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People want to achieve success in life. They travel to different countries in search of job opportunities with better prospects and higher positions so that they can boost their careers. While they are away from home, they cannot ignore their families and their responsibilities towards them. Many wage earners have family’s dependent on them for financial requirements. Since they cannot visit their families often, they send them money so that their needs are met even in their absence.
According to experts, many farmers and industry workers who lived in the industrial revolution period moved to bigger cities in search of employment. They sent money back home so that their families could cope with basic needs. In short, remittance means the transfer of funds by people living in foreign countries to their families residing in their home country. It is a significant source of inflow of cash for any country. Developing countries benefit a lot from this. How does it work? The process of transferring money is quite simple. Wage-earners residing in foreign countries, also known as ex-pats, save a portion of their income to send it to their families in the home country. The whole procedure of online money transfer to an overseas country involves a legal channel – mail, bank transfer, money order, or an authorised money transfer operator. The expatriate sends money to the home country, which gets automatically calculated and converted as per the prevailing rates of exchange, before being credited to the receiver’s account in the home country’s currency. International money transfer methods help in transferring funds from one bank to another without visiting the bank branch. Banks have used technology to make their services more accessible, faster and convenient. Following are the options available:
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October 2020
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