You can send money online to India quickly and easily. Online remittance agencies also offer best remit money rates to India and low transfer fees
Did you know that India received approximately $70.39 billion in remittances in 2014? In April 2015, NRI remittance to India went up by 25% due to the devaluation of Chinese Yuan. This devaluation weakened Indian rupee and resulted in attractive currency exchange rate.
There has been a considerable increase in the amount of remittance from India as well as China. Compared to the combined remittances received by Mexico, France and Philippines, India and China remittances were the maximum.
According to the industry reports, Indians working outside the country have more money in their account than migrants of most countries. The World Bank report stated that Indians have approximately $44 billion stocked as savings in the country they work. Mexicans topped the list with $53 billion and on the second spot were Chinese with $46 billion.
So, if you are also working outside India and you wish to transfer money every month to your family, here are some of the remittance modes that you can choose from:
Online Transfer
You can send money online to India quickly and easily. Money can be sent to the beneficiary within minutes or the same working day with the help of online remittance agencies. These agencies are licensed to conduct money transfers from one country to another. They have security measures in place to ensure that the money is transferred without any issues.
All you will need is a smart phone, laptop or tablet with an internet connection to initiate the transfer. If you wish to get best remit money rates to India, you can choose online mode of remittance.
Wire Transfer
This is another commonly used mode of remittance for sending money nationally or internationally. When you wish to send money, you either need to go to a bank or a remittance agency and send the money. You will have to provide the required information of the beneficiary or recipient’s bank before the money transfer is initiated. Even though wire transfer is one of the safest methods, it takes few days for the money to reach the recipient. So, if you have to send money urgently, you need to choose the online medium for a quick transfer.
PayPal
PayPal is also a reliable mode of transferring money electronically from one account to another. The recipient has to bear a certain fee amount for withdrawing the money; however, the process is free for the sender.
Personal Cheques
Many people also send cheques in foreign currency but this procedure requires time for the money to reach the recipient because first the bank has to verify the deposit. Also, the recipient will be required to pay some fee for encashment and currency exchange rate. Rather than sending cash in mail, this process is considered safer. You can cancel the cheque if it doesn’t arrive at the recipient’s address.
Cashier Cheque and Bank Drafts
These are available at banks and a fee has to be paid to avail any of these services for transferring money to India.
The Significance Of International Remittance In Overseas Studies
Studying abroad is one of the ecstatic experiences which very rare numbers of people can avail. While being in the overseas destination it is extremely imperative to understand as to the international remittance.
Why India Is The World’s Largest Global Remittance Recipient?
The Indian people are receptive to language, science, and technology. That is why the people have been able to migrate different countries of the world augmenting inward remittance to India.
Why It Is Important To Know Exchange Rate Before Remitting Money?
Are you working overseas and you are a regular money remitter to your native place. It is very imperative to know the exchange rate before transferring money to from an overseas market.
