How have expats changed the remittance industry?
A lot of people worldwide move to a different country in pursuit of a promising career, and living a more meaningful and fulfilling life.But, adapting to life in a new country may take a while. One of the many concerns on moving to a new country is to look for a secured and safe way to send money to your loved ones in your home country. It is essential that your hard-earned money reaches the recipient and therefore, the demand for a secure online money transfer passage is on the rise.
If you have moved to a foreign nation and want to remit money to India or transfer money anywhere in the world, then online money transfer is the ideal option. With the rise of expats, the money transfer services too have seen a significant growth.
Remittance providers efficiently help you in wiring your money overseas. As people are settling overseas for better job prospects, the money transfer industry is also witnessing exponential growth.
How is the remittance industry evolving?
The international remittance industry is transforming because of the services it offers. Some of benefits of online money transfer:
– Secure monetary transactions
– End to end data encryption using advanced technology
– Accurate storage of data
– Globally accepted digital money
These days remittance companies offer their expat clients with a wide variety of choices along with affordability and management. Online money transfer has a wider outreach, and people of every income group benefit from this feature.
It is perhaps because of this feature that India is able to retain its top position as the nation with the highest inward remittance from other countries, including the US, UK and UAE.
The role of exchange rates
Sending money overseas, across borders, exposes your money to foreign exchange rates and along with it comes a range of associated risks.
The first practical risk is that the exchange rates might give you a blow. Rates have the ability to increase and decrease in a matter of days or even hours. One way to combat this is by using online money transfers from known banks. Bank transfers have evolved so much that they are considered secure, convenient and fast and more importantly they also offer a competitive exchange rate.
Why are banks great for remittance?
As people are settling overseas for better job prospects, the money transfer industry is witnessing exponential growth. Banks are leading the race with money transfer to India. Leading names like ICICI have a dedicated money transfer services that offer seamless and secure transfer process.
In essence, it is the bank that handles a major chunk of the remittances. They deliver smooth and glitch-free services. They also offer better exchange rates that remain locked-in and protects the sender from currency rate fluctuations. With tech advent, you can now use banks for online money transfer in just 4-5 easy steps. It is no wonder that millions of users trust the assurance of banks to process their money transfer requests from foreign countries to India.
Disclaimer: “The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”