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Emergency Money Transfer

Online bank accounts

More and more banks and financial institutes are offering this facility to their account holders. Through this account, one can easily make transactions just by logging online and accessing their account. You need not worry about security issues as most banks use a secured channel anytime you want to access your account. In the instance you would want to make an instant money transfer, all you need to do is provide the bank account details of the sender and the recipient. Once the details of the both the individuals’ accounts have been verified, you can easily make the transfer your want. Since the online network is extremely thorough and well connected, the funds will get transferred almost immediately, depending on the bank working hours.

Wire transfers

Another option to consider when making an instant money transfer is the wire transfer. This has been one of the most popular and favourable option for many who would want to make any money transfers. Through this process, the sender must approach the bank and inform them about the wire transfer. He must then provide the necessary details about the bank accounts which includes both the sender and the receivers. During this process, the IBAN and BIC codes are normally given, wherein each bank confirms it. Once the codes and the details of the sender and recipient is confirmed, the funds are sent. With the use of real time gross settlement (RTGS) systems, the sender can access the funds within a few hours.

NRI accounts

No doubt there a lot of benefits from sending money from abroad, especially if the conversion value is high. But in such cases, the distance and difference in banking facilities may often lead to delays in money transfers. However, if the sender has an NRI account, it is extremely convenient to make transfers. This solely depends on the type of NRI bank account one has. In some cases, the joint account holder can be a local resident, whereas in others it can be only an NRI joint account holder. However, in both cases, the joint account holder has access to the funds that are invested in the account, making money transfer easy in such a case.

No doubt when you want to make an emergency fund transfer, you will not have sufficient time or factors to consider when making a decision. However, with these options at your disposal, you now need not worry about choosing the right option.