Before internet changed the way people bank, anyone who wanted to transfer money to someone’s account needed to visit the bank or a third-party service provider to avail wire transfer services. The wire transfer transactions were not carried out as regularly as they are these days and the charges were high. Most people refrained from opting for a wire transfer because of the high transaction charges. Everything changed when the internet took over and made it easy for the banks to offer money transfer services.
Bank account holders can now use their mobile phones or computers to carry out funds transfer easily. Especially for money transfer within the country, they only need to log into their net banking or mobile banking accounts and transfer the money. They do not need to visit the bank and can complete the transaction from anywhere since they do not need to be present in a specific location. If they have access to the internet, they can complete the transaction irrespective of their location.
The level of convenience has ensured that money transfer is now carried out freely. And, the transaction charges have also lowered considerably since the banks also want to encourage more of their customers to avail net banking and mobile banking services.
Here are a few of the most popular money transfer services customers can use these days:
- Wire Transfer
- Net Banking and Mobile Banking