Demonetization in India – What can you do overseas?

On 8-Nov-2016, Govt. of India took a historic action to fight against black money, counterfeit currency and corruption and demonetized high denomination currency notes of 500 and 1000 Indian Rupee. The rule came in action without any prior intimation and from midnight on the announcement day, all these notes were banned for use other than for specified usage.

While this affected people in India to a great extent, the Indians residing abroad were also not unaffected. Whoever has cash money in denominations of 500 and 1000 INR now has to deposit them or get them exchanged.

demonetization-in-india

In this blog, I’ll try to consolidate the actions the Indians residing overseas can take for demonetized notes in their possession.

Read More

11 Tips & Tricks to Get The Best Value for Your Money Transfer

The remittance industry is growing exponentially year-on-year. The figures in world bank report say it all. In year 2015, a whooping $ 581.6 billion was transferred internationally. This amount is supposed to cross the mark of $ 610 billion in year 2016. Money transfer companies are making profit with this growth. In part 1 and part 2 of my blog series, I wrote about mid-market exchange rate and how money transfer companies offering you currency exchange at “0 fee” are still charging you indirect fee. In this part 3 blog, I’ll explain how you can outsmart their tricks and save more on your remittances.

So, here’s how you can get the Best Value for your international money transfers –

Read More

The Myth of “0 Dollar Fee” on International Money Transfer

As we explained in part 1 of our blog, the money transfer companies offer an exchange rate from the bid-ask spread and not the mid-market exchange rate. Mid-market exchange rate is the most accurate foreign currency exchange rate but money transfer services and banks operate at the exchange rate margin. In this blog we will discuss about various remittance costs that we should be aware of when sending money from one country to another.

Think about this; in an ideal world while sending money you should be able to get the exact conversion rate. For example, if the mid market rate for 1 USD to INR is Rs 68.00, for sending 1000 dollar to India you should receive 68000 rupees. Well, as we all know that just doesn’t happen and you usually end up paying a cost for your remittances

You usually end up paying some cost for your money transfer from USA to India. This money transfer cost or the margin could vary depending on sending and receiving countries, currency pairs, modes of transfer and many other factors.

The exchange rate offered by money transfer companies are in most cases less than the actual mid-market rate and this could make a huge difference in the amount of remittance being received.

Read More

What is Mid Market Exchange Rate

In our last blog, we discussed about the basics of currency Exchange Rates, how the currency values are determined and some of the factors that influence the exchange rates between 2 currencies.

While it is important to know the concepts behind the exchange rate, for your personal money transfer you need to understand what should be your reference exchange rate.

Now, if you are reading this, we understand you are interested in getting more value out of your international money transfers. So, read on and we will help you understand how to find out if you are getting the best exchange rates when sending money from one country to another.

If you do international money transfer to send money to your home country or have exchanged currencies for a foreign travel, you are already aware of the different currency exchange rates that different companies offer. The whole eco system of cross-border money transfer is based on the currency exchange rate. In this blog series, I am going to tell you about what this exchange rate is and how it affects your remittances. The small knowledge about it can save you big when you send money from one country to another.

Read More

Fundamentals of Currency Exchange Rate !!

Did you ever wonder if you got the exchange rate right? Before sending money, you check exchange rates and wonder if you should wait to get a better prices. The currency exchange rates could sometimes be tricky to understand due to the constant change in the value.

Sometimes you might read that US dollar exchange rates are getting stronger or weaker. You might also be getting advise from friends  to wait for a few days before sending money since the rupee or peso exchange rate might rise.

So, if like me, you tend to get confused with all the information, don’t get bogged down and read on.

We can help you understand what are currency exchange rates are. Why do they change & how can we make the right decisions about sending money from one country to another.

What is Exchange Rate?

In very simple terms, Exchange rate is the value of one currency for the purpose of conversion to another. Essentially, the ratio at which a unit of the currency of one country can be exchanged for that of another country.

Currency Exchange Rate

Source: Google.com

A country’s exchange rate system or regime rules its exchange rates with respect to other currencies. This basically defines, how much the country’s currency is worth in terms of the currencies of the other countries.

Read More

6 Best Ways to Send Money Internationally

Whether you are sending money to your loved one back home or doing a money transfer to pay off a loan. A difficult but common question that you face is – what is the best way to send money?

Before you get ready to part with your monies, you should know that there are various (perhaps better) ways to transfer money, or as they say, you should ‘Know Your Options’.

Although money transfer is a very basic transaction, it has become an integral part of the world economy. Remittance has become a billion dollar industry today. There are many financial institutions and agencies that offer services to individuals to transfer their money from one point to another via electronic mode, paper mode and even delivered at doorstep.

Read More

Remittance 101 – Money Transfer Fundamentals

Migration – The Driving Force for Remittance

“Each year billions of dollars are sent by migrant workers to their home countries, with some estimates putting the total value of remittances at more than $500 billion.”

“Dollars wrapped with love” as elegantly described by Economist Dilip Ratha, remittance is the transfer of money by the a migrant to an individual in his or her home country.

 

These are the personal savings of migrant workers/families that is sent back to home country for various reasons ranging from Savings to EMIs to parental support etc.

Read More

Click Here to "Unlock" Best Exchange Rates