Prior there used to be money transfer options like banks, money orders, checks which would waste a lot of time of people most importantly you could not track your money after the transfer. This problem has troubled Indians for ages. In the 80s and 90s when a whole lot of Indians settled abroad for a better livelihood and lifestyle. They found it extremely difficult to remit money to and from India.
Since India witnessed a huge amount of economic growth in the last decade or so, the concept of Indian money transfer started booming up. Globalized banks started opening up bases in India and with the advent of the internet they introduced the platform of Internet/Online Banking. The financial companies started making websites to run business of a kind and made it live online for their consumers to server their needs. Online banking also ensured that any new products or schemes launched were displayed almost instantly and at any given point of time it reached out to millions of potential users.
Online funds transfer might also include money transfers from stocks, bonds, Mutual Funds and Equity trading. Almost every privatized financial company provides online money transfer facility. Sending money from one country to another is become very popular and is easily accessible as this facility is available either from their homes or offices. Similarly with introduction of the concept of Mobile Banking and SMS banking taking the main focus in business banking will be at its very best.
