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Currency Exchange Services at Transcorp – Process & Benefits

Currency exchange

Currency exchange services are essential for anyone who travels abroad. Whether you travel overseas for business or leisure, having foreign exchange is an absolute must! When you travel internationally, you need foreign currency for all your transactions. Currency exchange can help you convert your native currency to money accepted in foreign lands. Transcorp is a company that offers reliable currency exchange support. With their help, you can get forex travel cards, travellers’ cheques, and foreign currency maintenance services. Unsure about how it works? Let’s break it down and analyse the process and its benefits! 

What is a Currency Exchange Service?

A currency exchange service is a licensed service that helps customers exchange different currencies. Customers can swap currencies before they take on international travel and transactions. A service provider usually charges a small fee for making the swap and adjusts it with the conversion rates. Foreign exchange currency notes can be swapped to get the corresponding amount of domestic money or vice versa. In earlier days, many of these exchange services had teller stations for the physical exchange of currency. But now, most transactions have shifted online for maximising convenience! 

What Types of Foreign Exchange Services does Transcorp Offer?

Transcorp is authorised by India’s central bank to provide currency exchange services. It holds the license of “Authorised Dealer Category II”, given by the Reserve Bank of India (RBI). This license allows it to buy and sell all sorts of foreign currency. In this category, Transcorp offers 3 main services: 

  • Foreign Currency Maintenance: People who frequently travel abroad may need to maintain a certain sum of foreign currency at all times. When people regularly travel back and forth from their home country to a foreign land, they need foreign currency at all times. Transcorp offers this service for ensuring a seamless experience. 
  • Travellers Cheques: Travellers’ cheques are paper cheques that can be encashed for foreign currency while travelling abroad. You can purchase these cheques for a certain amount before you travel. Each cheque has a stipulated sum of foreign currency assigned to them. These cheques eliminate the need to carry large sums of currency and maximise convenience while travelling. 
  • Travel Cards: Travel cards are the most advanced mode of carrying foreign exchange while travelling. These are prepaid cards loaded with your preferred foreign currency. Travellers can swipe them at ATMs and POS terminals for transactions overseas. 

What is the Process of Getting Quick and Convenient Currency Exchange Service?

The process of getting currency exchange services from Transcorp is super simple. You must first visit their website and fill up the contact form. The personal details you need to add are: 

  • Name: Fill in your first name and last name for efficient processing of your application.
  • Email: Fill in your email ID so Transcorp can contact you to help set up your foreign exchange service.
  • Location: Specify your current location in the form so the staff members of your nearest branch can contact you for helping to set up your service.
  • Currency: Specify the currency type you want to exchange so Transcorp can get back to you with a precise and detailed response.
  • Service Needed: Choose if you want to get a forex card, travellers’ cheques or foreign currency notes so the right team at Transcorp can reach out to help.
  • Comment: Here, you can add details about any other needs you have so Transcorp can offer you tailored services. 

Once you fill this form, you can sit back and relax. Service agents from Transcorp will contact you soon to help you find a plan that suits your needs.

What are the Benefits of Currency Exchange Services at Transcorp?

If you avail of this service, you can unlock the following benefits: 

  • Quick and Transparent Communication: The well-trained staff and the highly connected network centres ensure that you get speedy and transparent updates. The seamless communication channels help you stay in the loop.
  • Branches Near You: Transcorp has 22 service branches. The presence of multiple service branches ensures that your requests can be processed and managed very quickly and efficiently. 
  • Selling and Buying all Foreign Currencies and Travellers’ Cheques: Transcorp buys and sells every type of foreign currency. It also purchases and sells all travellers’ cheques. This benefit gives you a secure foreign exchange option no matter where you go!
  • Easy Stock Maintenance: Transcorp allows you to maintain foreign currency stock. This service reduces your forex fears and lets you make your travel plans in peace. 
     
  • Getting Travellers’ Cheques from International Brands: Travellers’ cheques from brands like American Express are available with Transcorp. This service helps you leverage the famous network of this international brand. 
     
  • Converting and Re-converting Foreign Currencies: Transcorp offers both conversion and re-conversion support. This service lets you swap your excess foreign currencies back to domestic money whenever you need it.

