The need to send money to India in order to help support family members is very common. In fact, this country is usually at or near the top of the listing of countries that receive the most funds in remittances each year. If you are interested in learning more little-known facts regarding transfers to the area, read on.
In 2005, India topped the register of most remittances for the year at more than $24 billion. China and Mexico were the following two nations on the listing. In 2008, it once again beat out China and Mexico with about $45 billion in transfers. Though clearly India is a very popular nation to remit funds to, it was not always this way. In 1990, just about $2 billion was sent to the area, a number that has increased slowly every year for nearly two decades. In 1996, it equaled over $12 billion, jumping to almost $22 billion in 2003.
Of course, the magnitude of the ability to send money to India has increased in the last 20 years, as well. This is because the GDP now relies on the money sent, as so many citizens use it to fund their daily lives. In 1990, when remittances were a lot smaller than they currently are, they built up less than one percent of the GDP. In 1995, this amount increased to more than three percent, and has stayed near that amount since then. Unfortunately, the amount of people who send money to India is expected to fall by about seven percent as of 2009.
Despite the fact that the number, of residents who send money to India has indeed dropped a bit since 2008, it has so far not fallen quite as much as some experts predicted. This might be because more Indian immigrants are nervous about losing their savings, so they send it to the vaguely more stable Indian market. Also, it is obvious that relatives in India that get used to living off transfers still need help with their everyday expenses, so relatives residing in the United States are likely to still aid them as much as possible. This means that if you need to send money to India, you will not be alone.
Fortunately, the same transfer, selections, as before are still available. You can send money to India using standard pathways like a bank or money transfer agencies, or you can opt to use more technology-driven methods, such as a prepaid debit card. The more you learn about remittances to the area, the easier it will be to select the best way for you to send money to India.
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