27 Oct 2023
Digital technology has eased human life immensely, and besides its multifold advantages, quick and secure money transfer across borders is a crucial benefit for those who live and work in foreign countries. India remains the top country with the most diasporas, 32 million, of which 18 million are overseas workers. Among these diasporas, 200,000 Indians alone live in Italy and earn and send money to India from Italy for financial support. Do you know how these overseas Indians in Italy can benefit most from digital solutions? Let’s delve deeper and find out the ways digital banking solutions help make expats’ lives hassle-free.
A report by The American Bazaar stated that in 2020, over 200,000 Indians lived in Italy. They work there to earn a living and support their families back home using different means.
With the launch of service providers that master remittance transfers alone, it is important to evaluate the services of banks because you are still required to open a bank account in a developed country to manage your finances.
But do you think that banks, apart from helping you manage your finances efficiently, are a befitting answer to your online money transfers back to India and that too in the presence of several remittance transfer companies?
The answer is not simple and, therefore, requires a deep analysis and service comparison. But first, a basic understanding of digital banking is required.
With shopping going online, ordering food online, online delivery services, and making payments online, personal banking has not been left behind.
Digital banking is banking services done virtually without any in-person services. You can make online payments, open new bank accounts, manage funds more efficiently and ensure financial management from the middle of your comfort zone.
The fact that in developed countries, having a bank account is extremely important allows you also to send money from Italy to India. But this is not the only reason why you need a bank account. It can be used as an added feature of digital banking services – one not without downsides.
Therefore, digital banking services must be fully understood first before taking them as an all-encompassing answer to your financial questions.
Let’s now understand the difference between traditional, digital, and online banking. Because the lines between these three are thin, and one can be mistaken for the other.
Apart from traditional banking services, you might end up confusing digital banking services with online banking services. Take a look below for a clear understanding, lest you get confused.
As you know, traditional banking services came forth in 1967 with the revolutionary invention of ATMs. Since then, traditional banking has undergone several changes and phases of innovation, with its core services more or less remaining the same.
You can call them Neobanks. These banks operate entirely online. Their framework is built on cloud computing technology, and these financial institutions rely heavily on the latest technology to offer holistic banking services.
Online banking services use the latest gadgets to offer banking services online. These services are more like those offered by traditional banks, but the major difference is that these can be accessed online using the Internet.
With these minor differences in the services of these three bank types explained briefly, do you not think that you have some unique needs from these financial institutions for money transfers to India?
Well, you must have needs that you expect these financial institutions to fulfil. But if they cannot cater to your needs on your every online money transfer from Italy to India, then you must look for alternatives.
Your needs in typical banking services have to be different from those in your online money transfers. Right? So, let’s see what you expect and what you get from digital banks when they offer you online remittance transfer services.
As an Indian migrant working abroad to support your family financially, you wish to send funds back in an instant. Right? Banks, whether digital or traditional, struggle to offer this feature, and even if they do, they charge extra for it.
Regardless of the bank type, they offer static and fixed currency exchange rates regardless of the rates in the international market, where these keep fluctuating. So, in this area, you are likely to get low rates that can harm your finances.
Banks are hardly the cheapest way to send money to India from Italy. They charge you extra on every currency conversion. You send money back home in a foreign currency, which has to be converted into the local currency for usage. Banks charge you additionally for this. A solution is a multicurrency account, but not many expatriates can manage to have one.
Apart from banks, here are a few other ways to send money to India from abroad.
What is the solution and alternative, you wonder?
Well, take a look below.
One of the leading remittance transfer service providers, ACE Money Transfer, has designed its services in a way that they meet even your unsaid money transfer needs, let alone those expressed. Keep reading.
Through ACE Money Transfer, you can send your funds from Italy to India in just a few hours and within the same day. This does not cost you extra.
Not only can you get live and market-competitive rates, but you can also request the latest rates at the time of the transaction to either wait for the rates to spike or proceed right away if rates are already high.
If the funds you are transferring through ACE Money Transfer reach a certain threshold, you will pay a small amount as a fee. But if funds remain below that level, your transaction will be fee-free, and the best part is there is no upper or lower limit!
You normally settle down with the available payment options. You only have to select one option from the list, normally having limited options. Right? But how about requesting the addition of a new payment option that was non-existent earlier? Think about it! It is your unsaid need met already to your optimal satisfaction. Don’t you think?
What if you have to send funds, or receive, for that matter, to a country that is not listed on your service provider’s portal? Will you switch services? Likely. But ACE Money Transfer allows you to add a new country if you do not find it on the firm’s portal.
Not only do you get all the benefits listed above, but you will also be able to transact right from the middle of your comfort zone and initiate, track, and complete your transaction without moving an inch should you choose ACE Money Transfer to send money online to India from Italy. Furthermore, banks are still popular among billions of people worldwide; they are not a perfect fit for remittance services. Compelling reasons are explained above!
Digital banks are the latest form of traditional banks that more or less offer the same services, but unlike traditional banks, they offer online services using smart gadgets like phones and laptops.
The difference between these bank types is minor. Traditional banks have a physical structure and offer services rooted more in conventional ways than digital ones. Digital and online banks are almost the same as online banks have no physical presence, and they rely on cloud computing and other such technologies.
No. Banks, whether traditional or digital, are not fit for online money transfers because they still take a lot of time to deliver funds, charge extra, and offer static exchange rates. They can, due to these reasons, throw your finances into disequilibrium.
Digital banks are unlikely to meet the unique needs of Indian migrants because these needs include swift delivery of funds without having to pay extra, getting market-competitive rates, and paying low service charges. These unique needs cannot be met by any bank there is.
Yes. Several remittance transfer service providers like ACE Money Transfer meet these unique demands, with ACE taking the lead by offering features that meet even unsaid needs!