Money Remittance to India Continues to Soar
Anyone who wants to send money to India today is in for a treat – given the state of the economy as of May 2015, you can enjoy some of the best rates in the remittance industry. India topped the charts for the amount sent in remittances during 2014 with a total of $70.39 billion in transfers. China came in second with $54.14 billion, and the Philippines came in third with a much lower amount of $28.40 billion.The staggering amount of cash transferred to India nevertheless indicated a slowing pattern in the growth of money transference. Remittance to India slowed by about 1.1% from 2013, possibly as a result of the appreciation of the rupee during 2014. Indians working out of the country currently have an estimated $44 billion in banks in the countries in which they work.
Overall, Indians working in foreign countries keep more in their bank accounts than do other migrant workers, according to the World Bank. During 2015, global remittances could increase to as much as $440 billion to developing countries and $586 billion to industrialized nations. The growth pattern of 0.9% expected this year could be surpassed in 2016 and 2017 with increasing rates of 4% or more.
Most workers come to established countries, like the United States and Saudi Arabia, to earn wages for the purpose of transferring money to India or other popular remittance recipient countries.
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If you’re interested in exploring your options along these lines, we invite you to review our menu of remittance services. Check out our exchange rates here on our website or call today (888)-826-4427 and create your account for free!
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