Services You Can Count on for Sending Money to India

Remittance is crucial for both individuals and communities. Before we move on to understand the services you could consider for remittance, it is important to understand what family remittance and community remittance is all about. Family remittance refers to the money sent by individuals to their friends, family members and acquaintances for various reasons. Ranging from medical care to birthdays, there is no limit as to why people would want to send money abroad.

Community remittance on the other hand, is a little different and often used for a bigger purpose. It refers to the transfer of funds by immigrants and hometown associations to business communities, NGOs and other groups back home for infrastructure and building schools, parks, etc.

Given the huge financial inflow, it is touted as a crucial source of money just the way foreign direct investments are. For sending money to India, you should be aware of the services you may consider for the same. Since remittances are nothing but person-to-person flows, there are several types of customized services to make your money transfer fast and smooth. India receives a substantial amount of money by way of remittance and is one of the biggest recipients of remittance funds.

There are several methods of sending money and the method you choose will largely depend on how you perceive a particular method. There are banks, online vendors and dedicated money transfer companies to help you with your remittance needs. The amount to be sent, the best exchange rate to India, and the time frame within which you need to send money can be huge influencers when it comes to choosing a method for remittance.

The money sent home helps cope with emergencies, promotes personal growth and subsequently strengthens the country’s economy. You may send money to India via cheque remittance. Cheque remittance can however be subject to human errors since you will have to double-check all the details before you make one. Of course, double-checking details is a practice you must inculcate for other means of transfers too because even a small error can lead to stress and loss of time and at times, loss of money too. Plus, when you are planning to send money quickly during an emergency, you cannot afford to be late.

You may also send money via your bank which would also be a smarter and safer way to remit. But the recipient would also be required to have an account and bank transfer can sometimes be a tad more expensive than other methods of remittance. A huge number of immigrants are now considering online remittance services for the comfort and convenience they offer. There is a stiff competition and the number of players in this field is huge and the services offered are just too many to take care of even the most unique remittance requirements.

There is tremendous potential in each and every method and in case you find the choices overwhelming, you can always turn to an experienced money transfer agency for help.

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