Money Transfer Service Scheme, the amazingly simple way of money remittance to India

If you talk about easy and convenient ways of online money transferto India, the MTSS or Money Transfer Service Scheme is amongst the easy and convenient options. It allows inward remittance of money from abroad to India for family maintenance. The facility can also be availed by tourists traveling to India. They can transfer money to India using the MTS facility. No outward remittance is possible using MTSS service.
This is a joint venture of Moneygram International, WUFS (Western Union Financial Services), and Department of Posts.
What is the process?
The process of sending money online to India using MTSS is quite simple and straightforward.
  • The remitter goes to a MoneyGram location or Western Union money transfer outlet in any of the countries where the service is operational. He fills in the form and pays the money and additional charges applicable. A unique MTCN (Money Transfer Control Number) is generated by the system which acts as the Reference Number
  • The remitter calls up the payee and informs about the deposit. The Payee (receiver) goes to the Post Office, fills in a form and shows identification document. He shares the MTCN to the officer. The code is verified from the transaction record. Once the validation is done, money is delivered
  • It is one of the fastest ways to transfer money to India that doesn’t take more than ten minutes
  • Payee gets the amount in Indian currency. As per the rules, remittance of up to 2500 USD is allowed in one transaction. It is a guideline issued by the Reserve Bank of India that can’t be overruled
  • As per the rules, up to 50,000 INR can be paid in cash. Any amount above can be deposited in the account directly, or a cheque is issued in the name of the beneficiary
In spite of the limitation of maximum 30 transactions annually, it is one of the best ways of doing money remittance to India. More people get benefited by it every year.

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

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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

OTC remittance, the smart and swift way of money transfer

OTC or Over the Counter remittance is one of the preferred ways of remittance globally. Since the market has become greatly dynamic and customer centric, agents and service providers want to offer fast and effective service to the clients. As a result, OTC becomes a well-established thought.
However, OTC is a little bit different concept when we talk about MoneyTransfer to India.
What do we mean by OTC remittance in the Indian context?
In simple terms, when the agent performs transactions on behalf of the clients, it can be termed as OTC. Some experts call it assisted transaction because agents assist in making it successful. The person who wants to initiate remittance transaction need not have a mobile number or mobile wallet. Also, there is no need of acknowledging the mobile wallet opening by the customers. Customers do not play a role in the remittance process, but the agent does it on behalf of their clients.
However, the normal KYC (Know Your Customer) that rules cash outflow from the account for other transactions are applicable for OTC remittance as well. The financial services are expected to follow regulation and compliance.
Two possibilities of OTC money remittance to India
In the backdrop of the information given earlier, there can be two scenarios of OTC Remittance:
  • Agent doesn’t inform the customer about the remittance process. He uses the personal account or account of somebody else while transferring money to India from US. Sender tells the account number of the receiver and the entire process is done by the agent.
  • Agent uses a wallet to perform the transaction. He doesn’t tell anything about the wallet details or the process to their clients. The sender knows about the progress of transaction through text messages at different levels. Many times customer doesn’t even know that a wallet has been opened in his name. He thinks that the messages are from the service provider’s automated system.
OTC process outline
  • Opening of wallet on behalf of the customer is the first step.
  • Receiver’s details are required to determine the destination point. Bank name, bank account number and IFSC code are other details.
  • Money transfer process. NEFT or IMPS are the most commonly used methods while sending money online to India. IMPS is preferred, and NEFT is used as the backup process. Transactions done using IMPS happens almost instantly.
  • Confirmation is received as soon as the transaction completes.

Money remittance becomes a matter of clicks due to technical advancement

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Fund transfer to India no longer remains an issue in the recent years. Due to great technical advancement, it has just become a matter of few clicks. Gone are the days when people stood in queues and waited for few days or weeks to see the money in the bank account. There were heavy transaction fees and commissions too. But now, money remittance India is a fast and economic affair with several remittance companies emerging in this space. Because of fierce competition, they offer money transfer with nominal charges.
It is a big money game
You will be amazed at the magnitude of money transfer to India fromUS. According to estimates, more than 75 Billion Dollars were remitted in 2014. This figure is going to increase at least 25 percent this year. Few people expect further rise because of the devaluation of Chinese currency and weakening of Indian Rupee. Since, Non-Resident Indians have more money in their kitty due to devaluation, they are expected to transfer it to India. Money transfer to India is more than the combined volume of some countries.
People search for the easiest way to transfer money to India
Nowadays, everyone wants easy and quick ways of transferring money. People constantly compare several choices to find out the most economical option. Here are some of the popular ways of transferring money:
  • Online transfer, the fastest method: If you want to transfer money in the fastest manner, nothing is better than online transfer. Money gets transferred in minutes using this method. Online transfer agencies follow high levels of security norms to make the transaction safe and secure.
  • Wire transfer is also quite effective: You are supposed to go to the remittance agency when there is a need for money transfer. However, it is not a fast and instant medium. It sometimes takes a few days to get the amount credited.
  • Pay Pal is reliable: Though it is a reliable and widely trusted medium, there are charges for withdrawing money. It is free for the sender, though. PayPal has become popular in the recent years because people use internet quite frequently nowadays. Therefore, they find it incredibly useful and easy.
It depends on the personal preference and choice what method suits you. Each method has their own pros and cons. People can pick from all of these best ways to transfer money to India considering their preference.

Money Transfer helps In Economic Growth!

Are you looking for any money transfer facilities to India? Now-a-days, it is done very easily with the help of various online money transfer portals. This has become possible due to the ever increasing growing technology and economic development. With new technology, especially internet facilities, online money transfer has become quick and hassle free. India is considered among the leading recipients of online funds among all other nations. According to the estimate taken by the World Bank in 2011, India has even exceeded online funds received by China and Mexico. This showcases that the growth of the country has increased in the past few years and will be increasing by approximately 9% in the coming years.
One of the best and the safest ways to transfer money to India or any other country is through online money transfer services. Strict Protocols need to be followed for the purpose of security and international money transfer safety. One can transfer money without worrying, just with a few clicks. Indian economy has been growing due to money remittance in the past few years and is expected to increase in the coming years. Money transfer has become so easy that one can be stress free and transfer his/her money to India without worrying by following a few simple steps. All you need to do is give your personal details, account number and add beneficiary; then start transferring funds right away. Start fund transfer to India right away without wasting a minute!
Various online portals have been proved helpful in transferring online money among which RemitLite offers the best way to transfer money to India from USA. Many of the RemitLite users have had a satisfactory experience for transferring their funds due to best transfer rates as compared to other portals like Xoom that offers a transfer rate of just Rs 61.52 and AxisRemit offers only Rs 61.82 where as RemitLite offers exchange rate of Rs 62.02 which is leading among all other portals currently. Worry no more and make your Money transfer to India successful with RemitLite.

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.