In India, generally, preparations for festivals include house renovation, buying jewellery, buying silver coins, new clothes, electronics, and preparing mouth-watering delicious food items. We Indians celebrate our festivals with an exchange of sweets and good wishes with friends and loved ones. There is joyful celebration with bursting of fireworks everywhere. Well, sending money to India to your family would be the most convenient way to express your love and gratitude in your absence. These funds gives the receiver the flexibility to choose his/her own gift and liberty to spend the way they would wish to.
Probably, the first thing that a person working abroad would do every month is sending money to India to their family. And during festivals they would ensure that they can send money in a hassle-free way and it reaches to their family on time. These special days give an opportunity to do a little more so as to make one’s loved ones feel special. Many of the people living miles away from their family would relate to this responsibility of making money transfer to India to their home.
At times, a person might wait for the best exchange rate and then make money transfer to India. Another factor that can be considered, which many NRIs bear in mind is, the transaction/operational cost associated with a transfer of money to India and the duration within which the money reaches the recipient. But with the advent of new technologies, remitting money back home has become much more convenient and easy. Gone are the days when remittances were sent via traditional channels such as drafts, cheques, then through post offices. Over the past few decades, technological enhancement and globalisation have helped to build a wider range of facilities for making money transfer to India.
During the festive seasons, the banks come forward with lower and much lucrative exchange rates. Hence making money transfer to India during the festive might appear to be pretty much profitable. Whatever be the transferable amount of money to India a pre-planning regarding the time of sending is important. The right timing could make a huge difference in the amount that the recipient account gets in India. For this, tracking of currency exchange rates for a few days or even for weeks is necessary. If a person has time, then he or she should use it to get quotes from different companies and compare who gives them the best buck for their money. Leaving it for the last minute can result in missing out the opportunities of sending money to India at low exchange rates. So, planning ahead helps a lot.
Hence, many people working abroad prefer to send money to India during the festive seasons because the banks and other financial institutions come forward with low and lucrative exchange rates.
Probably, the first thing that a person working abroad would do every month is sending money to India to their family. And during festivals they would ensure that they can send money in a hassle-free way and it reaches to their family on time. These special days give an opportunity to do a little more so as to make one’s loved ones feel special. Many of the people living miles away from their family would relate to this responsibility of making money transfer to India to their home.
At times, a person might wait for the best exchange rate and then make money transfer to India. Another factor that can be considered, which many NRIs bear in mind is, the transaction/operational cost associated with a transfer of money to India and the duration within which the money reaches the recipient. But with the advent of new technologies, remitting money back home has become much more convenient and easy. Gone are the days when remittances were sent via traditional channels such as drafts, cheques, then through post offices. Over the past few decades, technological enhancement and globalisation have helped to build a wider range of facilities for making money transfer to India.
During the festive seasons, the banks come forward with lower and much lucrative exchange rates. Hence making money transfer to India during the festive might appear to be pretty much profitable. Whatever be the transferable amount of money to India a pre-planning regarding the time of sending is important. The right timing could make a huge difference in the amount that the recipient account gets in India. For this, tracking of currency exchange rates for a few days or even for weeks is necessary. If a person has time, then he or she should use it to get quotes from different companies and compare who gives them the best buck for their money. Leaving it for the last minute can result in missing out the opportunities of sending money to India at low exchange rates. So, planning ahead helps a lot.
Hence, many people working abroad prefer to send money to India during the festive seasons because the banks and other financial institutions come forward with low and lucrative exchange rates.
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