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Why Is Bank Remittance To India A Favorable Option For The Future?
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May individuals travel abroad for lucrative and promising careers and job offers. Then, they remit to India so that they can save for retirement, diversify their portfolio, help the family members, and several other reasons. Remitting back to family in India has been a traditional and expensive process but with the modern modes of transferring, it has become a favorable option. Here are the reasons why remitting to India are favorable option for the future. The benefits of remittance to India are as follows:
International banking cards
Once you open NRI banking accounts, you can avail of international banking cards like the debit cards, credit cards and prepaid cards that can be used locally and internationally as well. This can be used as a form of remittance to India, where the co – applicant of the account can use these cards to withdraw funds for use. All that is needed in the pin for the card which can be sent by the NRI and the card is ready to be used. These international banking cards have a decent conversion rate thus allowing users to withdraw money easily.
Most of these banking accounts have attractive interest rates especially if the income is in international currency. Normally there is 8 to 10% interest rate with the accounts, and with high conversion rate of foreign currency, this is a good way to earn a high income. This can be used as a bank remittance where the interest earned can be used to remit to India, and get higher return on the same amount of funds compared to local forms of investments.
The process of banking remittance to India is very fast. Local residents can access funds directly from the same account of the NRI if they are a nominee in the account. The NRI can even send money through the online portal from one account to another. In a matter of a few hours; the money will get transferred. As the waiting time reduces, it becomes a good choice remittance but even a better choice for remittance during emergency situations.
Bank remittance needs a very high security as the data of the account can be compromised and the funds can be misused. In order to protect this transaction from any fraud or theft, there is different high security process to ensure that each remittance to India is carried out carefully and securely.
Author Bio :- Neha Sharma is a finance student who loves to write about remitting back to India. She is delighted to share information about bank remittance and online money transfers with people as these technologies evolve over the period of time.
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