Things to Know About Domestic Fund Transfer

Domestic money transfer refers to the transfer of funds from one bank or branch to another branch or bank within a country. Earlier, the process of money transfer was difficult and troublesome, especially for daily wage workers, migrant laborer's, and unbanked people in India. They used to stand in long queues several hours to wait for their turns to send or deposit money. Often, migrant workers did not get time to fulfil their cash deposit or money transfer needs during office hours of banks. Today, with several domestic money transfer services, the whole procedure of money transfers or cash deposits has become easier and instant.

The process

It is a simple process as customers need to visit an authorized outlet and deposit cash through their technology-driven agents. These simplified money transferring services work in non-banking hours, during holidays, and even on festive occasions. People do not need to visit CDMs, bank branch, and wait for hours to transfer money.  

Why it is helpful for labourers and migrant workers?

There has always been constant migration of individuals in search of livelihood. Most of these people are unacquainted about technology to deposit or send money through online banking. So, visiting banks becomes the only choice for them to fulfil their cash deposit and money transfer needs. As they have to work on a daily basis as contract laborer's or workers, they cannot afford to take out some time from work and wait for long hours in queues of banks for fund transfer or cash deposit. Also, some of these migrant workers do not have any bank account. DMT services are intended to resolve the issues related to money transfer and cash deposits in the country for these daily wage workers. Using these services, now they can send money to their hometown very easily and instantly.

Benefits

· Safe and secure mode of transactions

· Available 24X7, even on holidays

· Many banks available on the platform

· Automatic refund

· SMS alerts on every transaction

So, these domestic fund transfer services in India are empowering daily wage workers and migrant laborer's to use these services and experience flawless transactions. IServeU Technology Pvt Ltd has partnered with major banks and retailers in iServeU bangalore, iServeU bhubaneswar to provide financial services like instant money transfer online, Aadhaar enabled payment system, and micro-lending for businesses.