    Conclusion

    The currency exchange services offered by Transcorp are perfect for all your foreign exchange need. With their help, you can get seamless currency exchange whenever you travel internationally or complete a foreign currency transaction.

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Foreign Demand Draft – An Overview

Foreign demand draft

Do you have friends, family, or an acquaintance living abroad? Do you need to send money to them monthly or occasionally? There are various ways that you can transfer money to a foreign recipient. You can;

  • Transfer the money via online remittance;
  • Wire the money online; 
  • Send an international money order; or
  • Transfer via an international demand draft.

Although online remittance and wire transfer are the most preferred means on cross border transactions, some people still use foreign demand drafts to send money to a friend, family, or someone else living abroad. Moreover, knowing about all the options that you have for cross border transfers always comes in handy; keeps your choices open in unforeseen situations. With that in mind, let’s give you a brief overview of the foreign demand draft and the process of sending one. 

What is a foreign demand draft?

Foreign demand draft or FDD is a negotiable financial statement or bank draft used by an individual to send money from a domestic bank account to a foreign bank account. Also known as foreign exchange demand draft, like a normal DD this too is drawn in favour of the beneficiary on whose account the sender wants to transfer the money. Both the sender and the recipient would need to have an active bank account on both sides of the border to transact seamlessly. You can either go to a bank or a financial institution that facilitate foreign demand drafts. 


What are the Advantages of Foreign Demand Draft?

The FDD works both ways. Either you can send it to a foreign recipient or vice versa. Either way, when the money is withdrawn using the draft, the recipient will get the amount in the native currency of that country. Here are a few features and advantages of using a foreign demand draft for cross-border transfers.

  • Compared to the other options for international remittance, sending an FDD incurs a low cost. You would only have to pay the service tax and the fixed transaction fee, which is minimal.
  • Since the beneficiary’s account details are mentioned on the bill of exchange no one can forge or misuse the FDD.
  • The FDD can be issued in multiple currencies following the current foreign currency exchange rate. 
  • As per the remittance rules set by the FEMA (Foreign Exchange Management Act), the draft can be used to draw up to any amount. 

What is the Process of Sending a Foreign Demand Draft?

The most basic criterion for sending an FDD is to have an active savings account. For the rest, you would have to follow the steps below:

  • You reach out to a bank or financial service provider to send the money. 
  • The service provider would give you a form (online/offline) to enter the details of the sender and the recipient.
  • The FDD request form would require the following details; sender’s name, recipient’s name, transferrable amount, location of the transferrable amount, the mode of the payment (cash or bank account), bank account details of both the parties involved.

Once you enter all the necessary details, the FDD is remitted to the recipient. It usually takes a few days for the amount to get remitted across the border. 

Since the FDD is issued in the name of the recipient/beneficiary, it is absolutely safe to send a foreign demand draft. You can either download an FDD form or transfer it online, depending on the provisions offered by the service provider. Whether you intend to send tuition and conveyance expenses to your children studying abroad or make a loan repayment, FDD works for anything and everything. 

Conclusion

We hope that this write-up helped you gain some insight on foreign demand draft and how you can use the same in your cross-border transfers. On an ending note, before sending a demand draft you need to find a reliable intermediary that would liaison between you and your recipient’s account and facilitate the payment. A small tip here, you need a service provider that offers you flexible rates in terms of foreign currency exchange. If you are looking for a trusted partner to streamline your regular cross-border remittances then check out the financial services offered by Transcorp. They have multiple outlets across India, and one of the leading names specializing in outward remittances. Click here to know more and transact money with ease and safety!   

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How Travel Forex Cards Help in Covering Baggage and Passport Losses

travel forex cards

As the pandemic finally eases, tourists are gearing up to travel overseas! If you are also planning a trip abroad, forex cards are an absolute must-have for you. Visiting new countries can be an exhilarating experience. But to pay for essentials abroad, you need to have some foreign currency on hand. Since travelling with a lot of cash is risky and inconvenient, you need travel forex cards to simplify your experience. Besides helping you pay for essentials; these cards can also cover losses! Whether you lose your baggage or the all-important passport, forex cards can come to your rescue. Wondering how? Read on to find out.

Why are Forex Cards Essential on Foreign Trips?

