Consider these 3 things before you transfer money

Things to Consider Before Transferring Money Online

Transferring money from one country to another can be a regular task for some, but for others, it could be a tough one. If you are an Indian living abroad and planning to send money to India, you will either have to visit an agent or your bank or the best way is to make the transfer online. Though there are many ways through which you can send money to your country, you should always check how safe their service is. Apart from these things, have a look at the three major points that should be considered before you transfer money.

  • Watch Out For Exchange Rates – When you transfer a certain amount of money to another country, the money transfer agency or services charges a particular amount. Every financial institution has different exchange rates for international transfers. It is important to be vigilant and check the exchange rates, compare it with other money transfer agencies and select the best rates for a beneficial transaction.
  • Decide The Amount – Depending on the amount you are planning to transfer, select the mode from different money transfer agencies offering competitive rates and packages. For e.g., Remit2India can help you to transfer from minimal amount to a large amount of money up to 50,000 USD from the US to India. Money transfer services like Remi2India is ideal to make all types of money transfer conveniently to India.
  • Check The Transfer Fees – Many banks around the world or in the US to be specific can be very expensive when it comes to moving money internationally. The transfer rates of such financial institutes are very high and may burn a hole in your pocket when you want to send money to your loved ones in need. Remit2India offers zero transfer fees when you send money from Australia to India.

Sending money online is the best way when you want to transfer funds on an urgent basis without spending too much on its transfer. Remit2India is one such money transfer service that helps you to quickly and securely send money to your friends and family from 24 countries around the globe to India.

Which exchange rate is better – Guaranteed or Indicative?

Which Exchange Rate is Better For Money Transfer

Foreign exchange rate is the value of one currency for the purpose of conversion to another. If you compare INR and USD, the value of INR when compared to USD becomes the exchange rate. The exchange rate can be based on multiple factors such as market fluctuation. There are two types of exchange rates, locked-In exchange rate, also known as fixed exchange Rate and indicative exchange rate, also known as floating exchange rate.

What are Locked-In Rates?

In Locked-In exchange rate, the value of a particular country’s currency is fixed to the value of another single currency. This exchange rate is set by the government or the central bank to maintain the official currency value within limited bandwidth and to also keep the interest rates lower. This way the exchange rates are appropriate, and the government can adjust it whenever required.

Features of Locked-In Rates:

  • Stability in exchange rate
  • Lessens transaction charges
  • Remains same, as it is set by the government
  • Secured transactions

When you make an international money transaction with locked-in rates, the exchange rate is fixed when it is applied at the time of conversion of overseas currencies. It means that with this, the sender will know the exact amount of money to be received by the recipient. It is also a useful option if you have a fixed commitment overseas like loan, EMI, mortgage etc.

What are Indicative Rates?

Indicative exchange rates fluctuate according to the market forces of supply and demand. The change of market conditions also causes the exchange rates to fluctuate invariably. Neither the central bank nor the government interferes in determining the price of the currency.

Features of Indicative Rates:

  • Keeps fluctuating
  • The change in supply and demand adjusts automatically
  • Highly flexible
  • May lead to inflation, which has to be controlled by the government

As indicative rates are floating exchange rates, they are not locked at the time of a transaction. Since the rates fluctuates, the amount received by the recipient during the transaction may vary.

It is important to be aware of these two types of rates while making an international transaction. Apart from this, you can also consider various other factors when remitting online.

Which rate do I choose?

Remit2India offers both guaranteed and indicative rate when you send money to India. Sending money through guaranteed rate is always safe, but if you are willing to take a little risk and can gauge the market condition, you can choose indicative rate as you might get higher returns.

Celebrating 100 glorious years of Indian Cinema

Remit2India celebrating 100 years of Indian Cinema

Some say it’s a passion, some an obsession, on completing 100 years Indian Cinema owes it to the man who is known as the father of the Indian Cinema ‘Dhundiraj Govind Phalke (1870 -1944)’.

