How to make your money transfers faster and convenient

Our lifestyle and technology have progressed to such a stage, where quick money transfers have now become a necessity. Whether it is sending funds from one location to another, or from one country to another, this necessity remains the same. You can be sending funds whenever required, or on a monthly basis for maintenance.

No doubt, you will have plenty of money transfer vehicles available in the market, leaving you spoilt for choice. However, what choices will you consider when you need to make a quick yet convenient money transfer?

This is where the quickremit option will come into the picture. Here is how this service will give you the best feature for money transfer, and the ideal money for value:

The best of exchange rates: One of the main benefits of the quickremit money transfer is the good exchange rate. Plenty of money transfer services will offer you competitive rates. However, you need to look out for those that will offer you the best deal, especially in accordance with the amount you will be sending. This service offers you the best exchange rates, by making you aware of what are the current exchange rates. In this way, you will be attentive of how much you will have to actually spend in order to send money to the intended recipient.

Fees: Plenty of money transfer services claim to offer a money transfer service that is free. However, they will charge you a small service charge, transfer fee and exchange fee as a basic charge. Furthermore, based on the discretion of the lending institute, additional fees may be charged. Quickremit ensures that you are aware of the fees you are being charged, even before you make the transfer. Thus there is no hidden fees you need to fear about, which will arise only after you make the money transfer.

Time for funds to get transferred: Most of the transfer services offer different transfer tenures, each for a different price. However, during a financial emergency, you may not have the luxury to consider and opt for any money transfer services that will suit your need. Depending on the urgency to make the transfer, you can choose among the available services. However, with the quickremit service, you can easily get the funds transferred within a minimum of 4 working days. You can even track the transfer in progress.

Accessing funds after money transfer: One of the main concerns about the money transfer is accessing the funds after the transfer. Not many recipients have the means to access the funds deposited, once the transfer has been made. This is normally an issue faced by those who reside in remote places. Quickremit services provide a doorstep delivery service, which means that funds that need to be delivered are done directly to the recipient.

What are the different uses of the personal loan?

No matter how prudent or careful you will be with your finances, life will unexpectedly, throw up a situation where you may need an immense amount of fund urgently. This can range from meeting medical expenses for your loved one, or even renovating your home before the onset of extreme seasonal conditions.

While uncertainty will always be a part and parcel of life, it may not be all that impossible to plan for all unexpected expenses in your life. This is where the personal loan will be more than a handy tool to meet all your expenses.

But how does this loan benefit you? This loan will provide you with a line of credit which can be available on demand. Through this, you will have access to an amount of 15 to 25 lakhs. In return, you need not provide any collateral or a guarantor. In fact you can easily apply for personal loan online and get an instant approval, if your lender finds you worthy of credit.

So what are the different uses of this personal loan? The list is give below:

Manage unexpected health expenditures: If any of your close family members falls sick and needs urgent medical attention, a personal loan will be useful. It is especially useful if the treatment costings is not covered by any health insurance you have applied for. You simply apply for personal loan online and breathe easy.

Plan your dream wedding: Are you planning a wedding for your loved one, or even your own? There is always an additional something you can do, to make this event a more memorable one. By taking on this loan, you can lessen the financial budget, let your dreams come true and have a wedding ceremony of your dreams.

Take that much needed vacation: Your responsibility and your bill payments will make it difficult to save funds, especially for the things that you really want to do. It could include travelling the world, or writing a travellers blog, or even knocking off a location of your travel bucket list. Opt for a personal loan and soon enough, you can take that holiday that you deserve for so long.

Renovate your home: You finally find the time to convert that extra room into a storage room or a study. You may also want to replace the furniture in your living room. You can now make these home renovation expenses with this personal loan and repay back the borrowed funds through convenient EMI’s.

Upgrade your living room TV or PC: You suddenly realized you need to replace the television in your home to an LCD or even upgrade your PC to a laptop. While there is a great sale happening, you can quickly opt for this loan, and make the purchase you require to upgrade your home appliances to the latest model.

All you need to know about secured versus unsecured bank loans

When you need to borrow funds, there are several options you can consider, which also includes the bank loan. But while anybody can borrow these funds, to be a smart borrower, you need to understand the different types of loans. While you may be aware of the different types of bank loans, but are you aware of the different categories of the loan?

Bank loans are classified into the secured loan category or the unsecured loan category. Each of these loan categories possesses different features, which will affect your functionality to use the loan, to repay the loan, and even the assets you currently own in order to get the best of the loan rates. Given below is the difference between the two loan categories:

Secured loan: Under this category, the bank loans are protected either by an asset or collateral. This is normally the asset purchased, with the funds forwarded by the lender. For example, items like the home, car or even one’s business can be used as collateral wherein which a lien is placed on these items. Other assets such as stocks, bonds or even personal property can be provided to secure a loan as well. In this loan, the lender will hold the title or the deeds of the asset, until the complete loan amount has been paid in full. This would also include the interest rate as well as other applicable fees.

