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India and Remittance
India retains the top position in the list of receiving remittances. It is estimated that about 4% of India’s GDP depends on remittances. In 2014 about more than $70 billion were transferred in remittances to India. Around 40% of the international money transfers to India goes to states like Kerala, Tamil Nadu, Punjab and Uttar Pradesh.
India receives about 31% of international money transfers from West Asia with United Arab Emirates(UAE) and Saudi Arabia as leading countries for remittance to India. Secondly, India receives about 29% in remittances from the North America and about 19% from Europe.
The migration corridor between India and Bangladesh is the third largest, after Mexico-US and Russia-Ukraine.
Sources of Remittances to India
Countries like UAE ($14Bn), USA ($11Bn) and Saudi Arabia ($7.5Bn) are the top 3 sources of remittances to India. Money Transfer services to India are many. Big banks and large financial institutions are now playing a major role in supporting money transfer services to India. There has been a huge competition in this market with all remittance service providers targeting the foreign workers from India. Great discounts and gifts per each transaction has made this market to be much competitive between the remittance service Providers.
Compare the whole list of remittance providers to India if you would like to get a full comparison report.
List of Remittance sources to India
- United Arab Emirates
- United States of America
- Saudi Arabia
- United Kingdom
Remittance Service Providers:
Below are some of the remittance service providers to India from United States.
- Ria Money Transfer
- Small World Fs
- Transfer Wise
- Western Union
- World Remit
- Remit 2 India
USD has started today on a little down side but better than the last month. Tomorrow’s FOMC (Federal Open Market Committee) statement will make a benchmark in deciding the rate for USD.
1 US Dollar equals 67.02 Indian Rupee as of Sept, 2016.
India’s remittance history
2016 – USD to INR exchange forecast:
Major sources have forecasted that all long 2016 the impact on the global markets will make a small rise for the USD against the INR. The forecast for June estimates that the maximum exchange rate could go around 68.50 and the minimum could be around 66.50. With the current INR rates floating around 66.90 to 67.40 the estimate and the forecast towards the end of this year may still boost INR to 71 at a maximum and a 69 at a minimum against the US dollar.