How to transfer money?
Posted on: 31/Jul/2014 3:00:04 PM
There are many latest technologies available for the people working abroad to send money to their families. When this money is sent in foreign currency, no deductions are made by the Indian government. The people sending money prefer to send money in the simplest, safest, and fastest route. There are many simple legal alternatives for this purpose:
- Most banks offer the facility for currency exchange. The person sending money has to go to the nearest bank branch and send the money. The receiver can get the money from the local branch of the same bank.
- The people can use ‘National Electronic Funds Transfer’ facility to send money.
- International Money Transfer Operations (IMTO) is another popular facility. It is simpler and faster. The sender will have to approach the nearest authorised IMTO agent and remit the money with proper identities. The agent will do the transfer. Similarly, the receiver also has to approach the nearest INTO agent to get the money.
- Another alternative is where the sender sends the money directly to the receivers special identity card. The receiver can show that special identity card to get the money.
- Net Banking (Banking service on the internet) is most used by most offices. This requires a bank account and an internet connection.
- IN recent times, people have started using smart phones and latest information technology to send money.
- The latest communication technology has become more and more applicable for money transfers. Another new technology, ‘Gmoneytransfer’ can also be used for this purpose.