Different countries use different currencies. When you visit a new nation, you must pay the locals in their native currency! Foreign travels are full of expenses: lodging, food, shopping, and more. To cover all this, you need plenty of foreign currency on hand. However, it is rather unsafe to carry so much cash in a country you know little about. The risk of theft is high. At the same time, it is also too much of a hassle to carry that much cash.

That is why you must have a simple, one-swipe solution for all your payment needs. International forex cards bridge this need gap with ease! In addition, these cards also offer insurance covers for baggage and passport loss. These added benefits make these cards even more attractive for any travel enthusiast.

What Exactly are Travel Forex Cards?

These cards are just like a debit card, but for foreign currency. Forex cards are prepaid cards with a certain amount of foreign currency. You can swipe this card at any local ATM to withdraw local money. You can also use it at any point-of-sale terminal to pay for things you buy. Think of it as your usual card, except it is linked to an account full of foreign currency. It is a seamless solution for your travel troubles. A forex card is accepted nearly everywhere, so you need not worry about making payments abroad.

How do Travel Forex Cards Work?

These cards have embedded chip technology or magnetic strip technology. These technologies facilitate speedy and secure transactions in a foreign country. To use a forex card, you can sign up with a reliable foreign exchange service and apply along with relevant documents. You can choose between a single-currency or multi-currency card! If you plan to backpack through different countries, a multi-currency card is the best option. It can help you use up to 16 currencies with a single card. For less elaborate plans, a single-currency card works well.

What are the Insurance Options Available with a Travel Forex Card?

These cards come with multiple benefits for users. Forex cards cover or insure several untoward or unanticipated incidents while travelling abroad. Some of them are:

  • Coverage for financial loss borne due to card theft or phishing scams
  • Coverage losses incurred due to ATM assault or robbery
  • Coverage for the expenses missing a connecting flight during international travel
  • Coverage for personal accident claims while travelling abroad
  • Coverage for the loss or theft of crucial personal documents like passport
  • Coverage for baggage loss and baggage receipt delays

    •  

These are some of the typical covers offered with travel forex cards. However, you must read the fine print to check these details from your service provider to confirm.

 

How to Get Coverage for Baggage Loss?

 
When it comes to travelling with baggage, the most common form of card coverage is reimbursement for delays. You can file a claim if your airline checks in your luggage, but you receive it more than twelve hours after the scheduled departure time. This card coverage will help you get reimbursed for buying essentials due to the delay in accessing your baggage. Based on the terms offered by your service provider, you can also file claims against the loss of baggage. If your luggage is lost or stolen on foreign soil, your card provider can help you cover the expense. Typically, the cardholder has to bear the upfront costs. Later, they can file a claim and receive reimbursement after detailed perusal of their claim.

 

How to Get Coverage for Passport Loss?

 
Passports are vital personal documents for your identification and authorisation of travel. If you are stuck in a foreign country without your passport due to loss or theft, you must immediately apply for a duplicate. Your country’s embassy can help you get a duplicate passport or an emergency certificate. All this paperwork costs money, and you will typically have to pay for them upfront. However, you can later have all these costs reimbursed by your forex card provider by applying with relevant proofs.

 

Conclusion

 
Travel forex cards have multiple benefits wrapped in a simple card. Forex cards can substantially ease your travel-time woes. They can bring convenience and security to your travel plans with their multiple features. If you want a forex card provider you can trust, head over to this link for more details!

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Online Money Transfer – Send Maintenance Money to Loved Ones in Abroad

online money transfer

Mr Sharma has two of his daughters studying abroad; one in the UK and one in Canada. So every month he needs to send a certain amount to them to suffice for living expenses, conveyance, and allowance. The tuition fees have usually required the start of the term, not as regular as the maintenance, which he sends using online money transfer services. 


 

Mr Wilson, on the other hand, has recently moved to India, being transferred from the UK headquarters, with his family back in London. Like Mr Sharma, he too has to send maintenance money abroad every month for the family, just like the thousands of others who avail themselves of online remittance services regularly to send money to their loved ones. 


 

Outward remittance has found prevalence among a significant percentage of the population with loved ones and acquaintances living abroad.
 
In March 2020, it was recorded that $344 million was transferred by Indians to relatives staying abroad. The staggering amount has been ascending every fiscal, owing to the increased movement across the borders for personal, professional, business, and medical reasons. 