Benefits of this category:

• The loans in this category will allow you to obtain a large amount of funding. This is because an assurance is provided, in exchange for the collateral provided. By putting your property on the line, it is a safe guarantee that you will do everything in your power to repay the borrowed funds.

• The loans are not only for new purchases either. The secured loan can also be used as home equity loans, or even a home equity lines of credit. Normally, these loans are based on the amount of your home equity. This is basically the current market value of your property, minus the amount that you still owe. In this case, your property is used as collateral, where failure to make payments, will result in the loss of your home.

• With this loan category, you will have access to lower rates, higher borrowing limits and longer repayment terms. This is due to the fact that you will provide an asset in exchange for the loan, as a form of security. In the occasion that you are unable to repay the loan, the asset placed as security will be sold to raise funds to repay back the borrowed funds.

• The loans in this category include mortgage, home loan, an auto loan for both used and new cars, business loan and gold loan.

Unsecured loan: The other types of loans comes under the unsecured loan. These includes credit card purchases, education loans or even personal loans. In this case, the risk of lending funds is high, as there is no asset to be provided in exchange for the funds borrowed. 

Benefits of the unsecured loan include:

• If you don’t have any assets of high value, you can opt for an unsecured loan to borrow funds.
• You have greater flexibility when it comes to applying for a loan amount as compared to the secured loans.

• Examples of unsecured loans include personal loan, credit cards, and education loans.

Reasons why life insurance is the best way to secure your future

What is a life insurance?

When a person (policyholder) comes into a contract with an entity (insurance providing company), according to which the entity agrees to pay a sum of money in case of an untimely death of the person, the contract is known as ‘Life Insurance’, or Death Benefits. It is also known as death benefits since it proves beneficial in the future. This contract entails certain terms and conditions which have to be adhered to. The major clause in the contract states that the company has to receive a determined amount by the policyholder either as an annual premium paid for a certain period of time or a lump sum paid once and for all.

What to consider?

There are a number of life insurance providers in the market, providing insurance seekers with a vast array of life insurance plans to choose from. Each plan entertains various requirements which differ from client to client. Depending on the insurance cover you opt for, your premium is ascertained along with different benefits of the cover. For instance, certain benefits include - payment of unexpected and expensive medical operations during the insured person’s course and the payment of their funeral expenses.

We tend to realize that death benefits, forms an important branch of the financial planning tree. It allows those who rely on you for their finances to continue themselves in your absence. Besides helping them with their expenses, they receive this amount without any liabilities to it, as such being tax free.

Types of Insurance policies

There are five types of life insurance policies, namely - term deposit, whole life policy, money back policy, endowment policy and Unit linked insurance plans (ULIPs). As we grow older and become responsible for greater subjects, we realize the value of an efficient financial plan. Usually becoming a parent strikes the realization in a human that buying a life insurance policy is quintessential.
In India there are many life insurance providers whom you can easily compare policies and opt for the one that perfectly suits you.

Take for an Instance

The ‘HDFC Life Click2Protect Plus’ plan; it is term deposit which is available for people aged between 18 - 65 years. The term extends from a minimum of 10 years to a maximum of 40. The minimum assured sum is Rs.25, 00, 000 and there is no upper limit. Hence, it provides an extensive coverage at a flexible term (between 10 - 40 years). Similarly, each such plans are designed to:-

1) Protect your family and kin or those relying on you for their expenses,
2) Ensure you leave behind an inheritance, for this proves as an asset to beneficiaries.
3) It helps beneficiaries get rid of outstanding payments.
4) It leaves a sense of fulfillment and gives you a peace of mind.

Why planning your insurance early is essential?

Why financial planning is important?

Planning in advance for anything leaves you with a less margin for error on any errand or responsibility. Similarly, planning your insurance at an early age reaps you more benefits later in your life. We often find ourselves so caught up with our expenses today that most of us procrastinate and leave ‘saving for retirement’ as a responsibility for tomorrow. However, with experience we come to learn the importance of planning things out earlier and the advantages that it bears.

Today’s economic challenges have compelled adults to instill financial knowledge in children from an early age. This equips children to face financial challenges later in life. One important aspect of financial planning involves insurance planning. Insurance plans are important as they cover our retirement expenditure.

Opting for an early insurance

To logically analyze the importance of planning your insurance cover at an early age, let’s consider an example. For instance, a person aged 40 can buy a life insurance policy through which he receives Rs.50, 00,000 as insurance cover on retirement, provided he pays a premium of Rs.50, 000 annually till the time he is 60 years old. However, he can also start paying the premium or buy the plan after 10 years wherein his premium would be Rs.1, 00,000 per annum (from the time he turns 50 till he turns 60). Most of us would be enticed to choose the latter option and buy it at the age of 50. Considering that even he did the same, the person devalued the cash he used to pay the premium. This is because the money collected is accrued with tax-deferred cash which benefits the policyholder by increasing his cash value over time.

