While this move has been applauded by people across the different classes and even the masses, there is another side to the Demonetization story. Even if the purpose of this move was noble and applause-worthy, the lack of a proper framework to implement this decision has left the common man exasperated. Given that India was the largest recipient for remittances in the year 2015 (US$ 69 billion as per World Bank Report – Migration and Development Brief), the domestic, as well as foreign remittances to India have been affected by Demonetization towards the end of 2016. According to some informed sources working in the foreign exchange departments of a nationalized bank, expatriates are not able to transfer money to their families in India due to the ban on notes of Rs.500 and Rs.1000. This is because the notes which were banned constituted almost 80-85% of cash circulating in the economy. With that now gone, remittance companies are unable to disburse transfers made from abroad. This has affected the families of expatriate workers who are dependent on this income to manage their households. While some companies like Western Union have started issuing cheques, it is difficult to withdraw money from bank accounts because of weekly limits. There are still a few ways to beat the side effects of demonetization. There are multiple money transfer services, which are well-positioned to transfer dollars to India. These services have adopted several unique ways to let the receiver withdraw or receive money sent by an overseas remitter. Some offer to convert it into a bank deposit while others deliver it to your doorstep.
This article will further review some of the best money transfer services to India.
1. Xoom – https://www.xoom.com/
Xoom is a company owned by PayPal. It was acquired in 2015 for close to Rs 5000 Crore and now offers the fastest and most secure way to transfer money, recharge and pay bills globally. Xoom was started in 2001 and is widely used by NRI’s living in the United States to send money back home. Xoom has large scale operations in the emerging economies of India, Mexico and Phillippines on which it has been focused since inception.
USP
Requisites
2. Remitguru – http://www.remitguru.com/
RemitGuru is supported by one of the biggest E-commerce Payment Gateway Companies in India, Avenues India Pvt. Ltd. This company also provides a popular payment gateway known as “CCAvenue”. Avenues India Pvt Ltd is the first company in South Asia to comply with rigorous global standards on security because of which it has gained popularity and trust among Indian expatriates. USP
3. Remit2India – https://www.remit2india.com/
This money transfer service comes from the house of Bennett Coleman & Co who are the publishers of Times Of India and owners of TimesofMoney. The company has been successfully carrying out secure and convenient transfers of funds to India for more than 15 years. This service has operations in 24 countries and deals in 10 different currencies.
USP
Requisites
Drawback
4. BookMyForex – https://www.bookmyforex.com/
This money remittance service is a new startup in the competitive field of money transfer services. It offers various Forex services like traveler’s cheques, prepaid cards, demand drafts, etc. It requires the remitter to book orders as per his or her Forex requirements. BookMyForex will choose an appropriate bank or Forex company close to your location. The chosen bank or Forex Company will then schedule door delivery or the order can be picked up from their office. USP
