| Dec 14, 2011 | |||||
| Country | Currency | HDFC Rate | HDFC Quick Remit | R2I Rate | Remit2India |
| United States | USD | 53.27 | -0.8% | 53.07 | -1.1% |
XE Rate: INR 53.68
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South Africa, 2010 : The Football world cup frenzy kicked up a storm at Nelson Mandela Square, Sandton with fans from across the globe buzzing aroung the square and restaurents. The biggest gainer – Visa, Master, local banks & exchange houses. This with rentals hiting the roof infused the much needed foreign exchange inflow. South Africa has now excelled in the arena of hosting events lead by the World Cup and Indian Premier League T-20 world cup – which has since been hosted twice in South Africa. An excellent way for a developing nation, which depends largely on improts from EU, to attract foreign exchange. Brilliant. Looking on the hindside – India’s loss of IPL is now highlighted by the news and preparations for Common Wealth Games, which bring into focus the government’s commitment towards infrastructure development and transparency with which it deals. India is certainly loosing out on additional remittances which the games (IPL & CWG) would have generated – this is besides the jobs which would have been created as a ripple effect. The International Monetary Fund (IMF) has said the Dubai World debt restructuring “will not have a large impact” on the flow of remittances out of the UAE. The UAE accounts for nearly 13 per cent of the total remittance flow into India, with as many as 42 per cent of the 1.5 million population of Dubai being Indians. Noting that remittances worth $10 billion (Dh36.7 billion) go out of the UAE, a top IMF official has said the Dubai debt restructuring might have some effect on those outflows. Click to continue reading “India Impact: Dubai Remittance Crisis” Union Communication and IT Minister A Raja today launched India Post’s two new services – MO Videsh and Flat Rate Boxes. MO Videsh was an offering in the field of international remittance services, which would be the first outward remittance service from the Department, barring the paper based money order service that existed towards Nepal and Bhutan, India Post sources said. Click to continue reading “India Post’s two new services – MO Videsh and Flat Rate Boxes” The State Bank has offered marketing expenses reimbursement to overseas entities that succeed to mobilise large amount of remittances for the country.
It is Diwali season in India and the festive sprits are high. The festival of lights has certainly lifted the dampened sprits of recession with the stock markets rocketing for the past couple of days, even the dropping exchange rates have started to gain with a INR2 gain in the pound from the previous close of INR 73.20 to over INR 75 today.
The remittance service providers have quite a bouquet of offers on their sites, a few of them are as follows -
Barclays Remittance: Online Money Transfer offers UK ATP tour tickets free to its customers who remit money between 10th October till 9th November. The tickets will be for the finals match to be held in London. Please click here to see the promotion.
Remit2India: They offer white-goods which will be delivered to an address in India. The offer requires you to transfer money and play a simple game to be elegible for the offer. Please click here to see the promotion.
Money2India: They offer calling cards on remittances. Please click here to see the promotion.
Don’t miss out on the offers! Sending money home is always a tricky proposition, especially when you send it frequently and you can’t time the foreign exchange rate movement to get the best value, but here are ways you can better manage your remittances and get a fair remittance value out of it. Now, what is ‘Remittance Value’©? it is the ratio of cost of remittance divided by time value associated with the remittance. Here we have put a few pointers on how to get the most of your Remittance Value©. Click to continue reading “Increasing your Remittance Value” The world economy may show signs of recovery as some experts put it, while others say that recovery is still some time away, but remittances, they are still at earlier levels and in some countries growing at a faster pace. Take for example Kenya and Bangladesh, the two countries have recorded a healthy gorwth rate of 8.4% and 30% !!
There are no indicators of a slow down in remittance, since the months prior have also shown a growth patterns. The Bangladeshi fiscal year end in June pegged the remittance growth at 22.3% higher as compared to the last year. Now, with this backdrop other countries are also striving to increase the remittance flows. Such efforts are visible from the recently concluded conclave of Ministry of Overseas Pakistanis, Ministry of Finance and State Bank of Pakistan to double inward remittances. In the Philippines, The Bangko Sentral ng Pilipinas (BSP) and the Association of Bank Remittance Officers (ABROI) have agreed in principle to reduce fees on fund transfers. These indicator and efforts reflect the jubiliant move towards increasing remittances and generate greater liquidity in the times of recession. |
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