Saturday 20 November 2010

INDIA: Making foreign remittances easier

Besides service fee, there is a currency conversion charge

With the number of Indians working abroad rising fast, remittances have become a part of life for many families. According to the World Bank’s Migration and Remittances Factbook, 2011, India is set to receive the highest remittances in the world this year.

No wonder money transfer agencies (MTAs) such as Western Union and Money Gram are advertising big time and tying up with leading banks, including State Bank of India (SBI). But there are other options for transferring money as well.
SWIFT transfers
These are through the SWIFT network – a system for international inter-bank fund transfers.

Most banks do not cap the amount an individual can send. The number of transactions per year is also not restricted. However, there may be a threshold limit, usually $100-500. Read more

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