People are always looking for more convenient, faster and secure ways to transfer money. With technological advancements, innovative methods of money transfer are gradually replacing informal channels. The various modes of money transfer that are available to expats today are listed below.

Banks: In this mode of money transfer, the remitter needs to visit the bank’s branch and deposit the cash. The beneficiary can collect the cash from the nearest branch of the same bank.

Customers can also transfer money through National Electronic Fund Transfer (NEFT). These are primarily account-to-account transfers.

International Money Transfer Operators (IMTOs): This type of money transfer is becoming more popular. In the conventional cash-to-cash method, a remitter needs to visit the nearest authorised agent of any IMTO worldwide, present the relevant identification documents and deposit the cash to initiate the transaction process. The beneficiary can collect the money from a convenient agent location in the home country by providing valid identification documents, just minutes after the sender has made the transfer.

Alternatively, the customer can send funds directly to a recipient's card in some markets. In the cash-to-card mode of money transfer, beneficiaries can redirect a cash pick-up transaction onto a card via a call centre. Another mode is cash-to-account money transfer. Here, customers can receive money without having to go to an agent. The sender needs to go to an agent to transfer the funds to the recipient’s account.

Online money transfer: Online money transfer is the modern-day equivalent of wiring money. It can be done through a secure web-based service. A lot of tech-savvy white-collared professionals who have easy access to internet and a bank account use this method for transferring money.

New technology money transfers: With more and more people hopping onboard the smartphone wagon, mobile transfers have taken up a significant market share. India has the fastest growing telecom network in the world, with a large population and development prospective. Mobile money transfers can, therefore, be the future of remittances. While making a transfer, consider the accessibility of the transfer mode to the beneficiary, besides the usual currency exchange rates and destination country.

The author is Vice-President & Business Head, Xpress Money

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