 

Now, maintenance can be anything, ranging from student fees to family allowance and more, such as:


 
  • Money for real estate; which can be either for buying the property or for maintenance purpose.
  • Paying allowance or financial support to the family living abroad;
  • Utility or house maintenance, while the residents are living in another country;
  • Paying student fees and allowance for living, conveyance, etc.;
  • Paying for the medical expenses.

 

There is a multitude of other reasons why one might need to send money abroad. We will be discussing the relevant details about the process and the avenues to access in this write-up. 


 

Outward Remittances: Understanding Abroad Money Transfer


 

What is an outward remittance? When a person transfers or sends money from their domestic account to a recipient account based in another country, it is called outward remittance. So every time Mr Sharma and Mr Wilson send money to their loved ones located in the UK and Canada, they might be using online outward money transfer services, but the act of transferring the money is termed as an outward remittance. In India, all foreign transfers and transactions are regulated by the Reserve Bank of India under the FEMA, also known as Foreign Exchange Management Act. 


 

Outward remittance is considered the most convenient way to send money abroad. It is easy and fast for the sender, and the recipient can get access to funds instantly. Since it is done on a secured banking network, there are minimal chances of fraud or financial mishap. 

Online remittance might be the most convenient medium to send money abroad, but that is not the only way out there. The other avenues for sending money to another country are:


 
  • Cashiers cheques
  • Bank drafts
  • International money order
  • Online wire transfer

 

However, owing to so many online remittance providers, and because it takes a lot less time than the other options, people choose it over the others. 


 

Process of Sending Money Abroad


 

Now that we are past the basics, let’s get to the process that one has to follow to send money abroad.

  • The first step is choosing an outward remittance provider like Transcorp, for instance, to transfer maintenance to your loved ones living in a different country.
  • The second step is getting the accurate bank details of the recipient, including bank account number, SWIFT code, PAN details, and other relevant bank account details.
  • In the final stage, you would contact the remittance provider, furnish all essential details and complete the overseas money transfer from the sender to the recipient’s account. 

 

RBI Guidelines about Outward Remittance


 

Before initiating abroad money transfer, one needs to know about the RBI guidelines about outward remittances, which are:


 
  • You can transfer up to $250000 in remittances at once or multiple instalments in a financial year. 
  • You can conduct as many transactions as you want to maintain the maximum transfer limit in a year. 
  • Outward remittance requires stating the purpose of the transfer.
  • You would have to submit your PAN details during the money transfer.
  • There might be the requirement of additional MYC documents depending on the purpose of the money transfer abroad. 

 

Conclusion

Is it your first time sending money abroad? Are you seeking a reliable remittance provider to send maintenance money to abroad? Transcorp offers affordable, fast, and efficient outward remittance services through its multiple centres across India. The services are backed by RBI AD2-authorization, ensuring that your funds are in safe hands. Check out the range of their financial services here. 

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Everything You Need To Know About International Travel Forex Cards

When travelling abroad, you are in a foreign country with its native currency that’s different from yours. So how do you purchase goods and services? Getting native currency in cash is one way of dealing with it, but what if you run into emergencies and need immediate monetary access while you are strapped with limited cash, what happens then? While it’s alright to carry some cash with you, the best way to deal with money access in a foreign land is by getting international travel forex cards.

What are International Travel Forex Cards?

Forex cards simplify your issue of carrying money when travelling abroad. It is a prepaid international travel card, deposited with funds in the native currency of the country you are visiting. It can be used to withdraw cash in local currency from ATMs. You can use it as a debit or credit card swiping and paying for your expenses while travelling. It is accepted everywhere, hence enabling you to travel cash-free or with limited cash.  

What are the Different Types of International Forex Cards?

There are two types of forex cards that you can get for your foreign trips:

  • Single currency: It is self-explanatory. With a single currency card, you can transact in a single foreign currency. 
  • Multi-currency: The multi-currency card allows you to deposit an amount that can be transacted in multiple foreign currencies. 

Depending on your travel itinerary, you can choose the international travel forex card of your preference. 

What are the Salient Attributes of Forex Cards?