Dadasaheb Phalke as we better know him as, held the first show of Raja Harishchandra what is widely considered to be the first Indian feature film at Bombay’s Olympia Picture Palace on April 21, 1913. The commercial screenings started 12 days later, on May 3, 1913 at Coronation Cinematograph and Variety Hall, Sandhurst Road, Girgaum, Bombay.

A salute to the every growing and ever enriching Indian Cinema which seems to be borne every day yet fulfills the legacy which started 100 years back.

Indian Cinema ‘Young at 100’

–       A tribute to all Indian by @Remit2India

Indians account for highest immigration into the UK

london-snow

Next time you go to the United Kingdom, chances are you will see more Indians than any other ethnic group there. This is because, Indians accounted for the highest immigration into the UK of any ethnic group in the last decade.  Indians toppled the Irish who previously held the top spot among the immigrants.

The census also gives credence to London Mayor Boris Johnson’s claims of a truly cosmopolitan city. The report shows that London became the first region in UK where the White British ethnic population is in a minority. Around one in three London residents are born overseas, and 24% are non-UK nationals.

As for the UK, of the 7% rise in its population from the previous decade, 60% is attributed to immigration, with the biggest chunk from the Indian subcontinent.

In 2001, the most common countries of origin were Ireland, India, Pakistan and Germany. Ireland has now fallen to fourth place, with the influx of Poles jumping by 10. White ethnic Britons in the country as a whole dropped to the psychologically-sensitive 80% mark at the end of 2011, down from 87% in 2001.

Supporters of a multicultural society point out that the data shows up exactly how the face of Britain has changed in the past 10 years, and London – which is far ahead of the curve on being a truly international city – is an example of the new society that Britain has to come to terms with, and is no different from other EU countries.

The question that arises from this is; will UK continue to be immigrant friendly as the white ethnic population keeps sliding or will the government shut its doors to the immigrants.

Impact on gifts received by Indian Americans

tax

In the US, tax on gifts is levied in the hands of the donor or person making the gift and not the receiver. Moreover, this only applies where the person making the gift is a US taxpayer, that is, a US resident, green card holder or citizen. Where a gift is made by a person resident in India to a US person, no gift tax is payable as the donor is not a US taxpayer. However, the person receiving the gift, being a US taxpayer, must fill up form 3520 – ‘Annual return to report transactions with foreign trusts and receipt of certain foreign gifts’
Expert’s advice “Even if there is no tax liability at the time of receiving the gift, US residents, citizens and Green Card holders who receive gifts over $100,000 from someone in India must file Form 3520 along with their tax return. This applies to financial assets such as cash, investments and also physical assets like property.”

In case the gift is in the form of property, the recipient must disclose the fair market value of the property on the date of the gift on Form 3520.

Seattle-based coffee giant Starbucks inaugurated its first store in India

India a country known for tea lovers has witnessed yet another historic moment; Starbucks the coffee giant has opened its first store in India in association with Tata Global Beverages.

Like KFC, McDonalds and Pizza Hut, Starbucks too has menu items that reflect local as well as western tastes, featuring items such as Elaichi Mawa croissants – made with cardamom and milk solids – and tandoori paneer rolls.
With over 42 items on the menu, seating capacity of 120 people and free Wi-Fi it promises to appeal both youngsters as well as the office executives.

With the likes of Cafe Coffee Day, that has around 1,350 outlets (current market leader) along with a host of international players, like Gloria Jean’s, Costa Coffee, Coffee Bean & Tea Leaf already scrambling to catch up. Dunkin Donuts which also debuted this year, it would be interesting to know how the coffee giant goes about its business in India.

The Legendary Superstar of Bollywood turns 70 today

Call him – Big B, Angry Young Man, Sr. Bachchan or India’s Greatest Superstar – one thing is certain, Amitabh Bachchan is the most known face of the Indian Film Industry. The legendary Bollywood mega-star Amitabh Bachchan turns 70 today, and we would like to wish him all the happiness and good health forever.

