As of 2010, India stood as the number one destination in terms of annual remittances received. In fact, in recent times, India has always figured in the top 3 positions when it comes to nations receiving the highest amount of remittances. So, what is prompting this phenomenon? Apart from the fact that India is one of the top 3 countries in terms of number of people living overseas, there is another factor which contributes to that phenomenon.

The reason behind it

The primary factor behind more people, particularly from the US, choosing to remit 2 India is the falling rupee. The rupee slid to an all time low in the last couple of months, which means that NRIs get more rupees for their dollars. And it is exactly this phenomenon which is being milked by Indians living in countries like the US. This phenomenon is also called as arbitrage, whereby an individual makes profit from an unexpected inconsistency in pricing of an asset in two different markets. Although the rupee has recovered over the last couple of weeks, it still continues to remain weak enough to make remitting to India a profitable option for NRIs.

Sending money to India from USA

If you too have decided to use arbitrage as a way of earning some extra cash, there are plenty of options you have to remit to India. Given the highly lucrative remittance market, a lot of different banks and service providers have recently launched their services in the field. And while there are certain service providers who guarantee instant transfer, banks are still the best option because of reliability and good support.

There are many ways of sending money to India from USA , some of the popular methods are a wire transfer to India, direct transfer, a bank transfer and online money transfer. All these options differ by way of time taken for a transaction to be completed, the service charges applicable and of course, the security factor.

Although online money transfer is one of the best solutions available, wire transfer beats it in terms of popularity. There are more people who choose to send a wire transfer to India than the ones who choose to go the online banking way. A part of the reason for that anomaly could be a certain level of mistrust among people with e-banking, although that trend is fast changing.

Nevertheless, whichever way you choose to remit 2 India, reliability, customer support and pricing are the 3 essential factors to take into consideration when choosing a service provider. The ones which offer the best in all the three domains are the ones to go for.