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Send money transfer is one of the popular money transfer method provided by various banks and financial institutions. There are online and offline methods of sending money. This is a very prominent service used by most of the NRIs.

Online money transfer method:
Some of the leading banks are offering this service. The provision is made for sending money through Internet enabled wire transfer. There is no actual movement of money. This mode of sending money enables transfer within 48 to 96 hours and has no upper limit.
How does send money transfer work?

• If you want to send money online, then you have to set up a new profile to perform a transfer after which you will receive a user ID and the password.
• Before sending money online you have to make sure that the receiver also has an ID to pick up the money.
• Fill in the receiver's details such as his name, the amount, the preferred currency, and the anticipated country.
• Choose the payment method. You can send money directly from your bank account or through a credit card.
• Have a final check of the transfer details. Make use of the edit button if you want to make any changes.
• If all the details entered are correct then click on the send button to send money almost anywhere in the world within minutes.-

Benefits:

• Sending money online removes the need of carrying cash as all transactions are done electronically.
• You not required to go there personally as all these transactions can be done from office or home through Internet.
• You can send money to your family or friends within minutes of the transaction.
• The transactions can be done from anywhere around the world.
• You need not have to pay huge interest or commissions as sending money online bears a minimum fee.

The worldwide accessibility, promptness and safety have increased the importance of sending or transferring money through electronic means.

Offline money transfer method:

The traditional offline method of sending money mainly includes cheques, money orders and drafts. The beneficiary deposits the cheque in his bank account and wait for them to be cleared. It usually takes 15 to 21 days or more for clearance of cheques. Nowadays, many banks offer quick, economical and convenient options to send money in very less time no matter where in the world you are located. The money can also be sent through credit cards. This overcomes the inconvenience of writing cheques or getting drafts made, that require days to realise. You just have to type in the receiver’s card number and the amount you want to send. This way the money safely reaches your beneficiary.

It has been revealed that millions of migrants use unofficial channels to send money. The senior officials believed that terrorists use this unofficial and mysterious system to send money to their associates. Some countries like UK and the US have launched a new service to send safe and quick money transfer. This is an effective move to crack down on fraudulent activities and is projected to reduce illegal money transfer practice.