Sending a cheque is by far the slowest method for sending money within a country or abroad because it can travel for days and weeks before the recipient is able to cash it. This old-fashioned way of sending funds is replaced by various kinds of electronic transfers. You do not need a bank and you do not need to sign any papers to withdraw cash from your bank account using your debit or credit card. We are accustomed to have instant access to our money and for that reason some people are surprised when a money transfer of theirs does not arrive for days.
The time frame for a funds transfer abroad can vary greatly depending on the destination country, the method used and the terms and conditions of the service provider. Transferring money between your different bank accounts or to someone else’s account within the same country can usually happen in within hours or within one business day. Transferring money abroad is entirely different.
Many online money transfer providers advertise their ability to execute instant money transfers. Online electronic transfers between two online accounts can be conducted in seconds, that is a true, but you have to also withdraw the money you just received. Strictly speaking, you have to transfer the funds from your online account to your bank account before you can withdraw them and this can take up to 3-4 days or even more if we take into account that it takes additional time for the sender to transfer the money from his bank account to his online account. The overall duration of such a transaction can take 3-4 days for online money transfer to India.