NRI money Transfer - India topped the Remittances list in 2013

According to the World Bank, India had topped the NRI Money Transfer Service list for remittances in 2013. India received approx $70 billion in 2013 from different people residing overseas. In 2014, remittance flows to developing countries will see an increase of 7.8 per cent over the 2013 volume of $404 billion, rising to $516 billion in 2016. Remittances have been at the forefront in regards to balance of payments of nations. Remittances to India rose to $70 billion as compared to $69 billion in 2012. Statisticians expect a growth of at least 6 percent in 2014. Patterns of global migration and remittances to India have shifted in recent decades, as both the number of migrants and the amount of money they send have grown. Catering to this trend, many individuals are now switching to online money remittance techniques. It is very user friendly and a hassle free way to send money across to India. Various banks and financial institutions provide a wide range of NRI money transfer services; these include NRI banking, International wire transfer, online remittance, NRI investments and much more. These services are exclusively designed to cater the needs of NRI segment. You can opt to remit via cheques to almost any place in India via cheques through their strong network of branches. This makes the process of remittance speedy and hassle free. Along with that these services also have value added benefits; you can also realize a cheque in foreign countries if sent from India.

        The number of people that use NRI money transfer services is on a surge. It is always recommended that before zeroing done on the final options for monetary remittance, it is absolutely pivotal for every individual to understand the basic concept, features and modus operandi of the service. The thing in limelight is hard earned money, which you have earned by slogging a lot. Every individual should opt to educate or train themselves to grasp a little understanding on this topic. It can surely make you save huge amount of money by negating the hidden charges and get you some peace of mind as well. The best and the most ideal way of transferring funds from abroad is through a branch of an Indian bank or a foreign bank with a presence in India. This results in faster process for NRI money transfer. For amounts above $25,000, banks need to exercise know your customer norms. You can also go for home delivery of the money to the beneficiary's residence for a nominal fee. Or you can transfer the money automatically to a bank account through ECS (Electronic Clearing Service).