Overseas remittances have helped drive the economy in India. This is happening at a time when other parts of the world are going through a global fiscal slowdown. There is no doubt that India is one of the top receivers of remittances in the world. Remittances to India remained strong even though the global economy experienced a downturn in 2007.
Many people settled abroad initiate a money transfer to India every month. They send money back home for personal or business purposes. This cash transfer has helped the Indian economy buoy on the macro level.
In order to encourage the non-residents Indians to invest their remittance in domestic ventures in India, the government deregulated the interest rates on NRO and NRE accounts in 2010. Compared to the rates charged by other countries, the cost to send those remittance also remained cheap. Banks have also streamlined the exchange and transfer procedures for encouraging more NRIs to use it. To improve efficiency, many banks are also setting up servicing centers at key locations in the country.
Ways to transfer money from USA to India
If you are wondering how to transfer money from USA to India, there are several ways of doing it. For instance, seeking the services of an online remittance agency is one of the best ways to send money quickly and safely. You can sit in the comfort of your home or office and send money every month to India in a hassle-free manner.
Just make sure you are researching and choosing a reliable agency for this task. You can either ask for recommendations from your peers or find an agency on your own. It should be licensed to carry out international remittances and also offer low transfer fees and competitive FX rates.