A regular remitter normally searches for a remittance service, which provides efficiency, dependability and affordability. Loads of overseas Indians in Singapore practice online money transfer as they deem that online money transfer to India from Singapore is easy, convenient and fast. With economic globalisation occurring rapidly, migration is also happening. It is natural that the migrant workforce overseas desires to remit a portion of their hard-earned income to their homeland. The reason could be to assist their Indian relatives or to increase the strength of their Indian bank account.
Many established online remittance services charge no transfer fee for remitting money to India as long as the money remitted is above a certain amount. Even if a transfer fee is levied, it is very less and much lower than the service fees imposed by traditional transfer methods. Thus, with online money transfer services, a cheap money transfer to India is possible with no hidden costs.
Online remittance services remit money faster than conventional money transfer services. The ability to track the status of online money transfers is an added advantage of online remittance services. This facility is not available in conventional remittance services.
Thus, when such comforts are provided by the online remittance platform, it is natural for the senders to swing towards the online remittance option. After all, remitters do not want to pay more transfer fees and have an expensive money transfer.