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.
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.