Online Remittance


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Online remittance refers to the allowance of disbursements by utilising the corresponding banking website. Money reaches the receiver within minutes of a successful remittance transaction. Online remittance from people working overseas has received significant awareness since 2007. An estimate of around $300 billion remittances was made in the year 2007 by the World Bank. Most of the leading private sector banks recognised online remittance services very early and they have started offering a host of remittance services customized to meet the needs of various customer segments.

In recent years there has been a large-scale migration of individuals to online remittance means from traditional remittance methods. The transparent pricing policy, superior customer service, state of art technology and fast turn-around time has made online remittance service a huge success. The amount is credited to the receiver's account on the same day or by the next working day. Online remittance service provides a quality solution to the customers by deploying internet-based remittance.
The online remittance portal has been established for trailing disbursement services. The portal also offers tracing money transfers from any bank from any country with their centralised transaction processing and a 24-hour customer support. The portal optimises the payment infrastructure to the fullest offering credits to the account holders, allowing e-payments through the system, payments to debit/credit cards and bank drafts.

The online remittance portals are a user friendly money transfer trailing service that requires a simple registration process after which one can use the facility at his/her own convenience from the comfort of home or office. The core strength of online remittance service lies with its procedural proficiency in remittances across the border, creating a smooth and satisfying remittance practice to the migrants situated across the globe.

Benefits of online remittance service:

The remittance transactions can be conducted from the comfort of your armchair at your home or office.
Time is not a constraint as online remittance service is available 24 hours a day and seven days a week.
Money can be transferred from anywhere.
You always have the facility to keep a track of your transactions conducted through online remittance.
All the transactions are supported by the service providers and guarantee the remittance to the right person.
It supports multiple exchanges, hence provides the receiver with the exact exchange rate of any currency.
The remittance charges are nil or minimal depending on the country and the amount remitted.
Online remittance is beneficial to the end-user of the system as it provides the facility to track the status of the remittances online, and the provision to track courier details of Cheque / DD dispatches.
All the transactions are encrypted and hence there is no chance of any other party to steal a look.

All the above benefits provide evidence that customers have become more comfortable with online remittance. It is a comprehensive remittance service which has been designed using new technology with the support of financial institutions. Hence, online remittance has become an independent and healthy platform which streamlines the transfer operation by saving a great deal on transaction costs.