Money Transfer | Remittance Services

Online Money Transfers Work

It is simply a completely electronic way of transferring money from one bank account to another bank account. Data is exchanged; paper money is not. Using a debit card at a store transfers money from your checking account into the store's banking account. Direct deposit payroll moves money from your employer's bank account into yours. Both of these transactions are examples of online money transfer.

The procedure of online money transfer is as follows:

1. Online money Transfer can be made to a friend or family member or use it to pay a bill that is due soon. 

2. Make sure you have a reliable internet connection. You should not use a public computer to do online money transfers. Do online money transfer only from your home or your office computer to which only you have access to.

3. Go to the website of the company you use to make online money transfer. Next, enter the country you are sending money to as well as the person's name and location. Fill in the amount of money that you want to transfer.

4. Continue to select if you are a new customer or a returning customer. If you already have an account, you can proceed to transfer the money. If not, you will be prompted to create an account, which will include your personal information such as name, mailing address and a bank account to link to. 

5. You can pay for the transaction either by making a payment directly from your bank account, or with a debit or credit card.

6. Confirm the amount and verify all information is correct.

7. Send the request to transfer money. You will receive a confirmation e-mail to verify that the transfer was successful. The person you sent the money to will also be notified.

Remittance Processing

Remittance processing is the process of sending money to remove an obligation. This is most often done through an electronic network, wire transfer or mail. The term remittance refers to the amount of money being sent to remove the obligation. A remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advice often accompanies the cheque. The advice may consist of a literal letter or of a voucher attached to the side or top of the cheque. 

Remittance processing involves streamlining your receivables processing, getting faster access to funds or slashing your payment processing costs. Remittance services can streamline your internal processes by providing timely reporting and automatic updates to your AR systems through secure electronic transmissions. What’s more, remittance processing speeds access to critical information from paper receivables, allowing you to be more agile, pro-active and customer-focused. A remittance processing platform should efficiently and accurately handle wholesale, whole-tail and retail lockbox transactions as well as exceptions items.

Remittance Processing provides you with the ability to receive payments, apply them to your payer's account, and deposit the checks in your bank.

Internet Money Transfer

With the advancement of the internet, online money transfer has gained an immense popularity. The convenience and ease to send money online such as online banking from anywhere in the world, has made it an indispensable facility for most people. Paying Bills Online – provides you with the facility of paying bills online directly from your checking account, credit card account, and home equity line of credit or from your money market account. To be able to avail online money transfer facility, you will need to set up pay to accounts or payees for which you would need copies of your bills. Through this, you can send money online without any delays by simply making use of the facility and completing a simple formality. You can keep your bill payment histories in an electronic format to eliminate any other paperwork. 

Electronic Fund Transfer – this facility is provided to allow online money transfer between numerous accounts maintained within the same bank. You can transfer money from your checking to your savings account to your credit cards, investment accounts or to your line of credit. You can also transfer funds from your account into someone else’s account.

Other facilities – you can also access your account anywhere in the world by using the linked account feature of online banking. Linked accounts also allow you to send money online from your savings account to cover your overdrawn checking and credit account.

Money Transfer Services in India

Online money transfer is where the old-fashioned concept of wiring money converges with the modern technology of electronic funds transfer The quickest and safest way of Money Transfer Services is via bank wire, the procedure for such a transfer is as follows:

1. The person who wishes to execute the Wire Transfer Services advises their bank of the amount of money to be paid as well as the bank details of the payee; these details will include the IBAN and BIC code. 

2. Once the sending bank has received all the relevant details and authorization they will transmit a message, via a secure system, to the receiver's bank that it effect payment as per the instructions given. 

3. Wire transfer services usually takes three business days for the funds to clear. 

Online money transfer services is the modern-day equivalent of wiring money: You can use these wire transfer services to send someone money instantaneously simply by transferring money (or the data that represents that money) from you to another person. Usually involving little more than contact information -- such as a cell phone number or an e-mail address -- for the sending and receiving parties tied to a bank account, online money transfer can be done for a small fee from a secure, Web-based service via any computer with Internet access. There's no need to go to a money wiring office, telegraph station or even a bank. The price of money transfer services will vary according to such factors as the country the money is being sent to, the amount the payment is for etc.