26 Sep 2023
India is one of the fastest-growing economies in Asia and is faced with myriad challenges that come with economic growth. One of the biggest challenges in the journey of India’s economic growth is that the country is unable to offer job opportunities to all the people of employable age. Therefore, multitudes of Indians travel abroad to find employment opportunities to earn a living. They send money to India from overseas to offer financial aid to their families back home. Do you know what’s the most critical aspect that every overseas Indian must consider when sending money home from abroad? You guessed it right! It’s the exchange rate and the transfer costs that decide the amount your beneficiaries will get in the end. But how do you ensure the optimum value of your hard-earned money abroad? Let’s dig deeper into it in this article.
Because the work opportunities most Indians have in the country are either temporary labour work or extremely underpaid jobs. So, what they earn at the end of the day is barely sufficient to make ends meet. Furthermore, there is no guarantee that the work they are doing will continue.
Therefore, many Indians leave their native country to work abroad and earn a living.
An NDTV report said that the Indian diaspora is the biggest worldwide, with well over 18 million Indian migrants living in foreign countries. They earn a living and make an instant money transfer to India each time the need arises to offer financial aid to those in need back home.
Because, after all, this is what they precisely travel abroad for. Right?
Their financial contribution to the Indian economy is extremely significant.
A World Bank report said that the quantum of inward remittances to India in 2022 was $111.22 billion – the biggest in the world, making India the top recipient of foreign remittances.
What do you think this huge quantum of remittances is owed to?
Well, citing the biggest Indian diaspora population as a reason is to state the obvious. A critical reason is the highly technical jobs Indians find in foreign countries. These are highly paid jobs, enabling Indian migrants to earn reasonable incomes.
But there is another reason, too!
Do you have any idea about that factor that no one has drawn your attention to so far?
Well, it largely depends on the ways to send money to India.
Continue reading to understand the entire concept that offers you exciting news and details.
One of the core concerns you have after arriving in a foreign land is to find jobs and begin to earn. Right? This concern you can easily allay if a) you have the required education and experience and b) you go to a country with a robust economy and a thriving job market, both of which are required to accommodate job-seekers.
But how about your online money transfers to India from overseas?
Do you not want to save your hard-earned money on your global money transfers in terms of fees and getting market-competitive exchange rates?
Well, your answer is obvious.
Therefore, the small savings you make on your every money transfer to India add to the remittances you send back at the end of the day. It may appear to be an insignificant factor, but if you consider the size of the Indian diaspora and the number of online money transfers these migrants make, only then will you get the idea.
One of the feathers in the cap of one of the world’s leading remittance transfer service providers, ACE Money Transfer, is that it takes cognisance of the troubles the migrants have to undergo while earning a living abroad and the reasons why they work abroad.
The core reason is poverty, of course.
Additionally, if you are an Indian aspiring to travel abroad, you face challenges in the first step, which is moving abroad from India, because the process is complex.
Then, the fact that chances are high for getting fleeced by some unscrupulous elements in the remittance transfer industry. You cannot afford to lose even a single penny and rather would want to save as much as possible because:
In this context, ACE Money Transfer is offering fee-free transfers to the Indian diaspora to help them achieve the twin objectives stated here.
Do you not find it exciting yet?
Well, do not worry if you don’t!
We have a lot more to excite you with!
It is not the fee-free transfers alone that the firm has on offer for you to send money online to India. Rather, the firm is revolutionising your India-bound online remittance transfers.
The following service features are a sufficient answer to this question.
You can send money to India from overseas in a matter of a few hours only. This time duration is a luxury with a majority of other service providers. Furthermore, this time is perfect for attending to emergencies requiring your financial attention.
The safety of your funds is guaranteed as the firm has several security layers around its money transfers. Furthermore, the speed of delivering funds only adds to the security of your transactions by making it impossible for scammers to penetrate the process.
With an operational presence in over 100 countries worldwide and with the firm’s virtual services available 24/7, you can access its services literally from anywhere around the world at any time.
You will get live and market-competitive currency exchange rates with the firm because the firm links its rates with the international market, where they keep fluctuating. This allows you to initiate a transfer when rates move in your favour.
In addition to getting fee-free transfers, you will be charged a low fee on your transactions and that too if your amount crosses a certain threshold. And if your transaction amount remains below a certain limit, you are likely to enjoy fee-free transfers without limits.
If you are not comfortable with the available methods after you log into the firm’s website or its smartphone app to transfer funds, you can request the firm to add a new payment method that corresponds to your needs.
You can also request the firm to add a country for delivering your funds or receiving money, for that matter, if you do not find the desired country on the list of countries the firm offers you on its online platforms.
You can also request the firm to show you the latest currency exchange rates at the time of transferring funds. This allows you to either proceed with the transaction or wait until rates move upward in your direction.
Are you still doubtful about how ACE Money Transfer has revolutionised your remittance transfers back to India?
All of the benefits and revolutionary service features are just a money transfer to India away from you. And the best part? The best part is that you will get all of it from just one window under one roof.
FAQs
Why do Indians work abroad?
Indians work abroad because they cannot find proper and reasonable jobs to support their families financially and offer them a financially decent life. Additionally, most of the work available is in the labour category with no surety for continuation.
What are my biggest concerns in sending money to India from abroad?
Your biggest concern in sending money to India is to save money on your international money transfers so that you can save and send more to your family back home to help them break away from poverty. You are also wary of getting fleeced by some unscrupulous companies.
What do I do to allay my concerns while transferring funds back home?
You should find a service provider that offers you some of the best features in your online money transfers to allay your concerns. These features are low fees, speed, competitive exchange rates, safety, and wider service access and availability.
Why does ACE Money Transfer offer fee-free money transfers?
ACE Money Transfer offers fee-free transfers to its valued customers. The firm takes stock of the challenges that you face while going abroad to earn a living and also your intense financial troubles that prompt your migration in the first place.
What are the top service features of ACE Money Transfer?
The firm charges low fees and offers live exchange rates with 24/7 service access and availability. The firm also offers speed and safety, allows you to add a payment method to a country of your choice, and can give you updated exchange rates at the time of transfers.
Resources
(At 18 Million, India Has The World's Largest Expatriates Population (ndtv.com)
(Personal remittances, received (current US$) - India | Data (worldbank.org)
