Money Remittance is one of the fastest growing areas within prepaid and a number of prepaid card providers are looking at this fast developing area as one of the biggest drivers of prepaid revenue in the next decade. Money remittance to certain countries like India, Philippines, Indonesia, etc represents a huge flow of money into those countries. In fact, with prepaid cards, you can send money to India and it can be much easier than you think when compared with the numerous other cumbersome money remittance options available that require you to open a bank account for the receiver to have a bank account in India. A prepaid card is touted as the ideal solution to the remittance question.
What are Prepaid Cards
Prepaid cards, as the name suggests, can actually be used to purchase something provided it was loaded prior to usage but they cannot be used to access additional funds like most credit cards can provide. Prepaid cards contain the money you load into them and nothing else. If you have used all the money in the prepaid card then you need to add funds to the card so you will be able to use it again.
There are different providers of prepaid cards that you can choose from and availing the services of such provider will depend on the terms and conditions of the provider. You can actually consult with the said provider on how you can get the maximum benefit of the prepaid cards especially when you send money to India. Know that availing a prepaid card comes with a fee and it may vary among different providers. It is wise to know more about the provider that you have in mind before availing their services. The good thing about a prepaid card is that anyone can have it and the minimum age that can avail in most providers can be as low as thirteen years old with parental consent.
In availing prepaid cards, there’s no need to check for the credit standing of the applicant just as long as he or she can provide for what are required in the application form like some fees to be paid and perhaps some pertinent documents that the provider will need like some personal information regarding the one applying for the card. Prepaid cards are available almost anywhere and remittance can be made through the use of these prepaid cards. The processing is easy and will not take a long time before you can have your own prepaid card.
To send money to India using the card, you simply need to reload the card. Once the card has been reloaded it will be ready for use. Choosing a provider that can give you the most benefits will be a wise decision on your part. In order to make an intelligent decision in choosing the right provider, you can actually read the reviews regarding the providers that you have in mind then choose the right one for you. Some cards allow you to share money with shared balances whereas others allow you to send money from one linked card to the other.
Find out more prepaid credit cards and how prepaid cards can be used for money remittance at Prepaid365.
