Increasing your Remittance Value

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©.

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September 22nd, 2009 | Tags: , , , , , , , , , , , , , | Category: Remittance, Send from UK | Comments are closed

India’s Rupee May Advance to 47 in Six Months: Barclays

 

April 17 – India’s rupee may strengthen almost 6 percent to reach 47 a dollar in six months on better prospects for global growth and an increase in foreign investment, according to Barclays Plc.

Asia’s third-biggest economy may see a recovery in the three months ending Dec. 31, after the growth rate reaches a “bottom” in the prior quarter, helping the nation post a balance of payments surplus in the second half of the year, Sailesh Jha, an economist at the world’s third-largest currency trader, wrote in a research report dated yesterday. He had forecast last month that the rupee would drop to a record-low 56 by end-June.

“In our view, the government believes that the worst of the slowdown in growth is over,” Singapore-based Jha wrote. “The risks to our growth forecast are tilted to the upside versus our previous assessment of risks to the downside.”

 

The rupee traded at 49.77 per dollar as of 10:34 a.m. in Mumbai, according to data compiled by Bloomberg. It has rallied 5 percent since touching a record low of 52.185 on March 3.

The median estimate of 25 strategists surveyed by Bloomberg News is for the rupee to weaken to 50 by end-September and to reach 48.98 by the end of the year.  

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April 17th, 2009 | Tags: , , , , , , , , , , , , , , | Category: Remittance, Remittance to India | Comments are closed

$45 billion as remittances to India, fall predicted in 2009: World Bank

With migrant workers facing job losses, anti-migrant sentiment and even violence in the deepening global financial crisis, World Bank researchers predict remittances will fall to $290 billion in 2009, from last year’s high of $305 billion.

Remittances flowing to developing countries from Russia, South Africa, Malaysia and India are “especially vulnerable to the rolling economic crisis”, says the Bank’s revised Migration and Development Brief.

With a total of $45 billion, India was the top recipient of remittances in 2008. China came next with $34 billion followed by Mexico ($26 billion), Philippines ($18 billion) and Poland ($11 billion).

But even with a drop of between five and eight percent, remittances will still outstrip private capital flows, expected to fall by half in 2009, and official development aid, typically around $100 billion, the bank said.

Remittance flows will stay “resilient” because many countries have a well-established “stock” of migrants who are unlikely to leave their adopted countries.

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April 17th, 2009 | Tags: , , , , , , , , , , , , , , , | Category: Remittance, Remittance to India | Comments are closed

Remitting to India: Online Remittances for NRIs

Internet remittances is a growing, fast and cheap option for remitting money to India. This service would be of interest to Non Resident Indians (NRI) and Persons of Indian Origin (PIO).

Non Resident Indians (NRI) and Persons of Indian Origin (PIO) remit several billions of dollars to India each year. A lot of this is in the form of small amounts sent to family members. Internet remittances, a fast growing service, is an interesting option for them to remit money to India.

There’s a chance that for some of you who have been at the receiving end, the process of getting money from overseas could have been an inconvenient experience. The traditional ways of remitting money come with several encumbrances. You would have found that it takes time to cash cheques, and large charges are levied by the banks. Or in the case of a wire transfer, you could have a tough time trying to locate where your money is held up in the correspondent bank network.

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April 17th, 2009 | Tags: , , , , , , , , , , , , , , | Category: Remittance, Remittance to India | Comments are closed