different countries of the world augmenting inward remittance to India.
Why It Is Important To Know Exchange Rate Before Remitting Money?
Are you working overseas and you are a regular money remitter to your native place. It is very imperative to know the exchange rate before transferring money to from an overseas market.
