Send Money To India

From its immense population that reside in other countries India has been leading ahead when it comes to inward remittances. A report released by World Bank estimates that India received remittances in billion in the year 2014. That is way ahead of China, Philippines, Mexico and Pakistan combined. Remittance and a country’s economic progress go hand-in-hand. An inflow of such vast amounts of remittances will help Indian economy to bring prosperity to its citizens, thereby indirectly reducing expenditure on socioeconomic welfare.

You may find that you need to send money to India on a one-time basis or monthly and even weekly. Whatever your requirements, you may want to investigate and explore the best ways to transfer money, especially if you have never done so before. When you know a little bit about the ins and outs of sending money abroad, you can rest easy knowing that you’ll save a bit of cash and time, and have peace of mind as well. So how is one suppose to send money to India? An international money transfer is a service that allows you to send money overseas for whatever reason; this can be carried out using your normal retail bank account, demand drafts, cheques, money transfer agents, international money transfer operators,

Now the question is – what are the main reasons a migrant send money to India? Let us check some few ones.

Maintenance of family – Salary transfers are the most common regular transfers made to family and friends. An huge number of Indians living abroad are either low-level professionals, contractual employees or a working class individuals who are attached to their families living in India. Hence, one of the most popular reasons for sending money to India is the usefulness of the money attached to the loved ones living in India who require money on regular basis to meet the requirements regarding food, education, health, and so on.

Buying properties – sending money to India for buying property or land is also a popular reason for sending money to India. Large sums of money are needed when making a real estate-based investment. Non-resident Indians are not taxable on their foreign income and hence that act as a bonus for non-resident Indians to invest in India and transfer money for the same cause.

Foreign exchange rate – Fluctuations in the exchange rate also plays a crucial part in determining the quantity and timing of remittances to India, it leads to a favorable situation for non-resident Indians to transfer money to India as it leads to higher return from the foreign currency with respect to the Indian rupee. Such a favorable condition is taken advantage by people living outside India through means of transfer to their respective Indian bank accounts.

There are companies like RemitGuru who are specialize in transferring money to India. RemitGuru with its first class service is also known to shorten the distance between families and their loved ones through their money transfer service.