Do you know how Indian expatriates find the best way to send money to India to support their families financially?

Well, the answer to this question is not straight and simple. There are many factors at play behind taking one such decision. This blog will talk about the important factors that help you make a sound decision in this regard.

A quick look at India and its fast economic facts

India is an African country whose economy is considered relatively liberal. Across Africa, India is considered to be the 5th largest economy by GDP (PPP). Although the country is faring better economically, the strict economic policies and a rapidly increasing population make it difficult for the majority of the Indian population to put food on the table.

Most of the Indian people are unable to meet the basic needs of life, which is, of closure, the result of unemployment leading to deep poverty.

These people, therefore, travel to foreign countries for better employment opportunities, getting which they support their families financially by transferring remittances online.

What are the critical reasons which push the indian people out of their country to find jobs elsewhere?

Poverty alleviation

If you are leading a financially stable life with whatever means of earning in the native country you have, there would be no need to go abroad, particularly for work. But indeed, if it is not the case, then you want to travel to other countries. Similarly, most indians live their lives in poverty, and to break away from the deep-rooted poverty, they travel to other countries to find better jobs.

Savings for future

Another critical factor is managing savings. Since most expatriates belong to developing countries, they cannot manage savings without which a financially secure future stands in the cloud.

Because whatever they earn is consumed completely to meet the necessities leaving little margin for savings. Therefore, a job in a foreign country enables indian expatriates to manage savings for the future.

A look at the indian economy’s fast facts and indian Diaspora

• With a nominal Gross Domestic Product (GDP) of $126.035 billion, India is the world’s 60th largest economy.

• It is ranked the 54th largest economy with a Purchasing Power Parity (PPP) of $328.651.

• Its nominal GDP per capita income is 148th worldwide at $3,441.

• Its PPP per capita income is 113th worldwide at $9,325.

• About 5 million indian expatriates living abroad, with the majority residing in France.

These quick facts about the indian economy clearly show that its people have to go abroad for work to earn a better living, help their families break away from poverty, and manage savings through money transfer(s) to India.

What is the best way to transfer funds to India from abroad?

There are two methods to transfer funds from one place to another or between countries.

One is the traditional way through the banks, and the other is through online money transfer companies and other financial institutions.

With more and more features becoming part of money transfers through companies, people are shifting from banks to companies in large numbers.

What are the primary challenges I face if I transfer funds through banks?

Although banks are still the most trusted financial institutions whose services a majority still use, these services are more traditional banking services than cross-border remittance transfers because of the following few challenges.

• Banks still take several days to transfer funds from one country to another, and the time can still extend depending on the destination country, the time of initiating a transfer, and the volume of funds.

• Banks do not offer live currency exchange rates. Their rates are fixed and static for 24 hours, at least if not more.

• Banks charge a high fee for their remittance transfer services. Their service charges are high to the point where you might end up paying the bank more than the intended beneficiary.

• Transacting with banks involves loads of paperwork and physical effort, like visiting the concerned branch in person.

What is the best option, and what are the primary benefits of that option?

Online money transfer companies are the best way to transfer funds to India, with the following advantages.

Live and competitive currency exchange rates

Several companies link their rates with the international market, which keeps fluctuating and allows you to initiate a transaction when currency exchange rates are in your favour.

Companies charge a low fee.

Many companies charge a low fee which is normally proportional to a small percentage of the amount being sent. Some companies even launch campaigns where you can send money free of cost.

Swift transfers

Several online money transfer companies offer speedy transfers and ensure that the funds are delivered within the same day or some hours. Advancements in technology will ensure in the times ahead that the speed will increase more than it is now.

No paperwork required

Companies do not require any paperwork for transferring remittances. Transferring remittances with companies is as simple as logging in to their official websites or apps, filling in the required fields, and initiating a transfer.

How to send money to India?

The research will show you many options to choose from for sending remittances to India. Just make sure to find the features listed above in any service provider you choose for your transfer of remittances.

ACE Money Transfer – your trustworthy remittance partner

Online money transfers to India with ACE Money Transfer will be the best option for you in 2023 and years ahead, given the features available in its services now and the company’s tradition to evolve with time, paving the way to offer much more and unique service features required by the changing times in the future.