Saving money on overseas transactions or cross-border remittance is possible through digital outward remittance platforms. It enables the users to enjoy the minimum to even zero commission up to a set minimum transaction amount. The charges are significantly lower compared to conventional bank transfer and demand draft processing.
As remittance became common practice across the world, one of the primary concerns was the hefty charge levied on each transaction. Initially, the traditional ways of sending money abroad were demand draft or cheque. Then with the advent of digital banking, online transfer became the common practice, followed by the popularisation of other processing protocols like SWIFT. Technology might have made the process simpler but the problem of expensive transactions remained unsolved, until the initiation of digital remittance platforms.
With outward remittance platforms, came the much-needed relief for people who otherwise had to spend a substantial amount on transaction charges and commission. These money transfer platforms operate on an innovative protocol that minimizes the transaction fees levied by traditional funds processing avenues. The advent of digital remittance platforms has had an optimistic impact on the global remittance industry, which is projected to reach a staggering $930.44 billion by 2026, at an impressive 3.9% CAGR since 2019.
Getting Started with Online Remittance Platforms for Cost-Efficient Transactions
Sending money overseas from India through outward remittance platforms online like RemitOnTime is easy and involves just a few steps as follows:
- Register on the platform
- Create an account and complete the KY C and AML formalities
- Add one or multiple beneficiaries to the account
- Check out the exchange rates
- Enjoy minimal to zero commission on your transactions (zero commission is levied on a minimum transaction amount)
Outward remittance platforms owing to their advantage of affordability are becoming a popular choice among people who participate in remittances either for personal or business reasons. These are easier to use, transact money faster than other processes, and offer the best exchange rates, along with a low transaction fee.
The Cost Issues with Bank Transfers
Before money transfer platforms like RemitOnTime were launched, bank transfer was the most preferred means for people to send and receive cross-border funds. Sending money overseas from India through the bank can cost a substantial percentage of the funds that are being transferred to the overseas account. The commission is charged over the currency exchange rate, making it a very expensive transaction. Other than that, one might also need to pay a margin of up to five percent of the daily exchange rate. The reason behind such a costly process is the underlying protocol that facilitates bank transactions. These traditional financial bodies leverage the interbank rate to trade in currency each time that a transaction is processed. Online Remittance platforms reform this issue by introducing novel funds processing mechanisms.
Experience Cost-Efficient Transactions with Online Remittance Platforms
Unlike banks, online remittance platforms like RemitOnTime are operational 24/7 enabling the user to transfer funds any time as per their convenience and time. There is a fixed minimum amount beyond which one will not be charged any transaction fee or commission against the remittance. The minimum transaction amount to enjoy a zero commission varies in each case, and for some platforms, the amount changes regularly as per the market trends. This is one such facility which you will not get in banks.
Apart from the benefit of zero commission, there are no set-up fees or monthly fees charged against an account, to keep it active. RemitOnTime, which has emerged as one of the leading digital remittance platforms, offer users with real-time and industry lowest exchange rates, not to mention an intuitive platform that makes cross-border transactions, seamless, secure, and instant.
International remittance need not be an expensive and complicated process, provided one knows to avail the smarter options out there.