Importance of Remittance Service in India

Remittance is the transfer of money by an individual who resides in a foreign country to her or his home country. For many developing countries such as India, Pakistan and Bangladesh, remittance money constitutes an extensive amount of financial inflow. Money remitted from a developed country to a developing country is used for the economic growth of the latter. In its biggest objective, remittance money leads to greater financial inclusion that means it becomes a global economy instead of sustainable local economy.

In the past some years, India has overtaken other countries of the world in the receipt of remittances. India collects approximately 28 billion US dollars annually in the form of remittance. Therefore, India leads as a benefactor of the new globalised economy. Indians are heading abroad for the opportunities provided by the First World, in terms of education, lifestyle and employment. People send money to India to cater the needs of their loved ones. A majority of the people at the receiving end of the remittance money in India belong to the subordinate sections of the society. This funds transfer from a developed country to the poorer people of an under developing country helps to create a more inclusive economic system.

There are many remittance transfer services that are used in the world, but these days, online remittance service is gaining popularity relevance in India. It means the transfer of money through a banking website such as Citilink Finance. The outstanding feature of online money transfer is that it is instantaneous. Quick and superior services make it the first choice of a lot of people who want to transfer their money to their family and friends.

Send Money Abroad In a Single Transaction Rather Than Two

Sending money within a state or country is easy and risk-free, but when you need to send money to Bangladesh or any other country, we have to tackle with various issues. You have to select a reliable agent, ask the time they take to deliver and the charges. If you are working here in Australia and want to feed your loved ones in your native town, then you must be careful in sending the money and will want to save in the transaction as well. For saving, you can select a few dates and intimate your family members that you will be sending money over a schedule. It will bring harmony in your routine and you can easily save money by sending money once rather than twice.

The international transactions are very expensive and depend upon the amount of remittance. In most of the routine, they have a fixed amount to deduct over a small amount and a few dollars extra for a double amount. If you go through a little calculation, you will come to know that sending a huge amount once will cut the cost rather than sending small amounts twice or thrice a month. To send money to overseas is not easy, but the people living in your native town consider it easy, cheap and quick. Only the people, who work hard and live far from their homes, know the facts and limitations they are facing in an unknown country. You shall be a little bit wiser in making savings, as going without any strategy or plan will waste what you have achieved with hard work.