International travel forex cards are different from your run-of-the-mill debit and credit cards. They come with a host of attributes, such as:

  • Being prepaid, you can keep a check on your spending abroad.
  • The cards are secure and safe for making payments while travelling in a foreign country.
  • Forex cards have wide acceptance internationally.
  • You can use it directly to transact or pay; if not you can use it to withdraw foreign currency from local ATMs. 
  • You would not have to worry about the currency fluctuations, because the prepaid amount would follow the forex rate of the day that it was loaded. 
  • You are not required to pay a currency conversion rate on each transaction like while using a typical debit or credit card. 

What are the Advantages of Using International Travel Forex Cards?

International travel forex cards make it affordable and convenient to travel abroad. Here’s the list of benefits you get to enjoy using them:

  • You do not need to link your account to the card. You can get it after submitting a few documents and recharging the card for use. 
  • The cards are protected and secured by an authorized pin, which makes them safer than carrying cash on foreign land. In case your card is stolen or if it gets lost, you can contact the forex card provider and freeze the balance amount.
  • It is more affordable to use a forex card than getting your currency exchanged at banks, which would demand that you pay the conversion rate. 
  • You can use the forex card to make online payments too. 
  • You can access special deals and offers provided by certain forex prepaid card providers. 
  • After returning from the trip you can withdraw the balance on the forex card. If you are to travel across the border soon, then you can freeze the card temporarily and then reactivate it for use on your next trip. 

You can hardly enjoy such monetary independence using the traditional methods of foreign exchange and cash. Forex cards are a convenient way of paying for expenses abroad. 

How to Apply for a Forex Card for International Travels?

You can either get a forex card from a bank or a private financial institution, the choice is yours. Nevertheless, private forex providers can offer you more flexibility in terms of conversion rates and special offers compared to banking institutions.  

You have to reach out to the provider and submit the following documents along with the application:

  • PAN card
  • Attested copy of the passport
  • Copy of the Visa/Visas
  • Copy of the flight ticket

These are the standard requirements, but they might vary depending on the forex card provider. The same goes for the forex card fees. 

Conclusion

Hopefully, we were able to answer all your queries regarding international travel forex cards. If you are looking for a reliable forex prepaid card provider, check out this link for more details and consultation. 

 

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Car Rental Services in India – A Complete Guide

Car rental services

When commuting across a new city, what would you prefer? Would it be public transport or a rented private car? Even a few years back, the majority would have answered in favour of public transport. But standing in 2021, given the present situation, most would reply “it’s better to rent a private car.” The reasons would be convenience, comfort, affordability, easy availability of reliable car rental services in India as well as abroad and most importantly the COVID-19 pandemic.
 
With the pandemic induced social distancing norms still keeping us at safe distances, people prefer to travel in cars rather than public transportation. Getting a long term car rental service to move across your city or when you are out vacationing or visiting another city for work purposes, makes the conveyance easy and accessible. One is no longer required to travel in crowded buses and trains, minimizing the risk of contracting the virus.
 
Other than the safety and hygiene issues, car rental companies are also known to provide well-maintained vehicles and lucrative deals on rental packages, making it more appealing to the people. There is a lot to explore and understand about rentals, especially if you are yet to try such a service. This write-up aims to inform you about all the essential details.
 

Types of Car Rental Services

 
There are different variations in car rental services, such as:
 
On-demand Cab services: This is the most popularly used car service, where you get a vehicle on-demand with a chauffeur/driver. Cab services are the immediate alternatives for public transport like city taxis, autos, and buses. The car ride is booked online through an app and the driver picks you up from your location taking you to your destination for a charge that is appropriate for that hour of the day.
 
Self-drive rental car: Here you get a vehicle on rent to suffice travelling needs but without the driver. The company provides you with a well-maintained car of your choice for a certain period against rent. You can rent it for a few days, every month, or just a day. Different packages determine the rent as per the car model, the duration, and other vehicular features.
 
Intercity Car Rental: Intercity car rental services allow you to rent a vehicle from your city to another and vice versa. These can be self-driven cars or ones with drivers, as per your preference.
 
Outstation Car Rental Services: Suppose you are vacationing in a different city and you require a means of conveyance that you can access 24×7. Outstation car rental services usually run a pan-India network, where the company has the connections to provide you with a vehicle in a city other than yours for any period.
 
Rent a Car Abroad: There are car rental services in India that can arrange a car for you during your overseas travels as well. Since these are self-drive rented cars you need an international driver’s license to book and use it.
 
