When money is sent by check the delivery time can be weeks depending on the location of the beneficiary. Not only is delivery slow, there is always a chance the mail will be lost or worse yet, stolen. Even when the recipient receives the check, it can take as long as a month for it to clear. And the final issue is the exchange rate; it is never a good rate. Making an online money transfer to India gives almost instantaneous delivery. There are no physical issues associated with online transfers, no real money changes hands, and nothing has to travel by anything other than an electronic medium, the Internet.
Online money transfers use highly encrypted, proven technology, which protects the personal information of both parties involved in the transaction as well as the transfer. The companies that are involved in online money transfer to India are work with reputable and trusted banks and other money transfer partnerships. The systems are tested and certified for safe and secure transactions by third parties, and they work under government issued licenses.
With multiple layers of encryption of the data, should it be hi-jacked while being transmitted is coded many times, making the data that is stolen useless gibberish that has no value. As you are preparing the transaction, what you see on your monitor is numbers and letters. The moment you hit ?ÿÿÿÿÿÿÿsend?ÿÿÿÿÿÿÿ on the secure site, the data is encrypted multiple times and sent as code. Once the code has been received by the recipient?ÿÿÿÿÿÿÿs service, it is decoded and becomes cash for deposit.
Any online banking transaction, which includes online money transfer, is processed by the ACH, the Automated Clearing House. The ACH is an independent agency that attends to secure financial data transactions and transmission. They offer services which even enhance the level of security; they can offer confirming telephone calls to both the sender and recipient or confirming e-mails. In these instances, the parties have to verify certain private information. All these security measures add up to a system that guarantees your money will be received by the recipient, and your bank information will not be compromised.
The entire transaction is seamless, and it is conducted in the privacy and comfort of your home. The system itself works similar to wire transfers but as the sender you do not have to go to the bank or service company to institute the transfer, nor do you have to carry significant amounts of cash to pay the service company. The fees charged by online money transfer companies are lower than traditional wire transfer, and the exchange rates are usually better.