What is Money Transfer & Money Transfer Business & How Start It

What Does Money Transferring Mean?

In simple words, money transfer is transferring money from one bank account to another bank account. It can be a physical or electronic fund transfer from one bank account to another bank account. It may occur between the same bank operators, different bank operators, in the same country, in different countries.

This is the act of transfer money from one place to another place either in the same country or overseas. When it occurs in the same country known as domestic money transfer and when it occurs in overseas known as International or global money transfer.

Basically, money remit is used for electronic fund transfer. This is the cashless mode of transferring money from one bank account to another bank account.

What is Money Transfer Business?

Some years ago, fund transfer is only done by banks through physical money transfer. As the technology is growing, money remit service becomes advanced. There are many places in India where banks are unable to reach. To bring all the society at the same financial platform, banks start a policy. In which they provide you the authority to offer money transfer service in a legal way. You can start your own money remit agency as private and can offer fund transfer services.

But to get the authority through these banks you to fulfill their terms and conditions. If I talk about us, it is almost impossible for us, but don’t worry, I have the solution.

There are many software development companies in India that offer money transfer software integrated with money transfer API.

In short, you can start your own online fund transfer agency through all bank money transfer software.

How Does Money Transfer Works?

There are very simple steps to money transfer through mobile apps or money remit software. In the above paragraph, we have discussed online fund transfer through mobile applications. Here we discuss the fund transfer process through money transfer software.

Step 1: Visit nearby money remit agent or service provider

Step 2: Register remitter account through your name, mobile number and give him cash amount

Step 3: An OTP will come to your mobile number through which you authenticate your remitter account

Step 4: Now you to provide receivers bank details like name, account number, and IFSC code

Step 5: Agent will register the beneficiary account of the receiver

Step 6: Fill the amount you want to send into the beneficiary account

Step 7: Now agent gets an OTP and after submitting OTP, transactions occur

Step 8: Get transaction receipt from the agent

So these are the steps which you have to follow to transfer money. In return of fund transfer, the agent can charge you a piece of an amount which totally depends on the agent. Different agents charge a different amount for money transfer service but this is very nominal.

Which is the Best Money Transfer Software Provider Company in India?

There are many money transfer software provider companies in India which claim to be best. I would like to suggest you choose the best money remittance software Provider Company for the money remit business.

Ezulix software is one of the best software development company in India. We provide you new technology-based advanced money remittance online software that fulfills all the aspects of the money remit business.

We are leading money remittance software providers over the last few years this is the reason today we have thousands of happy customers all over India. Our belief is in the best service and support which makes us different from others.

Keep Reading: More about Money Transfer