Moreover, there are also luxury cars and vintage cars that you can rent for special occasions. You can also get cars that specifically serve people travelling to and from the railway stations and airports.
 

Benefits of Renting a Car

 
For the remaining part of this blog, we will keep our focus on the self-drive car rental services, which offer both short-term and long term car rental packages. Why you should think of availing such a service?

  • Unlike public transport, you can travel in peace with your friends and family without any ambient noise and chatter from the crowd.

    •  

  • Since you are travelling either alone or with friends and family, there would be nary a chance that you would come in contact with a COVID infected person. It is social distancing at its best.

    •  

  • The cars are kept clean and well maintained by the rental companies so you can rest assured of the health and hygiene factors, as opposed to the public transport.

    •  

  • Rental companies offer special offers and packages, making conveyance affordable for you.

    •  

  • When in another city or another country, with a rental car you have access to transport at all times. You do not need to depend on public transport in a place where you might not be well-acquainted with the commute system.

    •  

  • It allows you to travel at your convenience with your friends and family without having to stick to a third-party itinerary.

    •  

 

Conclusion

The moral of the story is; car rental services ensure that you move across your city/town, or during a vacation abroad enjoying absolute convenience and comfort. Nevertheless, while hiring car rental services in India, you must always check the range of services, the quality of the cars, and the overall reputation and track record of the company to avoid any mishaps or misunderstandings. Travel safely and joyfully with a reliable service provider.

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10 Benefits of Health Insurance You should Know

Health insurance service

COVID-19 pandemic has opened our eyes to some harsh realities; but if it has taught us anything on the health and financial end, it’s this; all that wealth you amass would amount to nothing if your health state is far from optimal. Constant illness of the body does to your bank balance what running tap water does to the tank; it just empties it. Faltering health can do that to you unless you take precautions and fortify your financial strategy with health insurance. 

One of the common problems that a lot of patients faced during the pandemic was their inability to pay the medical bills, owing to a lack of financial planning and zero health insurance coverage. In this new normal, as we cope with the remnants of the pandemic, insuring your health should be a foremost priority. If you have nary an idea where to start or what to get, then there are health and life insurance advisors, who can help in understanding the crests and troughs. On that note, here are the ten benefits of getting health insurance for you and your family. 

  1. Financial Security: That’s the biggest advantage of getting health insurance. With comprehensive medical coverage, you do not need to drain out your life’s savings, liquidate your assets or get a loan, leaving your financial status in shambles. Considering that quality healthcare these days come with a hefty bill attached to it, getting insurance should be your top priority.   
  2. Income Tax Benefits: Did you know that the premium you pay towards your insurance can earn you tax benefits? As per the Income Tax Act 1961, Section 80D, you can get tax deductions on insurance claims covering self, spouse, dependent children and parents. For more details on the exact rebates, you can consult with health insurance advisors.  
  3. Expenses Incurred on Hospitalization: Health insurance offered in India covers hospital expenses. If you are admitted to any of the healthcare centres registered under your insurance provider, then you can enjoy cashless hospitalization too. It covers:
  • Hospitalization due to accidents.
  • Hospitalization to treat an illness (there would be a list of illnesses covered under your insurance policy).
  • ICU rooms.
  • Long-term treatments like Cancer;
  • Experimental drug treatments (conditions apply). 
  1. Convalescent Cost Coverage: This covers any cost incurred before or after the hospitalization, such as diagnostic tests, medicines, recuperation treatments, etc.   
  2. Alternative treatment expenses: Under some health insurance companies alternative treatment expenses are also covered. You would have to consult with your agent to see if they offer certain coverage.   
  3. Instant Medical Bill Coverage: Once the waiting period is over and your policy commences, you can avail instant coverage on your medical bills for any healthcare services with zero delays on claims.   
  4. Protection for a Lifetime: These days the health insurance plans come with the advantage of lifetime renewability, allowing you to extend the tenure of the policy till retirement. It stands as security from health emergencies in old age.
  5. Coverage on Pre-existing Diseases: Pre-existing diseases or asymptomatic ailments can manifest over time and cause a major health crisis later on. Health insurance offers coverage against such cases as well, giving you a financial buffer for check-ups and recurring treatments.   
  6. Lifesaving: Since you save so much on the usual medical bills and expenses, not to mention owing to the offers and discounts often presented by insurance policymakers, that it substantiate your life savings by a lot.  
  7. Opportunity for Investment: Some insurance policies come with an inbuilt ULIP (unit-linked investment policy), which also enables the policy buyer to invest in market products as per the risk profile with a guaranteed cash flow for a certain duration.