Increased cash value puts you in a stronger financial position. As such if you decide to procrastinate and pay later because you’d end up paying the same amount, then you deprive yourself of benefits which you could make use of. One such benefit would include the availability of loans. Each premium payment builds your cash value and over a long period makes you financially stronger. This for example, makes you accessible to private loans, home loans, automobile loans, etc. which you might not be granted if you delay your premium payments.
Today, institutions offer a wide array of insurance policies. Compare and choose the one that best suits your requirements and circumstances.

Why is a travel card an ideal tool for frequent travelers?

What is a travel card?

A type of debit card which allows you to install money in one or more foreign currencies is called a Travel Card. This is because, the common practice is to load foreign currency while travelling. This provides a user friendly and secure method of payment for all purposes when travelling to another country. Widely accepted, it can be used in ATMs to withdraw cash, i.e. - it can be used to pay for accommodation, travel bookings, restaurant meals and other attractions.

Convenience of a travel card

Currency Swings

Over the past decade, most tourist destinations if not all have discerned that tourists prefer using travel cards over cheques and currency notes, which is comparatively unsafe. Besides convenience, a major instrument that convinced travelers to opt for these cards was that one could pre-load foreign currency while favorable rates of exchange are prevalent. This proves beneficial because it allows the cardholder to load money when exchange rates are favorable along with the assurance that its value would remain the same later. Ergo, if you are dependent on currency notes and traveler cheques you might plan your vacation taking into account, the prevailing exchange rates which might suit your budget. However, with these rates being varying in nature they might be unfavorable during the time of excursion. In such a scenario, a travel card proves beneficial while other arrangements of carrying currency would render a decreased value.

Moving towards a digital economy

Leading the global economy towards cashless and digital transactions, a travel money card was introduced to make life easy for frequent travelers. Furthermore, getting a travel card is a hassle free process. You can apply for such a card via mobile applications or on websites and get it delivered to your doorstep. You could visit a forex office and get one on the spot as well. Loading cash on your card is again a simple procedure, as it can be done with the use of internet and mobile or a computer even while traveling. Providing users with the ease of access to load funds earlier (at a favorable exchange rate), along with wide acceptance has made it replace paper currencies as the frontrunner among foreign currency tools.

A handful of Indian entities provide travel cards, though more and more are aiming to penetrate the market. One can compare one with another and then decide on the card that offers the greatest benefits in regards to your expenses.

Why your kids deserve a debit card today

Why give a debit card to a kid?

Your experiences as a child shapes you as an adult. The things you learn and interpret, develop your character and personality. That is why it is important for children to grow up independently although under a parent’s tutelage. This allows them to learn from their mistakes. Similarly, handling their finances, enables them to take better charge of their finances after growing up.

Most kids are encouraged on the habit of saving. Piggy banks came into practice to encourage
Children to save for future requirements or for their desired toys. This practice helped them maintain the equilibrium as an adult.

Responsibility and maturity is attained by children at different ages. With maturity kids learn to be more responsible and after becoming responsible adults they tend to handle their money better. To nurture the children of our society into responsible adults we need to instill lessons that make them respect money. A bank account with a debit card can prove to be a step in the right direction. It allows the child to manage his expenses, under the supervision of his/her parents. This means he/she is given a budget and they can spend it however they feel like until they reach the minimum balance in the account. Also, they will educate themselves on how to earn rewards and discounts from the bank, which initiates ‘good financial learning’.

Features of Children’s Debit card

Today there are a variety of savings bank account and debit card options for minors. With banks coming up with diverse debit card plans parents should analyze the way in which they think the child should use the card and accordingly enroll the minor in one plan. For instance, the ‘Kids Advantage Account’, a plan put forth by HDFC is a popular scheme among Indian parents. The debit card allow a withdrawal limit of Rs.2500. It also includes a shopping limit of Rs.10000 with no overdraft on card value. This means the minimum balance has to be maintained, below which the card cannot be accessed. Similarly, there are several plans like this and as such parents could choose from know from various plans that would help your child learn important financial lessons.

Parents also benefit if they start maintaining an atm card for their kids instead of handing out ‘liquid pocket money’. In this manner you are definitely going to teach your child the basics of personal finance at home such as to plan a budget after receiving income, spend on things that are necessary and affordable and try to save as much as possible.

This definitely does not happen overnight, or as a matter of fact over a week or month(s) also. It is a procedure where you sow the seeds years before it bears you fruits. The child at first, will overspend, not keep the minimum balance required, will be denied access to payments and then learn the value of the procedure. It also allows parents the access to their bank statements, to get an idea of where the money is going.

Monitoring their card activities can be important as the parents would get insights on their children. There are one too many types of debit card and selecting the best for your child should be your priority. It is advisable to opt for the card which allows you to set a minimum limit and no access to spending over that. It might place them in unwanted situations, but that is what shall help them learn valuable lessons.