India is leading at the remittance front, are you ready to reap the profits?

Remittance means the transfer of funds by an expatriate to his/her motherland using different means of transfer. Online, wire and mail are some examples. Remittance is not only important from the point of view of a person but from the economy of the country as a whole. Money sent by people across borders play a great role in the Gross Domestic Product or GDP of the country.

A large number of Indians work abroad. They transfer money to India on a regular basis. This is an important stream of income for many families. At the same time, it also boosts the Indian economy to a great extent.

India tops the list of remittance countries

India recorded the highest number of remittance (in numbers and value) last year. Not only it retains the top position, but there has been a record increase on YOY basis. People use different modes of remittance, e.g. foreign exchange bureau, commercial banks (private and public sector), cooperative banks, Indian Post and several commercial agents. The preferred mode depends on individual’s preference, availability, and convenience.

Money transfer to India from US showed a remarkable increase after the Information Technology boom post 1995. As the number of people working in US increased exponentially, remittance volumes also showed similar patterns.

Fall in the Rupee rate brought cheer to NRI population

Though the fall of Indian Rupee against the US Dollar is the matter of concern for the Indian economy, it is definitely a reason to grin for the NRIs. It means they get more Indian Rupees against their Dollars. In the year 2015, the fall was around 10 percent. It resulted in the phenomenal increase of 20 percent in the volume of remittance fromUSA to India.

Also, the incredible infrastructure development triggered huge investments by NRIs in commercial and residential properties. It is again a good sign for the country. It means that money coming to India in the form of Dollars will be absorbed in the Indian economy. Economic experts call it the “second independence” of India.

The government supports remittance

Since it is good for the economic health of India, the government supports remittance by offering several deposit schemes and bonds. These schemes are dedicated to the NRIs, and there are several benefits and concessions for them.

All these factors boost remittance greatly. The remittance companies lower the costs for transactions. They offer attractive incentives and discounts to grab the maximum market chunk

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

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.

Why do NRIs search for the best deal while sending money online?

NRIs need to send money to India online quite frequently. Sometimes, there are dependent parents in the native place, and sometimes there are financial exigencies. Some people invest in properties in India, and they are required to pay EMIs. At one side, they are worried about the exchange rates and commissions because it affects the profitability. On the other side, they are equally concerned about the security of the transaction. Everyone wants the money transfer to be fast, accurate and without hassles. With the development of technology, there are multiple ways of doing the money transfer. Each method has positive and negative factors. One should look at these factors before choosing a service.

Money transfer to India is a big business

Yes, it is a million dollar business. You search with the relevant keywords on the search engine, and there are hundreds and thousands of websites that offer money exchange services. Some of them are reasonably priced and cost-effective, and some are exorbitant. You should look for the maximum value while you send money to India. While service providers earn commission for money transfer, fluctuations in the international currency rates also add up to their profits.

The hidden cost of exchange rate forces NRIs to search for a good deal

The exchange rate is nothing but the conversion rate of your currency to the destination currency. Since the rates are not fixed, you should pick the correct time to send money. Other than the exchange rate, service providers also earn a profit by the gap between the buy rate and the sell rate. It is called “spread” in the technical language. Remember, it is at the discretion of the service provider how much spread should be charged. When they charge heavy transaction fees, the spread is levied. When they charge low transaction fees, there are hidden costs in the form of “spread”. It is the reason, NRIs look for the best ways to transfer money to India where both transaction fees and spread is marginal.

Other factors are also important

Well, the easiest way to transfer money to India should not be the slowest one. Money transfer should happen as fast as possible. The transaction should traverse through safe and secure links that can’t be hacked by malicious people. NRIs check all these aspects carefully before clicking the “Transfer Funds” button. After all, money matters!

Sending money to India has never been easier!

Are you looking for a convenient way to transfer money to India? Your search end here! There are many good online money transfer portals which help you for money transfer to India easily and securely.
Previously, sending money to other countries was a tedious task which required a lot of documentation and was time consuming. But now with just a few clicks, one can transfer money to India from US, UK, other countries, with help of online money transfer websites. Along with safe and secure transfer services, these platforms also provide very good exchange rates and a host of other services that add value to your transfer.
Whether you want to transfer money for business or to you loved ones, the purpose gets fulfiled by following a few simple steps. The hassle of going to banks and standing in queues for hours just to deposit the money transfer amount is now avoided. Transfer money from the comfort of your home in minutes!
Just create an account by providing your personal details and setting your desired password. Then, you need to add your account number and the details of the receiver. Once this is done, you can transfer the required amount in no time. The best way to send money to India from USA and UK is through online money transfer service provided by RemitLite. RemitLite enables easy remittances to India and is secure, reliable and trustworthy. It is considered to be among the most dependable sites for transferring money to India from US and UK. All you need to do is sign up on RemitLite.com to start transferring.

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.

Now no more worrying about Money Transfer

  Gone are the days when one used to constantly worry about transferring money to their loved ones. With the evolution of the internet and the online services it has become very easy to transfer your money from one place to another. Send money online quickly and safely through money transfer services. But while choosing a particular online money transfer service it is important that it is reputed and trusted so your money is transferred safely.

  Also it is important that service provider provides you with the best exchange rates. And if you are thinking where you would find such online money transfer service then your solution is RemitLite.

  RemitLite provides you the best online money transfer service which helps you to transfer money to India from USA. It offers the best exchange rates to their customers as compared to the other service providers. While transferring the money it is important that the money reaches its destination in time and RemitLite ensures that the money is transferred as quickly as possible. So now easily transfer your funds to India with the help of RemitLite.