The amount of money that Indians send back to their home country India, be it to buy an asset or to fund education for their children has been increasing. According to Reserve Bank of India (RBI), outward remittances totaled $447 million in December 2015. This was also the largest amount ever to be remitted abroad in a single month. In December 2014, the amount stood at $95 million. You might live abroad for a while to work or travel but there are plenty of reasons to send money to India. Maybe you have regular payments back home or you are sending money abroad for a purchase.
Like many Indians abroad we might have used our bank in the past to send money and just found them a little too expensive. Or maybe we have just checked with your bank and were shocked at the fees they charge and the exchange rate they offer. There are many ways to send money to India. Figuring out the cheapest method depends on the amount you’re sending, its destination and how fast you need to get it there. When it comes to sending money to India, cash or cheques are no longer a realistic option. Using the public postal service system to send a bank check takes too much time, and in some case highly unreliable. Bank to Bank cheques use for major suppliers is in fast decline. Digital cheques are replacing paper ones, but the trend is now clear and money transfer companies have entered the news headlines lately. Opening and managing a bank account in order to send money online to India is now essential to every small business, corporation or working people who wish to transfer funds to their family or relatives in India.
Sending large sums of money to India, from one financial institution to a different one, is now almost entirely based on the cashless, super-fast and regulated bank transfer system. So, if your are planning to send money online to India, here are few quick tips for the same – always take into account hidden exchange rate costs; make sure that you get the best exchange rates; check out the competition in the market; and always do a research before sending money. So, when you want to send money online to India RemitGuru is your destination. RemitGuru makes your money transfer experience more rewarding, so send your money with great exchange rates, for no hidden costs and with all the help you want.