In 2006, India was the largest recipient of funds being sent internationally, with over $23 billion being transferred worldwide to India through International Money Transfer firms alone. There are many other choices available today that have perks over the large fund transfer firms. The fund transfer business is growing at a rate of over 10% each year, and India is a country where a tremendous portion of this cash is being transferred.
Like any territory, the cost of sending funds to India depends on the method you use and how fast you need monies to arrive. Generally speaking, you will pay more to get the monies there faster with most outlets. For example, the cost of sending $500 from the US to India can be as a small as $5 or as much as $14.99 with other companies. Many outlets have options that allow the person sending funds to pay less if they are willing to have the cash available in 3-4 days instead of the same day.
The web has given rise to a number of wonderful companies for sending monies, all with their own costs, terms and specifications. Some people have turned to internet fund services, for instance, as way to send cash. Although the cash will be retrieved almost instantaneously by the recipient, it is not necessarily easy to turn that money into cash, as it can take up to 5 days for funds to be deposited into a bank account. This is a prime example of how an instant money transfer that is not really instant.
A fast money transfer method that truly does make money available to the receiver is the prepaid credit card. This process takes a couple days the first time you try it, as the debit card has to be delivered to the recipient. Once the card is in the possession of the person receiving the monies and you have shared the access number with them, the monies can be retrieved instantly at any network ATM location, of which there are numerous worldwide. Once the person receiving the money has the ATM or debit card in their possession, money can be reloaded onto the card via the web and be available very quickly, all for a lower cost than most competing options.
Online fund transfers are a perfect option for transferring funds to India because there are several companies competing for their share of this quickly growing business. Users benefit from this competition as firms try to make their services more user-friendly, more secure, and more affordable than their competitors.
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