In the age of digital technology, transferring money abroad has become swift and less time-consuming. Those days are gone when money remittance used to take days and months to reach out to the right recipients. From finding an affordable and trustworthy company for money exchange in Hyderabad to sending a certain amount through beneficiary banks, both international and domestic money transfers used to sound like a complex business process for many. Unlike in the old days, people are relying on virtual platforms and electronic media for sending and receiving their hard-earned money.
Why have the old-style money transfer procedures stopped?
There are four major reasons behind this change, which are -
- Time consumption - As mentioned above, money transfers used take a huge amount of time. People have often complained that by the time they have received the money, their need or the importance of the amount turned out to be invalid. Back in the day, the main reason for sending money abroad or to another town was - medical, educational, and marriage. Nowadays, only a few possess the patience for sending or receiving money. Emergency medical, educational, or any other issue demands an instant solution. The electronic and digital media have been successful in offering that to the customers. Most importantly, more than 50% of the users lost their faith in the old-style money transfer styles only because of the time issue.
- Less affordable - Another significant issue associated with the old-style money remittance method is that they used to be less affordable for the commoners. Since the banks and post-offices used to be the only eligible and trusted system for sending money, they (especially the banks) used to charge an exorbitant fee. People have often complained about the fact that the amount of money they wanted to send was less than the amount of money charged by the banks for transferring. The international wire transfer and other domestic mobile applications for money transfer and transactions are extremely affordable.
- Complex procedure - Three main priorities of every money remittance user have been - easy access and process for transfer, fast transfer, and affordable rate. The old-style currency transfer procedures used to be complex and less understandable for the users. People used to spend hours standing in queues or waiting outside the banks to send money. Today, people have busy schedules and a fast lifestyle, which cannot afford the aforementioned. The digitised money exchange and remittance procedures are easy to access and complete within minutes.
- Unavoidable glitches - Not to forget that the old-style methods used to face a significant amount of hindrance from the glitches. Along with the technical faults, which used to take place often, there used to be other problems too. Even people have complained about not even receiving the refund on behalf of a failed transaction.
Just like the online money exchange in Hyderabad, money remittance is now digital too. Find RBI authorised money changers and remittance providers and send money without any hassle.
May 06 2022
Apr 09 2022