When it comes to money transfer India rules the world
When it comes to money transfer India rules the world
Migration has always been a global phenomenon since ages. People migrate from villages to towns, from towns to cities, from small cities to bigger cities and from one country to another all in search of better opportunities & a better life. But what is critical to note is that most migrants continue to be connected to their roots emotionally or financially. While some of them have no intent to return, a significant chunk does aspire to come back to their homeland at some point of time.
And therein lies the base for the thriving money transfer industry. An estimated $500 billion moves across countries as pure private remittances. Which means, a value equal to the entire annual GDP of a country like Egypt or Thailand, is generated purely by these cross-border remittances. Not just the receivers, a lot of countries' economies have inward remittances forming a large share of the GDP.
And leading the world in inward Money transfer, india receives an annual amount of over $55 billion (World Bank Estimate 2010) in personal remittances. The Indian diaspora is spread all over the world and is considered one of the most affluent ethnic communities in countries like the U.S, U.K & Australia. Over 22 million Indians are settled abroad and from the U.S alone, India receives an approximate $20 billion in remittances. This money goes for family maintenance, savings in NRE accounts, charity and for buying property in the booming real-estate market in India.
It's not surprising given the facts above that India Money Transfers is a very lucrative segment for banks and other service providers. However, Indian customers have also been price conscious yet, at the same time, quite demanding in terms of the service quality. This has resulted in the customer seeing a huge change in the service offering over the years.
From using offline agents to archaic foreign currency cheques to prohibitively priced wire-transfers, customers have now migrated to more convenient & cost effective online money transfers. Online Money transfer to India is now the fastest growing choice to send money. Apart from some banks offering the service, neutral service providers like Remit2India from the Times Group, is the preferred choice for most NRIs.
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