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Journalism of Courage
— George Zachariah
Sending and receiving money overseas from India has never been simple. Even with the rise of digital banking, rigorous Know Your Customer (KYC) compliance procedures, where customers have to visit the bank or money transfer company branch to physically verify the documents, are still in place. This is especially true for students who are going to study abroad and need to pay their university fees abroad.
In the current digital age, online money transfer services are becoming increasingly popular for their convenience and ease of use. In addition, these services are also helping students get good exchange rates on their international money transfers.
Convenience: Online money transfer services allow you to transfer funds from the comfort of your own home or office, without the need to visit a bank or money transfer office. They can be a huge help in ensuring compliance with KYC regulations. All of the necessary documentation can be completed and submitted electronically.
Speed: Online money transfer services are typically faster than traditional methods, allowing you to send funds quickly. Since documentation can be completed online, the process is much faster than traditional methods.
Low cost: Online money transfer services typically have lower fees and better exchange rates than traditional banks or other financial institutions. This can save students a significant amount of money on transaction fees.
Multiple payment options: You get multiple payment options such as netbanking, NEFT/RTGS and UPI for sending the funds to the online remittance service. On receiving funds from you, the money will be transferred to the beneficiary account abroad by them.
Accessibility: Online money transfer services are available 24/7, and can be accessed from anywhere with an internet connection, making it easy for students to book their transaction anytime and transfer money from the comfort of their homes.
Security: Online money transfer services use advanced security measures such as data encryption to protect your personal and financial information, ensuring that your transactions are safe and secure. You get an easily accessible digital record of your money transfer.
Tracking: Online money transfer services provide tracking and confirmation of the money transfer, which makes it easy to track the status of your transfer. You get instant notifications regarding updating you of the progress of the transfer.
There are a few things that students should keep in mind when picking an online money transfer service to make sure they are getting the best deal possible. Below are some tips for students to keep in mind when choosing a provider:
— Check the exchange rate. Make sure you compare the exchange rate offered by the provider with the current market rate. Some providers may offer inflated rates in order to make a profit off of their customers.
— Consider the fees. Online money transfer services typically charge a fee for their service. Be sure to compare the fees charged by different providers in order to get the best deal.
— Pick a provider that offers easy, online KYC compliance. Students who need to send money abroad will need to comply with documentation regulations. Be sure to pick a provider that can help you meet these requirements easily.
— Compare speed and convenience. When you are sending money, you’ll want it to arrive as quickly and easily as possible. Compare the speed and convenience of different providers before you make your choice.
(The writer is the CEO of ExTravelMoney.com)
