Diwali is around the corner! The 14th of November will be an intersection of the traditional festival of Diwali and Children's Day in India. A weekend full of love, lights and celebration is at the doorstep which gives us a reason to rejoice in the present time when the world is battling COVID-19 together. Amidst the darkness of a pandemic, Diwali is here to spark the light of positivity. With a huge NRI population all around the world, Diwali is a global festival with the Indian communities propagating the soul of the festival everywhere they are. The most beautiful aspect of this festival is spending time with your family and exchanging gifts with each other. The joy of buying new clothes, getting new electronics or investment in gold on Dhanteras, getting your home dazzling with the holy radiance of diyas and the firecrackers for the kids. Diwali is an emotion in India extending boundaries. It is sad that many NRIs are away from their homes and will not be able to spend this auspicious day with their families. In this article, let’s explore what’s the most that can be done to keep intact the soul of the festival.
Channels that you can use for remittances to India
|Medium||Access Points||Source||Time Taken|
(source: World Bank)
|Online Banking||Online or Mobile App||Credit/Debit Cards and Bank Account Transfers||1-2 working days||Citibank (same day transfer)|
Remit Money (within an hour)
|No fee (for own and partner bank accounts|
$1.64 per $200
|Money Transfer Operators*||Online or Mobile App||Credit/Debit Cards and Bank Account Transfers||1-2 working days||Transferwise (1-2 days)|
Moneygram (1-2 days)
|$4.77 per $200|
$7.38 per $200
|Agents||Banks and Money Transfer Operators||Cash or Credit/Debit Cards||1 working day||Western Union (within an hour)|
Ria (same working day)
|$9.04 per $200|
$8.00 per $200
|Call Centres||Banks and Money Transfer Operators||Credit/Debit Cards and Bank Account Transfers||1 working day||Wells Fargo (one working day)|
Western Union(one working day)
|$1.60 per $200|
$3.94 per $200
|Foreign Currency Demand Drafts*||Banks (branch visit can be required)||Bank Account Transfers||2-3 weeks||ICICI Bank|
|Varies as per Bank(For eg: Axis Bank charges Rs.200/- for issuing Foreign Currency DD;ICICI charges Rs.250/-)|
|SWIFT* Transfers||Banks (branch visit can be required)||Bank Account Transfers||1-2 working days||ICICI Bank|
|Varies as per Bank(For eg: HDFC charges flat Rs.1000/- for transfers above $500 or equivalent transfers;ICICI charges minimum Rs.1500/-)|
*Money Transfer Operators: Money transfer operators (MTOs) are financial companies (but usually not banks) engaged in cross border transfer of funds using either their internal system or using their collaborations with other international banking networks. Eg: Transferwise.
*SWIFT: Society for Worldwide Interbank Financial Telecommunication (Offline money transfer facility that can be availed at bank branches in India)
*Foreign Currency Demand Drafts: A form of demand draft made in foreign currency at various bank branches located in India to remit money overseas. The equivalent amount in INR will be debited for remittance.
How to opt for The Best way to send money to India?
NRIs must contemplate the market behaviour, opt for the optimum medium and anticipate the correct time to remit money to India. This is an entire process, that if you get used to, will benefit you in multiple ways. You should keep a few things in mind before diving into the process:
Take Responsibility! Look around. Don’t go for the very first option that you browse through. A minute of consideration can save you hours of repentance. Select the best channel for transfers. Compare and contrast between them and save more. Always!
The political turmoil of the United States of America has taken over the world. The current situations are volatile and are having consequences in all major sectors including the remittances targeted towards India from the US. The USD to INR exchange rate has been searched too often online. Presently, with the prevailing uncertainties for NRIs in the USA, as an effect of the restrictions on the H1-B Visa, remittances to India have shot up. NRIs are aiming to send money back to India to ensure a better retirement back home. In this article, we will focus on the conversion rates for usd to inr in order to trace what can be the best time to send money to India from the USA.
The Australian Dollar (AUD) is the currency of Australia. The symbol and code of the Australian Dollar are $ and AUD respectively. NRIs living in Australia can easily send money to their loved ones in India through SBNRI platform. SBNRI has a partnership with Wise (formerly known as Transferwise) to facilitate quick and easy online fund transfer to India at a low cost. With the online currency converter, you can calculate AUD to INR rate in seconds, before sending money to India.
The Canadian Dollar (CAD) is the currency of Canada. Accounting for nearly 2% of all global reserves, CAD is the fifth most held reserve currency in the world preceded by the USD, Euro, Yen, and the pound sterling. Canadian NRIs can easily send money to their loved ones in India using the SBNRI platform. SBNRI has partnered with Wise (formerly known as Transferwise) to facilitate swift online funds transfer to India at a minimal cost. You can calculate CAD to INR rate in seconds using the online currency converter, before sending money to India.
Europe is not only one of the most favourite vacation destinations for Indians. It houses a decent number of NRIs as well. The presence of almost 1.4 million NRIs alone in the UK adds to the fact that remittances from Europe to India is much sought after. In this article, we will explore the trend of EUR to INR exchange rate.
Convert INR to EUR or EUR to INR at the real time exchange rate with free SBNRI Currency Convertor.
NRIs manage their expenses in India through two types of accounts: the Non-Resident External (NRE) account and the Non-Resident Ordinary (NRO) account. Many banks provide the facility of transferring funds from the NRO to the NRE account. ICICI Bank is one such bank that offers a seamless and efficient NRO to NRE fund transfer service. In this blog, we will walk you through the process of ICICI Bank NRO to NRE fund transfer along with the documents required for the process.
NRIs (Non-Resident Indians) often earn income abroad, but they may also possess funds in India derived from passive sources like rent or the sale of investments and property. It is possible for them to transfer these funds overseas, given that they adhere to the regulations established by the Reserve Bank of India (RBI). In this blog, we will explore how can NRIs transfer funds overseas from India seamlessly and efficiently?
IndusInd Bank has announced its collaboration with Wise, a global technology company specializing in global money movement and management. IndusInd bank partners with Wise for inward remittance services to NRIs residing in the United States and Singapore. In this blog, we will talk more about this collaboration and how it will benefit the NRI customers.
apan is one of the countries that devalues its currency to maintain a healthy outflow of exports. Japan's major export industries include automobiles, consumer electronics, computers, semiconductors, copper, iron and steel. Additional key industries in Japan's economy are petrochemicals, pharmaceuticals, bioindustry, shipbuilding, aerospace, textiles, and processed foods. In a nutshell, the country thrives on exports which makes it interesting when we explore the trend of the JPY to INR exchange rate. This will help the NRIs in Japan to sort out their remittances to India.