Modern Day Banking has become extremely hectic with loads of transactions occurring at the same time across the globe. With financial regulations stepping up, there are businesses that require banking 24/7. With technology evolving on a regular basis, new concepts of banking are being introduced now and then. With the birth of the internet, all major transactions have become faster and secured. Ditto for mobile banking, banking has been at its convenient best. Gone are the days when you had to wait till the teller counted your number and you silently followed his instructions either to deposit an amount to or have a cheque encashed.
As of today all the major financial houses offer their customer with doorstep banking facilities in order to ensure that they stay tuned with their finances from any part of the world.
Online Money transfer makes transactions easier when you transfer money from one country to another. Ideally when an individual residing in one country proposes to transfer a certain amount of money to another country through the Net Banking Facility that is offered to him from the bank he has an account with, the procedure is termed as Online Money Transfer. Here he is entitled to get the amount transferred to any country of his choice, provided the same bank has a branch existing there and at the same time the money that is transferred will be converted into the currency of that particular country. The transfer is almost instant, at the most a couple of business days and you are provided with timely updates regarding your transactions. In most cases the recipient usually receives the amount in a matter of seconds irrespective of the location.
Earlier you had money transfer options from banks through traditional money transfer orders, which would consume a whole lot of time but most importantly keep both the sender and recipient in anxiety. In most cases this problem had plagued Indians for decades. During the 80s and 90s when a whole lot of Indians migrated abroad to get their NRI status they found it extremely difficult to
remit money to and from India. But due to the successful economical growth that the country witnessed in the last decade or so, the problem of money transfer started easing up. Globalized banks started opening up bases in India and with the advent of the internet they introduced the platform of Internet/Online Banking. The financial houses created websites for themselves and set it live online for their consumers to server their purpose. Online banking also ensured that any new products or schemes launched were displayed almost instantly and at any given point of time it reached out to millions of potential users, thus providing a cost effective mode of advertisement.
Online money transfer also includes money transfers from stocks, bonds, Mutual Funds and Equity trading. Almost every privatized financial player provides online money transfer facility. The most prominent medium of payment or transaction online is through Paypal. Other major financial players who help in establishing online money transfers in India are Barclays, Western Union and Axis Bank amongst others. Transferring money from one part of the world to another is a minor issue now as customers can easily avail this facility either from their homes or offices. Moreover with the concept of Mobile Banking taking center stage business banking will be at its very best.
