There is no hard and fast rule as to the best way to send and receive money in India. There are many ways like bank to bank transfer, PayPal and international money order etc. plays a significant role in global fund transfer.
Perhaps India is one the most sought-after countries that receives the hefty amount of inward remittance. During recent years the news have mushroomed on the internet and print media as well that NRI have been sending money to India since the dollar rates have been constantly increasing.
The people those who have been working in the various destinations of the world have been transferring money to India for various purposes. The Indian people in the USA, UK, Singapore, Australia and Canada would remit money to India for various purposes. Some send money for taking care of the parents. Some send money for the matrimonial ceremony of the sister. While, some other do remit money for the purpose of health care and buying property for further growth in life.
How NRI sends money?
These days, getting inward funds is extremely easy with advent of internet technology and computer sciences. The NRI and even the person who got a job recently in an international market can remit money to the native place to make near and dear one happy. The NRI generally take advantages of wire or electronic fund transfer. Getting money through electronic money transfer need to have bank account. Both the sender and receiver should have bank account. The wire transfer is one of the oldest systems that was initiated by the world famous money transferor Western Union. Later, the banking systems started adapting the way that Western Union used to follow.
How Indian get money in India?
Today, the telecommunication, internet, email, social media and messengers on the smartphone has been proved to a boon for the Indian people. Plethora of jobs have been created due to presence of the internet and computer technology. The homemakers, students, retired personnel have been quite capable of earning money.
Most of the students today are earning money by dint of writing content for blog and website. There are many ecommerce portals that require copy writing for products. The retired people also do write content on the internet. Some students and homemakers are quite good in the field of social media. These students and homemakers prefer to receive money by means of PayPal and Western Union.
They usually get work from the various countries like United Kingdom, United States, Canada and Australia etc.
What are the best way to receive money in India?
There is no hard and fast rule as to the best way to receive and send money to India. One may prefer to receive international funds by the help of PayPal and some other may prefer Western Union to receive money from the overseas market.
Basically, the wire transfer, PayPal, Western Union, MoneyGram and some third party agencies plays a significant role in the field of international funds transfer. However, all the transferors have different rule. In India, the Reserve Bank of India has setup rules for receiving amount. For example; you can receive money by means of Western Union 12 times a year. While you can receive 500 USD, if you have PayPal personal account. You can receive more funds if your have integrated credit card.
You should keep records of the all the money you have received for the taxation.
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Why India Is The World’s Largest Global Remittance Recipient?
The Indian people are receptive to language, science, and technology. That is why the people have been able to migrate different countries of the world augmenting inward remittance to India.
Why It Is Important To Know Exchange Rate Before Remitting Money?
Are you working overseas and you are a regular money remitter to your native place. It is very imperative to know the exchange rate before transferring money to from an overseas market.
