The process of sending money from one account to another within a city, different city or different country, the process is called as money transfer. In India, transferring money to another account within the country is very popular these days through the use of several apps like BHIM, UPI, Paytm etc., the money transfer outside is still regulated and can only be done through banks or authorised money transfer agents or banks.
With more and more people moving abroad for studies and work, international money transfer has become one of the necessities. Husbands and/ or sons working abroad need to send regular money to their wives/ parents need to use these services so that the money reaches them in time, either in the bank account or can be given to them in cash. Such service providers are these money transfer agents.
Before you can receive an international payment, you'll need to provide the sender with some details, including:
There are several agencies that provide these services, along with the banks. Through the money transfer agents, the money can be transferred 24x7 via cash, to a designated bank account or into the mobile wallet, however, there is a per transaction limit which can be transferred.