Banks, and other traditional remittance providers, have been around for a long time, and they are among the most secure in the market. That’s why almost everyone continues using their services to this day. But, in the last decade or so, many, especially the immigrant population, have been moving towards online remittance providers.
For instance, India is well-known for its vast migrant workforce across all industries such as technology, medicine, public services, and others. They, more than ever, have been helping their families and friends with online money transfers to India. Why’s that? Keep reading this article to find out.
Fees
Perhaps the biggest reason for the growing trend of online money transfers to India is the fees. For so long, Indian immigrants had to wire money home while paying 10% of the total amount or incurring exorbitant fees of around £45 for a single transfer.
But now, thanks to online remittance services, they can pay considerably less to make the same transfer. Since online remittance providers incorporate technology in all aspects of their work, they don’t have to charge extra to cover their operating expenses.
Exchange Rates
As stated before, banks need to cover a lot of additional expenses. That’s why instead of offering mid-market rates, they add a margin of their own to make profits. It’s as if people have to pay an interest rate to send money abroad.
But, with an online money transfer to India, there’s no such issue because remittance providers offer considerably better rates than banks. Some providers like Lycaremit consistently offer highly competitive exchange rates for a wide range of currencies.
Speed
There’s a reason why many try their hardest to avoid working with banks. Banks are heavily regulated by nature, and they’ll burden customers with a lot of paperwork for sending money abroad. Plus, most of them use intermediary banks to deliver the money, easily delaying the transfer for a week.
That period is significantly shorter when making an online money transfer to India. Most online remittance providers can complete the transfer within four days, but better options such as Lycaremit can make the same transaction in two days max.
Bottom Line
While there’s no question about the value of using banks, especially in terms of security, the obvious and hidden costs are strong repellants. People don’t want to waste their hard-earned money on transfer fees and sneaky margins. That’s why online money transfer to India has become such a popular method these days.
Of course, it’s important to note not all online providers offer these benefits. Only a few reliable providers like Lycaremit offer favorable rates, charge minimum fees, and deliver the money in a more than reasonable timeframe. Hence, don’t hesitate another second and register with us right now to see how effortless it is to send money abroad.