He stands tall at 6′ 2″ and is the biggest star of the Indian film industry. Amitabh made his acting debut with “Saat Hindustani” in 1969 and there has been no looking back for Big B. He rose to stardom between 1973 and 1983 and it was during this period that he earned the catchphrase, ‘Angry young Man’ with Prakash Mehra’s “Zanjeer”.

After his illustrious movie career he started his iconic innings on the small screen with Kaun Banega Crorepati. His debut with KBC as TV host brought him back to prominence. Now in its 6th season, no host has been as popular or loved by audiences as much as AB senior.

Amitji also tried his hand at politics after deciding to take a break from Bollywood. Although his political ambitions were short-lived, he still had a magical stint in politics in the year 1984. He succeeded in defeating Hemvanti Nandan Bahuguna.

He has received the Padma Shri in 1984 and the Padma Bhushan in 2001 for his outstanding contribution to cinema.

The Bollywood superstar has reinvented himself at each instance. When there was a hint of him going out of the frame and he came back even stronger. The way he survived the personal and professional setbacks only adds to the myth of the persona he so humbly carries on his now lean shoulders.

Indians lead the race of tech entrepreneurship in US

More and more Indians entrepreneurs are the faces behind a growing number of US tech startups. A study by the US based Kauffman Foundation shows that 33.2% of the co-founders of engineering and technology firms founded by immigrants in the US since 2006 were Indians. The next came the Chinese, at 8.1%.

Another study done in 2007 for the period 1995 to 2005 had found that Indians accounted for 26% of the co-founders during that period. So there’s been a 7 % increase in the Indian contribution in the post-2005 period. In fact, the Indian immigrant contribution was the only one that increased; most other immigrant communities saw a decline in their contributions, leading to a general stagnation in immigrant entrepreneurship in the US.

An interesting fact is “The Bay Area which has only six million people resides half a million Indians. And among those Indians, 72% work in the tech sector. Of the total tech firms that get funded in the US, 50% are in Silicon Valley. Not surprising that Indians are becoming founders or co-founders.

Remit2India The Light of India Awards 2012 comes to your television

Remit2India the pioneer in online money transfer service to India has, over the past 11 years strived to offer its customer a simple, trusted and secure money transfer service.

Today we take pride of having over a million happy customers and strive in making our services better every day.

‘Remit2India The Light of India Awards’, our humble initiative introduced last year to thank the people that have helped shape the image of India around the world, witnessed another stupendous gathering this year. Arguably one of the largest gatherings of eminent Indians abroad under one roof.

Global Indians such as Arun Sarin (ex-CEO Vodafone), Lisa Ray (Model & Actress), Sabeer Bhatia (founder hotmail), Padma Lakshmi (Model, host & actress) and many more graced the occasion with their presence.

Catch them receiving the awards on SONY 18th August 2012 at 6:30 PM (local time) on your television sets.

31.2% of Kerala GDP is contributed by NRK (Non-resident Keralites) in 2011

Hardly a surprise for the people living in Kerala, the state witnessed remittance from Keralites working abroad (NRK) to account for a significant portion of its GDP. In 2011, at Rs 49,965 crore, it touched an all-time high of 31.2 per cent of the state GDP, according to a recent report on Kerala Migration Survey, prepared by Centre For Development Studies (CDS), for Department of Non-resident Keralites Affairs (NORKA) and Ministry of Overseas Indian Affairs. In 2011, there were 34,30,889 NRKs, up from 33,50,538 in 2008.

Most macroeconomic indicators show that NRK remittances in 2011 played a significant part in the economy of the state. “NRK remittances were 1.6 times the revenue receipt (Rs 31,181 crore), 6.2 times the money that the state got from the Centre (`7,982 crore) as revenue transfers and 2.2 times the entire government expenditure (Rs 22,546 crore).

Malappuram topped in overall remittance with Rs 9,040 crore accounting for 18.2 per cent of the state’s total remittance. Close on heels were Ernakulam (12.3 per cent), Kannur (10.4 per cent) and Thiruvananthapuram (9.5 per cent).

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