Money remittance to India is the transfer of money by a person who resides in a foreign country to his or her home country. For many developing countries like India, remittance money constitutes a substantial amount of financial inflow. Money remitted from a developed country to a developing country contributes to the economic growth. For the past couple of years, India has outpaced other countries of the world in the receipt of remittances. India receives approximately 26 Billion U.S. Dollars. Thus, India, over the years, stands as a benefactor of the new Globalized economy.
A majority of people who receive the money that is remitted in India belong to the poorer sections of society. This transfer of funds from a developed country to the poorer sections of a developing country is what creates a more inclusive economic system.
Indian living abroad because of the opportunities offered by the First World, in terms of lifestyle, education and employment, remit money back home to help cater to the needs of their loved ones. Remitting money to India is primarily done through a bank which has branches in the country from which the money is being sent, or through third party money transfer operators. However, another important trend has picked up pace in India, remitting money online.
Online remittances, gaining increasing relevance in India today, allow the transfer of money by means of a banking website. The outstanding feature of the online remittance facility is that it is instantaneous. In India particularly, there has been a large-scale exodus to the online remittance facility. Faster turn-around times and superior service has been a catalyst in pushing online remittance to predominance.
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