5 Reasons NOT to send Money to India Via Money2India Money Transfer Service
Monday, Feb 07, 2011
There is certainly no dearth of modes of
sending money to India today, especially with the
internet and latest technology all geared up to
help you do so. Under these circumstances,
choosing the perfect method to send money to India
can be quite a daunting task. Money2India is a
popular money transfer service that allows easy
transfer of money in several currencies to India,
almost automatically. However, there are many
people who are not really comfortable with this
simple system. Following are some of the main
reasons why this money transfer service is not
conducive to all.
One of the primary reasons why some do not prefer
to send money to India via Money2India money
transfer service is because the entire process is
done online. In an age where computers rule the
roost, it is not surprising that this mode relies
solely on these gadgets to transfer money to
India. However, the company and the service forget
that not all are comfortable with this system.
This is largely because there still exists a group
of people who prefer to use the old banking
system, finding it more secure and safer than the
current day online ones. Under such circumstances,
it is necessary for the money transfer service to
provide alternative means for such people. Given
that there are no such alternative means, few may
not prefer to transfer money to India using this
service.
Secondly, Money2India money transfer service
charges a transaction fee on every transaction
that you make. This transaction is waived off only
if you are transferring large amounts, which is
more than 5000 USD. In other words, unless you are
planning to send more than 5000 USD to India, you
will be levied a charge on every transaction that
you make to transfer money to India. Given that
each transaction has a fee of Rs. 25, people are
not really comfortable with this method to
transfer money to India, especially considering
that not many actually transfer more than 5000 USD
or more in a single transaction.
In addition to the transaction fee, an additional
fee of Rs. 25 is charged and deducted at both
ends, namely the transferor and recipient. Given
that these deductions are over and above the
transaction fee, it could cause discomfort to
most, who do not really want to use their hard
earned money to pay unnecessary charges and
deductions that are not the norm. While the amount
of Rs. 25 itself is not really substantial, the
fact that many companies do not charge for similar
services could act as a deterrent in the minds of
those who want to transfer money to India.
Another reason why some do not send money to India
via Money2India money transfer service is their
pre-defined exchange rate, which is used for all
transactions as opposed to the market defined
rate. As their rate is fixed for a certain period,
any changes in the market will not affect your
transaction. While this does not affect when the
exchange rate is low, recipients could lose large
amounts of cash when the same is high.
Finally, the non availability of this system in
many towns in India, especially the smaller ones,
could make it difficult for transferring money. It
is seen that people who send money to India often
have relatives or recipients in the smaller towns.
If a service does not reach all corners of the
country, then getting the money will be a problem,
as it may often involve the need of traveling long
distances to access the nearest branch of the bank
that offers the service.
So, it is best to keep these facts in mind before
deciding to send money to India through
Money2India money transfer service.
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