There are many ways and means to send and receive money from across the world. Wire transfer and third party agencies have been playing a vital role in the field of transferring money internationally.
The Indian people have been receiving a lot of inward money transfer for last twenty years due to the potential in Indian economy. A lot of people have migrated to the western world to make both ends meet. Some have settled permanently and some are students studying in an international university and trying to get new job and remit money to India to make their parents happy with their maiden earning. Basically, a lot IT professionals have been working abroad. That is why; there is a huge growth in the field of inward money transfer and the Indian parents are enjoying with the spectacular achievement of their children.
There was a time when getting money was a tedious job and you needed to search a lot as to how to receive money from overseas market securely. However, today story is completely different and you don’t need to be worried at all or move here and there to receive the money you wanted either from your freelance work or maybe from your near relatives. The internet and mobile has made the task of money transfer extremely easy. Even a layman who has no knowledge about international money transfer can send and receive the money by means of internet and an internet enabled mobile phone. Now, we are going to tell you about how to receive money.
Wire transfer
Wire transfer is a system of money transfer that is synonymous to bank transfer. Simply, you can say it is electronic money transfer. As a rule, the money transfer is done from one bank to another bank. There are different rules for the wire transfer for different companies. The value, cost and commission differ from one bank to another bank. The Western Union is the first company that launched wire transfer. Then gradually, it got spread across the world and various banks started taking advantage of the wire transfer.
International money order
International money order is an extremely comfy way to send money from any post office. However, every country has different rules to send money with limitation. The money order can be bought in any post office. The sender can pay the money as travellers check, cash and it can be paid also by means of debit card.
PayPal
During recent years PayPal has been playing a vital role in the field of transferring money across the globe. Particularly, the people from India and some Asian countries have been easily getting money for their freelance work. There are virtual assistant those who have been working and getting money sitting at home. For example, if you have been working for an Australian company, then Australian can send money from Australia to you with some clicks of the mouse.
Third part agency
Unlike banks, there are third party agencies that helps sending and receiving money worldwide. These days these third party companies have been working extremely well to send and receive money.
As a matter of fact, internet plays an important role in transferring money across the globe. If internet was not there, faster money transfer would have been a distant dream.
The Significance Of International Remittance In Overseas Studies
Studying abroad is one of the ecstatic experiences which very rare numbers of people can avail. While being in the overseas destination it is extremely imperative to understand as to the international remittance.
Why India Is The World’s Largest Global Remittance Recipient?
The Indian people are receptive to language, science, and technology. That is why the people have been able to migrate different countries of the world augmenting inward remittance to India.
Why It Is Important To Know Exchange Rate Before Remitting Money?
Are you working overseas and you are a regular money remitter to your native place. It is very imperative to know the exchange rate before transferring money to from an overseas market.
