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Why forex is a must when you plan your foreign vacation Flipbook PDF
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6 benefits of using the internet to transfer money abroad
The internet has revolutionized the world of foreign exchange. More and more people are switching from traditional methods of overseas remittance to get their transfer needs sorted. This is because the World Wide Web offers many benefits over previous methods of fund transfers and this article will highlight some of them.
Benefit number 1: Convenience. Compared to traditional foreign remittance services, transferring
money abroad using the internet is much easier. You can compare various portals, their exchange rates and commission charges without moving out of your home. Some people think that getting started with an online forex portal is a complex and difficult process. But this is just a misconception. In fact most portals have just three simple steps that you need to complete to get on boards, they are:
1. Register yourself: This is as simple as creating an email address or social media profile. Key-in some basic details about yourself and hit sign-up.
2. Document verification: For this, you might have to visit the branch or the service provider; in some cases the service provider will send a relationship manager to your home to collect the documents. Some portals allow you to scan the required documents and upload them.
3. Add your beneficiary and send money: Then all you have to do is add a beneficiary and his or her details, select the amount you need to send, send the service provider your funds and sit back! Your money will be transferred.
Benefit number 2: It’s quick. When you Money Transfer Axis Bank using the internet, you can rest assured you will be provided with quick transfer times. Some portals will deliver your money on the same day and some will deliver it latest by the next day.
Benefits number 3: It’s economical.
The internet is home to some of the best exchange rates and commissions. Some portals provide commission charges as low as 0.015% of the remittance amount.
Benefits number 4: Transfer money abroad at any time of the day or night.
The internet never sleeps and with its help you can send money abroad at any time of the day. You can even initiate your transaction on a public holiday or Sunday. However, there is catch, your transaction will be taken forward only when working hours commence.
Benefit number 5: Transfer money abroad and track your transition.
The internet helps you get a little peace of mind on your foreign exchange transactions by allowing you to track the progress of your fund transfer right till it reaches your beneficiary’s bank account.
Benefit number 6: Go the limit. With a RBI certified portal that abides by the RBI guidelines, you can send as much as $25,000 or its equivalent in a single transaction or up to $250,000 in a single year through all your sources. Such large transactions allow you save money as they invite the least amount of transaction fees.
There you have it! 6 benefits of using online
forex portals to
transfer money abroad. We hope this article has brought online forex portals into your consideration set when you need to send money overseas.
All the best!
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