In 2006, India was the biggest recipient of monies being transferred overseas, with over $23 billion being sent overseas to India through International Cash Transfer firms alone. There are several other choices available today that have perks over the large money transfer firms. The fund transfer business is expanding at a rate of over 10% each year, and India is a territory where a large portion of this money is being sent.

Like any country, the cost of sending funds to India depends on the system you use and how swiftly you necessitate money to arrive. Generally speaking, you will pay more to get the money there faster with most firms. For example, the cost of sending $500 from the United States to India can be as a small as $5 or as much as $14.99 with other firms. Many firms have options that enable the customer sending funds to pay less if they are willing to have the cash available in 3-4 days instead of the same day.

The web has given rise to a number of quality firms for sending money, all with their own fees, terms and conditions. Some people have turned to online fund services, for instance, as way to send money. Although the funds will be retrieved almost instantaneously by the recipient, it is not necessarily simple to turn this money into cash, as it can take up to five days for monies to be deposited into a bank account. This is a great example of how an instant money transfer that is not really instant.

One rapid money transfer method that truly does make cash available to the recipient is the prepaid debit card. This system takes a couple days the first time you use it, as the debit card has to be sent to the recipient. Once the card is in the hands of the person accepting the money and you have shared the access number with them, the funds can be accessed instantly at any network ATM machine, of which there are thousands internationally. Once the person receiving the funds has the ATM or debit card in their possession, money can be reloaded onto the card via the web and be available very quickly, all for a lower cost than most competing systems.

Online fund transfers are a viable option for sending funds to India because there are many companies competing for their share of this rapidly growing business. Customers benefit from this competition as firms try to make their services more user-friendly, more safe, and more affordable than their competitors.

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