Exchange rate affects the profitability while remitting; know about it beforehand

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When you want money remittance to India, it is very much important that you gather sufficient information about the current exchange rate USD to INR. Why is it so much critical? The answer is very simple. The rate of exchange decides about the relative value of the money in India in the USA.
Why the exchange rates are fluctuating?
Well, many people get puzzled by the fact that the exchange rates are variable, and one has to know about it before remitting the money. Why should it change? Why it can’t remain fixed? It happens because the international currency trade works on the principles of demand and supply. Since currency has the highest liquidity, buying and selling happen worldwide. Trading activities happen round the clock because the markets are open in some other country even if it is midnight in your country.
Based on demand and supply, the currency exchange rates change. Therefore, you must know about it before initiating an online money transferto India.
If you are remitting a small amount, then it may not be relevant but for high-value transaction, the difference of a few cents is sizable.
What is the best way to transfer money to India without using exchange rates?
No, there is no such way where you do not get affected by the exchange rates fluctuation. All legal and valid ways of money transfer use exchange rate calculation. Experts say that one should understand the fundamentals before initiating the money transfer. It helps a lot.
Interbank rate is also known as bank-to-bank rate. It is the wholesale rate and not retail. Banks exchange the currencies using this exchange rate. The Interbank rate is always different than the normal rate offered to retail customers.
Selling rate or Sell rate is the rate that you get while exchanging the local currency against foreign currency.
Buying rate or Buy rate is the rate that you get when the other country’s currency is transferred into local currency.
When you know the meaning and implication of the three exchange rates, it becomes pretty simple for you to decide the right time for initiating money exchange. Regardless of the ways to transfer money to India was chosen by you, doing it at the right time is always important.
It is possible to get help from professional before you exchange money. They suggest the right moment of doing the same so that you get good profit. Some service providers initiate a transaction on your behalf when it is the best time.
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A few important tips for those who send money to India frequently

A lot of NRI or Indians visiting the USA on business or official visits transfer money to India using the Internet. With the advancement in technology, it becomes quite simple and safe to do the same. There are plenty of service providers that claim competitive rates and world-class service. Though a majority of them look identical regarding services and features, there are a few important aspects that differentiate a high-class operator to a mediocre one. Experts say that it is not always correct to look at a company that s quick and inexpensive. Rather, safety and security should be the paramount criteria.
How to determine the best service provider?
In the vast market of online service providers who claim to be the smartest and most profitable money exchange facilitators, it is a marathon task to find out the real and genuine one. According to Foreign Exchange geeks, a company that has superior customer management tools and support system should be preferred. Instant money transfer is another critical aspect. The delay should be the least, and so are the margins. Always compare two or three options before deciding. Sometimes, the charges prima facie are compatible but there is a big difference in the service charges. Hence, a proper comparison is necessary.
Mind the exchange rate
Well, you do not bother about the exchange rate when the money transfer is required urgently. However, a well-planned money transfer can be done with thorough analysis and comparison. Do it when the exchange rate is the highest. Don’t believe on speculations but always follow a right advice from a valid service provider. Remember, there is no trend or rationale behind the Dollar-to-Rupee rates. There are hundreds of factors that affect it, and none of them are controllable. Hence, just perform the exchange when the rate touches the peak of the day.
Safety is the foremost aspect
Always pick an operator that is swift, safe, and reliable. Always look at the feedback and reviews so that you don’t select an incorrect one. Certainly you want the money to arrive fast, but at the same time you want it to arrive safely as well. Good quality providers are always dependable. Even if sometimes the rates are high, you should choose a well-known exchange house.
With the improvement in the speed of connectivity, it is quite easy to send and receive money from India to the USA and vice-versa. A little precaution makes it quite safe and easy.

Still Worried About Your Money Transfer?

“For the past two years I have been living in USA. Of all the challenges that I faced while living as an NRI, the biggest hurdle for me was transferring money to my family in India. I noticed while transferring money through banks, they were earning their own share of profits and also the exchange rates were not satisfactory, then once while surfing I came across a service provider, RemitLite. They not only provided excellent exchange rates but also the complexities of transferring had become easy and with more security “- Sweekar Sharma

“My mother met with an accident and I had to send an amount of $2000 to India. My friends suggested me to use RemitLite and I have to say I am really happy with their services. Though it took 4-5 days but I enjoyed a hassle free transaction, also the exchange rates they gave me compared to others were awesome. Now I surely recommend RemitLite to everyone” – Pratik Pathak

Just like Sweekar and Pratik, RemitLite has helped many people who are looking out for safe and easy ways for transferring money to India from US with competitive exchange rates. Along with these features RemitLite also offers an Online Exchange Rate Calculator where you can calculate the amount that will be transferred to your account.

