Online money transfer has proved to be a financial boon for the money transfer operations. It is a unique paper less online transfer facility. Companies that provide money transfer services are finding online money transfer to be in good demand.

Transferring money to family or friends was never easy with the traditional money transfer methods. It was very difficult for migrants working away from their home country, to transfer funds to their bank account back home. Online money transfer methods have overcome this difficulty. This facility has allowed people to send and receive money worldwide, primarily through global network of third-party agents by using multi-currency money transfer processing systems.
Procedure:

One needs to register himself/herself with the bank to avail this facility. Fill in all the details in online banking registration form. The form is easily available on the bank's website or you can collect the same from any of the nearest branches. After a proper validation, the bank gives you a ‘Customer ID’ and a ‘Password’. These details are confidential and should not be shared with anyone to facilitate safe online money transfer. The bank’s transactional website allows you to send funds online by using our credit/debit card or directly debiting or crediting your bank account. Besides, you can conveniently check the status of the online money transfer.-

Following advantages are associated with online money transfer:

• Since all the transactions are done electronically, the necessity to carry hard cash is completely ruled out, becoming less cumbersome
• The need to go to an ATM /bank/ financial outlet to complete formalities to transfer money can be avoided, since everything can be managed through the Internet
• No limitations in terms of geographical coverage are associated with this kind of transaction, since transfers can be made from anywhere to any other part of the world
• Commission fees associated with such transfers are affordable or sometimes absent, resulting in savings in the cost associated with transfers
• Waiting time is as good as zero in case of transfers within the bank, and three odd days for transfers made to any other bank
• No paperwork is involved in online transfers

However, one should be aware about the following related to online money transfer:

• Hacking/phishing - Security is a key concern here, hence one should take all precautionary measures as laid down by the bank to prevent any frauds in the course of the Internet bank transfer

• Hardware requirements - to effect a safe online monetary transaction, it is preferable to have a computer at home with a reliable Internet connection. One should not use public computers as in Internet cafes or offices, to maintain privacy of the transactions/accounts.

With the increasing demand of time-saving techniques in financial transactions, the ‘online money transfer’ concept is far much widely accepted than it was a decade ago. Banks have become technologically aware of the loopholes as mentioned above and are employing a good deal of solutions to handle such kind of fraudulent activities.