MONEY TRANSFER METODES :

MONEY TRANSFER METHODS :

Beside lending and depositing money, banks also carty money from one corner of the globe to another. This act of banks is known as transfer of money. This activity is termed as remittance business. Banks gen¬erally issue Demand Drafts, Banker's Cheques, Money Orders or other such instruments for transferring the money. This is a type of Telegraphic Transfer or Tele Cash Orders.

It has been only a couple of years that banks have jumped into the money transfer businesses in India. The international money transfer market grew 9.3% from 2003 to 2004 i.e. from US$213 bn. to US$233 bn. in 2004. Economists say that the market of money transfer will further grow at a cumulative 10.1% av¬erage growth rate through 2008. 

With the use of high technology and varieties of product it seems that "Free" money transfers will be¬come commonplace. We wid see more bundling of tai¬lored money services by banks and non-traditional en¬trants that will include "free" money transfers, Many banks will even use money transfer services as loss¬leaders in order to generate account openings and cross-sell opportunities. The price evolution of money transfer products for banks will be similar to that of consumer bill pay-the product is worth giving away as an account acquisition tool to win overall market share and establish banking relationships. 

ATM money transfer card products have had ter¬rible bank adoption rates since being introduced in the last three to four years. Remittees who are highly educated and have been already been exposed to ATM technology in receiving countries tend to have an in¬terest in this product. Money transfer to India is one of the most important part played by the banks. This service provide peace of mind to either the NRIs or to the visitors to India. Many Indian banks have ATM'S (automatic teller machine). enable to draw foreign currency in India. 

By the end of 2007, we will see a good percent of all foreign-born households doing some level of online banking. First-mover banks will start having a win¬dow of opportunity to include online transfer func¬tionality within the next couple of years, which cur¬rently frequents traditional money transmitters such as Western Union. There is a terrific opportunity for banks and non-banks to offer more robust global in¬ter-institutional funds transfer services online. More than half of Western Union's customers today are al¬ready banked, and most do not have an alternative product marketed by their bank that is painless, quick, and cost-effective. That will change as banks offer transfer services through their online channel.

0 comments:

Post a Comment

Labels

About Site (1) ALBHABETS SERIES (1) All Exams Shortcuts (1) All Generation Computers (1) ALL INDIAN BANKS (1) ANALOGY (1) ANALOGY 2 (1) ASTROLOGY (1) AVERAGE (1) BANK LOANS PROCEDURE (1) BANKING KNOWLEDGE (1) BANKING SERVICES IN INDIA (1) BANKING SYSTEM IN INDIA (1) Banks Details (1) BLOOD RELATIONS (1) BOATS AND STREAMS (1) BOOKS FOR ENGLISH (1) CLASSIFICATION (1) Classification of computers (1) CLERICAL APTITUDE (1) CLERICAL APTITUDE SHORT CUT (1) CLOZE TEST (1) CO-OPERATIVE BANKS (1) Coded inequality (1) CODING DECODING (1) COMMON ERRORS (1) COMMON ERRORS 1 (1) COMPUTER FUNDAMENTALS (1) Computer Hardware (1) COMPUTER KNOWLEDGE (1) CONCEPTS OF INTERNET (1) CONSUMER BEHAVIOUR (1) Credit Card is lost or stolen? (1) Credit card rejected (1) CURRENT AFFAIRS (1) Data sufficiency (1) Deregulation of Banking System (1) DIRECTION TEST (1) DISTRIBUTION CHANNELS (1) ELEMENTARY ALGEBRA (1) Elementary Mensuration (1) ENGLISG COMPREHENSION TEST (1) ENGLISH LANGUAGE (1) ENGLISH LANGUAGE 1 (1) ENGLISH LANGUAGE 2 (1) ENGLISH SHORT CUTS (1) ENGLISH SYLLABUS (1) Export Import Bank of India (1) Features of credit card (1) FILL IN THE BLANKS (1) FINANCIAL AND BANKING (1) FINANCIAL INSTITUTIONS (1) FINANCIAL OR BANKING SECTOR (1) Foreign Banks in India (1) FRACTIONS (1) GENERAL ENGLISH (1) GENERAL KNOWLEDGE (G.K) (1) HCF AND LCM (1) HUNDRED GOLDEN RULES 1 (1) HUNDRED GOLDEN RULES 2 (1) HUNDRED GOLDEN RULES 3 (1) HUNDRED GOLDEN RULES 4 (1) IBPS CLERK NOTIFICATION (1) IBPS Supplementary Exam (1) IBPS Supplementary Exam 1 (1) IMPORTANCE OF MARKETING 1 (1) IMPORTANCE OF MARKETING 2 (1) INDUSTRIAL CREDIT (1) INDUSTRIAL INVESTMENT (1) Industries Development Bank of India (1) INFORMATION TECHNOLOGY (1) LEARNING OBJECTIVES (1) LIC (1) LUCKY NO (1) MAJOR BANKS IN INDIA (1) MANAGEMENT PROCESS (1) MARKET SEGMENTATION (1) MARKET SITUATIONS (1) MARKETING KNOWLEDGE (1) MARKETING KNOWLEDGE 1 (1) MARKETING PLANNING (1) MATHS SHORTCUTS (1) MIS-SPELT WORDS (1) MONEY TRANSFER (1) Money Transfer to India (1) MS-DOS (1) MS-Excel (1) MS-Word (1) MULTIPLICATION SHORT CUTS (1) Multiplication Tables (1) NUMBER - 1 (1) NUMBER - 2 (1) NUMBER - 3 (1) NUMBER - 4 (1) NUMBER - 5 (1) NUMBER - 6 (1) NUMBER - 8 (1) NUMBER - 9 (1) NUMBER -7 (1) Number Ranking (1) NUMBER SYSTEM (1) NUMERICAL ABILITY (1) NUMERICAL ABILITY 1 (1) NUMEROLOGY (1) NUMEROLOGY DETAILS (1) open a Bank account (1) Operating Systems (1) PARTNERSHIP (1) Payments from Dubai (1) PERCENTAGES (1) PHRASE REPLACEMENT (1) PIPES AND CISTERNS (1) PLASTIC MONEY (1) Problems based on ages (1) PROFIT AND LOSS (1) Public Sector Banks in India (1) PUZZLE TEST (1) QUANTITATIVE APTITUDE (1) RATIO AND PROPORTION (1) RBI Collection and Furnishing (1) RBI GOVERNORS (1) REARRANGEMENT OF SENTENCES (1) REASONING (1) REASONING ABILITY AND SHORT CUTS (1) REGIONAL RURAL BANKS (1) REGIONAL STATE Banks (1) RESERVE BANK OF INDIA (1) RESERVE BANK OF INDIA FUNCTIONS (1) SCHEDULED COMMERCIAL BANKS (1) SIDCS (1) SIMPLE - COMPOUND INTEREST (1) Software Fundamentals (1) State Bank and Nationalized Banks (1) SYLLOLOGISM SHORT CUTS FOR REASONING ABILITY (1) SYNONYMS ANTONYMS (1) TEST ON 100 GOLDEN RULES (1) TIME AND DISTANCE (1) TIME AND WORK (1) TRAINS (1) TYPES ALPHABET SERIES (1) Types Analogy (1) TYPES OF MARKETING RESEARCH (1) Varieties of credit cards (1) Windows operating system (1) మీ భవిషత్తు జాతకం (1) సంఖ్యా శాస్త్రం (1)

 
Design by Free WordPress Themes | Bloggerized by Lasantha - Premium Blogger Themes | Best Web Hosting