Transferring money online is a very useful and important service that many of the banks provide now days. It makes our life easy in such a busy and hectic schedule. You need not to stand in Bank queues to deposit money to someone else’s account or transfer money to your close ones.
Online money transfer can be defined as a service where traditional or old school remittance technique amalgamates with the new age and sophisticated technology of electronic funds transfer, or EFT. It is not a rocket science, you might have used the EFT or electronic funds transfer many times. The process can be defined as a completely electronic way of transferring money from one bank account to another bank account. The main highlight of these services is that it includes only the exchange of data and no hard cash.
Online remittance to India have much more to it. These services can be defined as urbanized and new age technique of wiring money: You can send someone money without any hassles and in a user friendly way simply by transferring money (or the data that represents that money) from you to another person. This process usually involves a tad bit more contact information about the concerned person — such as a cell phone number or an e-mail address — for the sending and receiving parties tied to a bank account, online money transfer can be done for a small fee from a secure and sophisticated Web-based service via any computer with Internet access. These processes also helps in eradicating the need for a money wiring office, telegraph station or even a bank to avail the services of money remittance.
This user friendly and low cost new age transaction techniques have kind of revolutionized the money remittance business. It has been one of the most used options for internet-based services.