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 territory, the cost of transferring funds to India depends on the manner you use and how swiftly you need monies to arrive. Generally speaking, you will pay more to get the monies there quicker with most firms. For example, the cost of sending $500 from the United States to India can be as a little as $5 or as much as $14.99 with other firms. Many companies have choices that enable the customer sending monies to pay less if they are willing to have the funds available in 3-4 days instead of the same day.

The internet has given rise to a number of good companies for transferring money, each with their own fees, rules and specifications. Some people have turned to online money services, for instance, as way to send money. Although the funds will be retrieved almost instantaneously by the recipient, it is not necessarily easy to turn that money into cash, as it can take up to five days for funds 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 perfect option for transferring funds to India because there are several companies competing for their share of this quickly growing business. Users benefit from this competition as firms try to make their services more user-friendly, more secure, and more affordable than their competitors.

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