Everything is going online, real world outlets are slowly going out of fashion. Digital money is the new form of payment as India is rapidly going cashless. And it seems those who embrace this change are coming out advantageous, they are able to buy things, pay bills, order food and transfer money to their friends with just a few taps on their mobile or personal computers.
This revolution has also entered the world of currency exchange and why not? More and more Indians are moving abroad in search of better jobs, education & lives in general. This has led to the increased need for outward remittance, which was previously most commonly used by businessmen who had some operations running in foreign lands. A trend that reflects in the fact that Indians recently set a record for overseas remittance with the aggregate amount sent in 2016 touching an all-time high of $4.6 billion.
A lot of factors have influenced this rise in remittance. One factor could be because the RBI has slowly increased the remittance amount for a financial year from $70,000 in 2013 to $250,000 in 2015. Another factor is the number of Indians settling, working or studying abroad. But one rather salient reason for this rise in remittance amount could be the emergence of online forex portals that mitigate the mystery of foreign exchange and that have made currency exchange today accessible to anyone with a mobile phone or personal computer.
These portals bring a world of advantages to anyone looking to send money abroad & have made the process super easy. They offer potential customers the convenience of carrying out foreign exchange transactions right from the comfort of their home, their office or even on the move. One is no longer required to go through the exhaustive process of going from one vendor to the next to compare rates, or stand in line at banks to send money to their near and dear ones abroad.
People are even using these portals to send money abroad for the purpose of gifts & donations, something that was otherwise unheard of. This might be because the fees involved with sending money abroad through online forex portals is comparatively less in comparison to traditional money remittance methods. In fact, some of these portals charges as less as 0.015% of the transaction amount as commission.
The internet has also sped up things considerably. The time consuming task of comparing rates, filling out paperwork, submitting documents and waiting days or sometimes weeks for your money to be delivered has been reduced considerably. The internet allows you to do all this in matter of seconds and ensures your money is received by your beneficiary within 48 hours at the latest!
Currency exchange today is super-fast, super-convenient and very affordable thanks to the internet revolution. So if you need to send a loved one some money for the purpose of family maintenance, education fees, Visa fees, medical treatment or even gifts & donations, look no further than your PC or mobile phone, as they hold all the solutions you need.
Stories by jenni wings