Too many formalities are other things that one may consider while transferring money. Well at RemitLite we believe in less formalities and better service and also we provide the easiest way to transfer money to India. Our Customer Support is always there to help you and you can easily get in touch with us by sending us an email to our service centre. So take your decisions wisely and worry about the other important things in life rather than worrying about your money transfer. Send money online to India in a hassle free and best possible way through RemitLite.

Why RemitLite???

Nearly a decade ago the main problem faced by the Indians residing in USA was transfer of money to India. But now the scenario has changed, transferring money is no more a stressful task. With changing times many modes of money transfer has been introduced. Online money transfer has gained a lot of momentum in past couple of years since it is quick and convenient. But in this case also there is a lot of confusion regarding the selection of right service provider who provides good exchange rates along with great service.

RemitLite is one of the best online money transfer service and some of the reason for selecting RemitLite are as follows:

  • Best Exchange Rates – We know the value of your hard earned money and therefore RemitLite consecutively have been offering the best exchange rates as compared to others and will continue to do so.
  •   Minimum transfer fees – RemitLite charges a very low amount as the transfer fee as compared to others and therefore you end up saving more of your money.
  •  Safe & Secure transfer – Your money is safe with us. All your transactions and data exchanges are secured with SSL encryption. So sit back, relax and leave all your worries to RemitLite.

So now transfer money to India without any hesitation through RemitLite and keep enjoying the excellent exchange rates along with great service.

It’s Never Been So Easy Before

Today many Indian people go abroad to work and earn money and earn their livelihood whereas their families live in India itself. Earlier there was lot of problem in delivery of money, there was a lot of complaints of theft, calamities, problems of late delivery and many other dangers of exchanging money through post. This got improved due to the enhancement of internet and the online services. Today we have money transfer services online which not only transfers money from abroad to India but also converts the money at the same time. This has happened due to the highly improved technology that has emerged in the 21st century. At present there are many money transfer services that are available but we need to choose the best out of the rest depending upon our requirements.

RemitLite is one such money transfer service that provides money transfer with a good exchange rate. It is the best way to transfer money to India from US. Now you can send money online without worrying of low exchange rates. It offers the best exchange rates to their customers as compared to the other service providers. People working abroad who want to transfer money to India will find the services of RemitLite best and the easiest to transfer money to India. RemitLite is not only trustworthy and reliable but also speedy and convenient. The best part of using the services of RemitLite is that it keeps the people updated with the rates that they are providing. Along with the updates of the rates that they will be providing, it also tells us about the details of the money transfer and keeps us informed in case of delays that may have occurred due to certain reasons.

So now we know that RemitLite is one of the best services that can be used for online money transfer to India from USA conveniently without worrying about the exchange rates. You now don’t have to compromise on your need for money on immediate basis from the people living abroad. The fund transfer to India will be done in the most effective way considering the need of its customers. So now you know the exact place that’s made for you, so take advantage of the services provided by Remitlite and transfer money to India  and be tension free and enjoy life.

Wire Transfer Basics

As the name suggests, Wire transfer is a method of electronic funds transfer. In the early 19th century, wire transfers were made over the telegraph lines. It gets its name from the same place because telegraphs were transmitted through wires.
Wiring money is the best and the easiest way to transfer money. These transfers usually are done in real-time but sometimes may take upto 24 hours. Often wire transfer between banks is the cheapest mode of funds transfer. Such transfers are the safest way to make a remittance because the money is flowing within the banks and it does not move out to any third party, so here the chance of losing your money are nil. When we say money flows within the banks, it means that the money is debited directly from the sender’s bank account and is credited directly to the receiver’s bank account, so here no third party is involved at all for the occurrence of a fraud.

RemitLite is one of the best sites to make a funds transfer to India. With RemitLite, one gets freedom of choice to make the transfer since they make Wire and ACH transfers both. RemitLite works round the clock and is the most secured site to transfer money to India. Whether it is sending money to your family, friends, relatives or for the purpose of development of the country, RemitLite is the most trustworthy site to make your transfer.