Understanding The Proportionality Between Remittance And Economy Of A Country

NRI often send money to India to support family, and indirectly this supports the economy of the country. Over the past couple of decades or so, foreign remittance markets have exploded in many parts of the world. Despite this, their significant contributions to the economic growth of LDCs are underappreciated in economics, finance, and related academic studies.

Migrant labour is becoming a more critical part of the global economy and a result of globalization. Many migrant workers are seasonal, but many others work for long periods. Even those who have stayed in a host country and obtained citizenship continue to send money to families in their home country.

Around 80 per cent of all international money transfers to India and other developing countries– $436 billion out of a total of $583 billion – went to developing countries in 2014, about double the amount.

Do You Wait For Your Monthly Transaction Payment Statement?

Do you go to the bank for verification and assessment of any transaction you have made? It was past time when people need to go to the bank for bank statements. Now in this digitalization era, you have full access to your online money transfer to India and other countries at all times. Log in to your online banking account and review your recent transactions. This will aid in budgeting by allowing you to keep track of what goes in and out of your account. You may also display statements from earlier times and check for relevant payees and dates. You’ll be able to detect fraudulent activity much faster if you can verify your claims online.

Do Not You Want To For Many Days Even Weeks For Confirmation Of Your Money Transfer?

One of the essential advantages of sending money to India online is transaction speed. Unlike checks, which can take up to a week to obtain and execute, a money transfer can be started immediately and completed within a day or two. It is much easier to handle your finances and pay your taxes on time, thanks to the pace of money transfer transactions. This, in turn, will help you escape late fees and other penalties that could occur if you submitted your payments the old fashioned way.