Conclusion

Many people don’t fall sick that often, which gives them the impression and the confidence that they are completely fine; they do not get health insurance. Nevertheless one should remember that not all illnesses of the body come with prior notice or warning signals. Take COVID-19 for instance; it enters a healthy body and ravages it raking medical bills as high as a mountain. If you don’t have health insurance then it can lead to a financial catastrophe, disrupting your life. 

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Everything you need to know about Money Transfer Service

Money transfer service-min

As a token of wealth and its exchange, money has been around in some form or idea for thousands of years. If we look back to the older civilizations, the exchange happened in livestock and goods, known as the barter system. We gradually moved on to coins (500 BCE), and paper currency (600-900 CE), leading up to the present-day prominence of electronic or online transfers. Speaking specifically about the modern-day concept of a money transfer service, it dates back 150 years with America as the place of origin. 

Western Union was the first company to send money overseas via a telegram. A lot has happened since then. The advancement in technology and financial services has led to a revolution in money transfer, especially in the past decade. 

At present domestic and international money transfers comprise a significant market share in the financial services industries with multiple avenues and factors in the equation. What took weeks for monetized telegram can be executed in a matter of days through cutting-edge money transfer services today (both domestic and international remittances). So what are the options? 

Money Transfer Service: Better than Banks?

The benefit of an instant money transfer service is that it makes cash readily available in times of emergency. At present, money transfer domestically takes a few minutes to a few hours while international transfers take a couple of days. 

Nevertheless, the receiver gets the money fast, unlike traditional financial institutions like banks that still take days to a week to credit the amount into the receiver’s account. Hence, a money transfer service is more convenient, secured, affordable, and ensures timely execution and processing of the transfer.  

Domestic & International Money Transfer Service

Money transfer has two distinctions. You can either send money domestically (within the country) or you can send money abroad from India or vice-versa. The latter is termed outward remittances. 

Money transfer services typically offer both domestic and international transfers. For domestic transfers, one has to send the money from one branch to another. The sender avails the money transfer services to deposit a certain amount in one branch, while the money gets debited from his/her account. The same amount gets credited to another branch from where the receiver can get the money.

International remittance is when you send money overseas, which is more complex than domestic transfer. It also costs you more because of the foreign currency exchange rate, which tends to differ in real-time. So, the idea is to find a service provider that offers you the lowest exchange rates without surplus transfer charges for your remittance. 

Using money transfer services allows you to send money overseas with the local currency that you have at hand. For instance, suppose you want to send a monthly allowance to your daughter studying in America, you can send it in INR and receive the amount in US dollars. In bank transfers, a deposit can only be made if the receiving account is a USD account. The deposit can only happen in USD. 

The advanced digitization in the financial services sector and modification of traditional processes have brought landmark changes in domestic and international money transfer practice. It has not only made it faster but also more secure through advanced safety protocols. 

Transcorp: India’s Trusted Money Transfer Service

Transcorp India has a legacy of 25 years, offering people seamless domestic and international money transfer services at the industry lowest charges. They provide individuals and businesses with an assortment of financial services, with money transfer being their primary area of expertise. They have AD2-authorization from the Reserve Bank of India, which makes them legit and reliable as well. 

Transcorp’s domestic money transfer service is enabled via a substantial number of branches that enable the customers to send money to each other in a matter of minutes; it is a hassle-free process that neither requires one to open an account like in a traditional bank nor the hefty charges involved in the process of money transfer. 

The outward money transfer or international remittance service of Transcorp is considered one of the best in India, which helps one to send money overseas at affordable charges. The company is the principal agent of Western Union, allowing the execution of cross border transfers in seconds across more than 200 countries. 

Treanscorp has outlets in more than 40 locations along with a 6500 franchise network across the country. 

Conclusion

In this digitally advanced age, with globalization constantly shrinking the border, having access to trustworthy money transfer services has become the need of the hour. Transcorp offers convenience, speed, and reliability in domestic and international transfers, unlike any other service provider. Check out their services here and leverage the best money transfer services in India.