Online money transfer can be defined as a service where traditional or old school remittance technique amalgamates with the new age and sophisticated technology of electronic funds transfer, or EFT. It is not a rocket science, you might have used the online transfer to transfer money to India or electronic funds transfer many times. The process can be defined as a completely electronic way of transferring money from one bank account to another bank account. The main highlight of these services is that it includes only the exchange of data and no hard cash.
But internet based money remittance services are absolutely different from EFT. It can be said that EFT and Internet based remittance services are two sides of a same coin. This is not a simple way to just pay your bills or use services online. Remittance services have much more to it. These services can be defined as urbanized and new age technique of wiring money: You can send someone money without any hassles and in a user friendly way simply by transferring money (or the data that represents that money) from you to another person. This process usually involves a tad bit more contact information about the concerned person — such as a cell phone number or an e-mail address — for the sending and receiving parties tied to a bank account, online money transfer can be done for a small fee from a secure and sophisticated Web-based service via any computer with Internet access.
There are now online secure transfer systems that a cheap and easy to use to help to transfer you funds securely and fast. There are systems set up that you have an account which you put money in, from there you can transfer any funds to another account. If they do not have an account, usually they can set up an account. They will know funds have been transferred through their email stating that someone is trying to transfer money to them. So it becomes easy to track the funds that have been transacted.
