REMIT TO INDIA

Sending a remit to India used to be difficult.Through the help of Money Exchange Service Providers, this is a lot easier as it enables you to deposit money directly into an account, track the status of your transfer, and make Paypal transactions. Exchange rates, however, may vary depending on the service provider.

Cash to India: This is one of the oldest and most trusted online money transfer services.

HSBC Bank: At the moment, this trusted bank is offering free money remittance from the U.S. and Canada. NRI Services and NRI Savings Account are offered by HSBC India for the convenience of non-resident Indians.

Travelers Express/MoneyGram International: These offer find transfers internationally, money orders. official checks, bills payment, share draft and gift certificate programs.

Remit To India: This is a parallel service by the Times of Money.

Times of Money: This one is a money exchange service being offered by the Times of India Group.

Western Union: One of the trusted and popular money exchange services, it has tied up with the Indian Postal Service and has thousands of locations worldwide. Funds can be picked up anywhere in the world. The downside of using such service is the high cost and the limit on the amount to be transferred.

Some premier Banks also offer money exchange service such as:

• AXIS Bank

• HDFC Bank •

State Bank of India: Remittance to India by using check or wire transfer.

• ICICI Bank "Power Transfer"

The Importance of Remittance Service's

Remittance is defined as the transferring of funds by a person who currently lives in a country other than his home country. Many developing countries all over the world like India benefit from remittances because of the financial inflow it provides. Remitted funds help address the problems of inadequate foreign help as money remitted from well-developed countries to developing ones actually contribute to the economic growth. With that said, remittance money can be said to lead to better financial and social addition. However, as much beneficial the effects of remittance is, there is also an inevitable side effect of stronger dependence on the global economy instead of creating a local economy sustained by its own people. During the last couple of years, it is undeniable that India truly has had an overwhelming receipt of remittances as compared to other countries in the world. India receives about 26 billion in U.S. dollars in a year, making them outpace the People’s Republic of China, which receives only 23 billion U.S. dollars yearly. Through the years, India has made its self the supporter of the new globalized economy, with much of its people heading abroad to take advantages of numerous opportunities offered by first world countries. The remittances they give back to their loved ones help support education, employment, and financial needs of their families. Most of the people in India who are at the receiving end –income of such remittances actually belong to the low-income groups in the society. It helps transfer money to poorer sections in India, giving rise to a more inclusive economic system in their country. To ensure better security for this system of money remittance, the World Bank has actually set in place internationals standards that make it mandatory to divulge information like amount to be paid out, fees paid by the sender and/or recipient, and the date and place where the remitted money is to be received whenever a transaction for remittance is to be made. Money remittance in India is usually done through a bank that has a branch in the country from which the money is coming from or through third party money transfer companies. Another form of money remittance that is gaining popularity in India is online money remittance. Online money remittances allow transfer of funds through the use of a banking website. One highlight of using this increasingly popular money remittance method is the quick service. In India, there has been an advent of online remittance facilities due to its fast service and quick turn-around time leaving no doubt that it will one day dominate the other remittance options.