You are here as you may be part of the 6 million households in the U.S who send billions of dollar as remittances to their friends, relatives and families in their native countries. Between you also wanted to know that today there are as many remittance companies in the United States that can make a lot of difference with the amount received by the recipient based on the daily exchange rates that they offer. Keeping this is mind the amount received at the recipient does not just change with the exchange rate. You also have to consider other factors like fee and the transfer time that the companies quote. The recipient amount mostly depends on how much you send today.

An example)

When 1 USD = 66.60 INR

Company X can give you 66 INR with $0 fee

Company Y can give you real time exchange rate with $3.25 fee per 1000$

So how much do you receive when you send with company X and company Y ?

with company X –> (66 * 1000) – 0 = Rs 66,000

with company Y –> (66.60 * (1000 – 3.25)) = 66.60 * 996.75 = Rs 66,383.55

You see, you got Rs 383 in excess though it appears there is a fee associated with. Come visit us and get the calculated rates per $1000. Happy sending money.

There are as many best remittance services available to send money to Philippines. Some of them are Money2anywhere,
Moneygram, Remitly, Ria Money Transfer, Small World Fs, Transfast, Transfer Wise, Western Union,
World Remit, Xendpay and Xoom. Below are some key features to be noted.

Compare the whole list of remittance providers to Philippines if you would like to get a full comparison report.

India’s importance to remittance

India retains the top position in the list of remittances recipient. 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.

From where do India get most of its remittance?

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.

Remittance Service Providers:
Below are some of the best remittance service providers to India.

• Ria Money Transfer
• Money2anywhere
• Moneygram
• Remitly
• Small World Fs
• Transfast
• Transfer Wise
• Western Union
• World Remit
• Xendpay
• Xoom
• Remit 2 India

2019 – USD to INR exchange forecast:

Major sources have forecasted that all along 2019 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 75 and the minimum could be around 71.

As of Feb, 15 2019 it is expected that the USD/INR pair would mostly float around 70.25 – 72.5 till the mid of June considering the global impact on the oil prices and the federal announcements.

More on India

Remittances to India – statistics
Remittances from India – statistics
Migration to India – statistics
Migration from India – statistics

Remitly is a mobile payments service that enables consumers to conveniently make person-to-person international money transfers from the United States. They are really user friendly and makes your routine transactions much easier. Their online service uses the latest technology and mobile devices to eliminate the forms, codes, agents, extra time, and fees tied to the traditional money transfer process.

Remitly is a licensed money transmitter currently operating in 47 states (including D.C.) and sending millions of dollars to thousands of customers each month.

Remitly is backed by DFJ, QED, Trilogy Partnership, DN Capital, Founders Co-Op, Bezos Expeditions, and TomorrowVentures. Remitly is headquartered in Seattle, WA with additional offices in the Philippines.

Do you need a government ID to send your money?

Yes. When you do your first money transfer with any remittance service provider like Remitly or Xoom, they are going to ask you for a government ID to verify your identity. This is compulsory due to the federal and state regulations and hence it is important that you must verify your identity on your first transaction.

1. Money that have not delivered on time may become less useful later. So it is important that you plan it well in advance and be prepared.
2. Get the most out of the available favorable exchange rates.
3. Decide the timing at which you needed your money at the recipient, so that you can decide yourselves based on various remittance factors like Transfer Fee, Transfer Time and Transfer Rate.
4. If you feel you got enough time always wait and watch out for best offers from various remittance service providers.
5. Usually, the zero transfer fees are available with best exchange rates from service providers like Xoom, RIA Money Transfer and Remitly. But it also depends on the amount of money that you transfer. Usually transfers of more than 1000$ are free from these service providers.

The olden days of money order and postal checks are really gone. In today’s world money transfers within a financial system has become much faster than the transfers that are between two different financial system.

The general term used here is transferring money electronically.

Electronic transfers are fast and worry free. Each country follows a routine money transfer system when it happens between two financial systems. Some countries does it twice a day and some does it just once based on their locale and timing. Some terms like EFT (Electronic Funds Transfer) also refers to online money Transfer.

NEFT or National Electronic Funds Transfer have different timings followed within a financial institution and a centralised timing nationally and is mostly managed by centralised banks within a country.