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Remittances from non resident Indians (NRIs) have bailed the
Indian economy out of the doldrums to some extent in the past,
and the government's fiscal policies in the 1990s have
encouraged a surge of funds to take the figure to USD 180.047
billion, for the week ended February 2, 2007.
India
receives the highest remittance in the world from Indians
overseas, with the USA and Saudi Arabia being the major source
of dollar transfers. About 35-40 % of remittances into India
are from the US.
States
like Kerala have been able to tide over an economic crisis
only on the strength of the money transfer from its people
working abroad. It is no wonder then that states and
commercial banks and financial institutions have generous
schemes to maintain the current flow of funds.
Commercial
banks or authorized dealers like ICICI, HDFC, Citibank, and
money exchange service providers like remit2india, Western
Union, Cash2india have hassle free products to make remittance
convenient.
What are the Instruments
through which an NRI is able to Send Money to India?
- Personal
Cheques - are the easiest way to transfer money, but for the
receiver, it is cumbersome to get these converted to the
local currency. Besides, cheques are also not a safe option
in case they get misplaced.
- Cashier's
Cheque or Pay order - this ensures that the sender is not
short of funds in his account, but then again, it is not
received by the benefactor in his local currency, and has
the same drawbacks as a personal cheque.
- Wire
Transfers - It is the fastest and safest method, sent
through any bank branch. Some sending banks may require the
receiver to have an account with them, but this is not
necessary in most banks.
- Money
exchange service providers operating globally also offer
very competitive services for money transfers.
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