India is the world’s largest remittance recipient with approximate $69 billion sent to India in year 2015, says World Bank. This is over 12 % share of the world remittances. India has experienced continuous growth in remittances since 2009. Even when it dropped by approx $1 billion USD in 2015, India still holds its position being number 1 remittance recipient.
The major share of this remittance comes from West Asia, North America and Europe. There are many banks and remittance service providers who support remittance to India. Exchange Rate IQ lists them with their exchange rate, remittance fee, transfer time, pay-in & pay-out options etc.
Exchange Rate IQ helps you get an estimated value in Indian Rupee (INR) for your remittance amount and saves your time, money and energy on money transfer. It offers a unified platform for searching remittance options, comparing them side-by-side and sending money.
Current Exchange Rate(Mid Market) :- 64.1005 INR/USD
is a currency exchange rate. Usually traders in currency exchange market have two exchange rates -
- Selling exchange rate - at which sellers are willing to sell a particular currency and
- Buying exchange rate - at which buyers are willing to buy a particular currency.
Mid-market rate is the mid-point of these two rates. This is the most transparent and the most accurate exchange rate. It is also known as “Interbank Rate” or “Spot Rate” or “Real Exchange Rate”. This is the rate which independent sources like Reuter, Google etc show.