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.

How to Send Remittance to Your Home with Complete Safety

No matters how far do you go and no matter how establish you get, one thing you always want to do is to help your loved ones when they need your help most. The most important thing you want in such times is to fulfil need of your friends and family members with all possible financial resources you have. In such scenario remittance services can prove to be of great use for you and for your loved ones. Nowadays, with the advancement in technology, sending money to any part of the world has become convenient as well as efficient. You can send any currency you want with help of these services which can be received by authorized people in the form of their native currency.

Some basic methods used for transfer of money to other countries include:

Banks: 

Banks provide secure transfer of your money to account in a bank located in your home country. This way of money transfer is safer than others, however; transferring money through banks is time taking process.

Agents: 

You can find different private companies offering money transfer services for different countries. This is the most efficient way of transferring money, but these companies charge their fees for this purpose.

Online transfer:

In present times where everything is available online you can also send remittance through online services provided by different portals. With this method of money transfer your money can reach to the destination in the quickest way possible, however, safety is one of major concern one has to deal with for this method. Thus, it is required that before sending money online you need to confirm the reputation of the company in terms of credibility.

Wherever there is money involved, people have to deal with issues like fraud and scams. Some major money transfer scams that you need to avoid while sending money to another country are as follows:

1. When sending money through online companies you should check for the reputation of the company comprehensively. Many fake companies are operating online and can result in failure of the transaction with different excuses. To avoid such scenario it is recommended that you should look for recommendations available online.

2. Different service providers offer different money exchange rate. You should verify money exchange rate through bank even if you are opting to send money through private companies.

3.  If you get any message stating that you have won any big amount of money even you have not applied for that then certainly, you need to investigate such message before believing it. As, such messages always ask you to wire some money to claim for big amount and once you have wired the money it can never come back.

4.  When you need to send money, make sure that you know the person whom you need to send the money. It is important that you have all the details of the person before sending money so that your money can reach to the right person.

Sending money through remittance services can allow you to be active support of your family members and loved ones in any hard times in an effective way.