India Blog

There are many reasons that a person might want to transfer money into India.

Perhaps you are a business person who needs to put some cash into the hands of a partner who is located in India. Maybe you run a charity that helps poor people in India, and you need to set up a way to transfer donor funds into the country. Or maybe — and this is the most common situation — you are an Indian living abroad who wants to send money to family back home.

Fortunately, we live in an age when money flies around the world, and usually does so electronically at the click of a key. The problem now is not lack of options, but an abundance of them. How do you choose? This quick guide by guest author Stephen Ryan will give you a start.  Just remember that things change quickly in the world of electronic money transfer, so be sure and do your online research to determine the current best choice for your particular situation.

Money Transfer Services To India Reviewed
By Stephen Ryan

In late 2007 It was confirmed by the World Bank that Indians were the largest recipients of money transfers via money transfer services. Indeed India received $23.4 billion via the main money transfer service WUnion. In fact they recently brought their total number of agents in India to 36,000. This of course is mainly due to working migrants transferring money back to family and friends.

However with the money transfer industry growing all the time, currently at over 10% per year, there are many ways to transfer money to India and many companies to choose from. Here is a quick comparison of some of the main ways to transfer money to India, the fee shown relates to a money transfer being sent from New York, America over to India:

MoneyGram: $10, the only downside to this company is that you can only use their online service if you are based in America, it is therefore not available for anyone living elsewhere.

WUnion: The biggest money transfer service provider of sending money to India: $10, their money in minutes service is undoubtedly fast and efficient. The money is certainly available very rapidly providing the collector gives appropriate identification.

Xoom Money Transfer: $9.99 is their usual fee but you can significantly reduce this figure if you request a delayed transaction, this simply mean instead of them sending the money immediately they take a few days to do so. This service is only $2.00 so it certainly pays to plan ahead with your finances. A further added bonus to users of Xoom are that if the amount you send is in excess of $700 they will not charge you a fee at all! Additionally they can have it deposited direct into a bank account for you or even arrange a home delivery for you if required. Whilst not having as many agents as WUnion 4,350 is still a good start.

Ikobo: $5 will see your money transferred to India, however the procedure isn’t completely straight forward as there is an application process to go through and you have to first send an ATM card to the recipient whop can then use the card at over 1,000,000 ATM’s worldwide.

Paypal: It is virtually free save for a few cents here and there. Money can be transferred to any email address instantly but don’t let that fool you, the money has to be first uploaded to your paypal account and then downloaded to the recipients bank account (provided both accounts are verified, which can take a week to do) in total this can be a couple of weeks.

ICICI bank: They offer zero charge providing the recipient has an NRE/NRI account. They also give you an excellent exchange rate. The service is known as Money2India. They can have money sent for you to any branch nationwide across India. CitiNRI and Citibank also offer excellent services and run very competitive promotions from time to time.

The above are just a few options outlined, of course there are many other methods. The main point is to shop around, consider how frequently you send money, the exchange rate and how urgently you need to send the money. Always check exactly what exchange rate you are getting and you should be able to find a safe and efficient money transfer service without too much difficulty.

Money Transfer Review provides free money saving comparison charts, safety tips and money saving advice for all your money transfer needs. Simply click: Money Transfer or Transfer Money Overseas to discover more.

Article Source: http://EzineArticles.com/?expert=Stephen_Ryan
http://EzineArticles.com/?Money-Transfer-Services-To-India-Reviewed&id=1149250

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An as yet barely noticed phenomenon is occurring among the ranks of overseas Indians — those expats who left India (or whose families did) to expand their economic opportunities in America, Europe or elsewhere. The outward flow is beginning to reverse.

Indian expats are returning home, many of them for good. The reason of course is the economic revolution that has begun in India. Old structures that created barriers to opportunity are at least being softened, if not broken down entirely. Widely noted is the growth of India’s middle class, a welcome development for any country that aspires to take its place among the developed nations of the world.

Contributing to India’s economic boom is the wider acceptance and practice of entrepreneurship, which entails risk-taking. The following article addresses the growing willingness of Indians–especially the young–to take risks, and what this portends for the country’s future.

The author also discusses the Indian stock market, which could be seen, before very long, as a quite attractive place to invest, even for foreigners. Stock markets in places such as India are, of course, not for the risk-averse. But it is their higher level of risks that also make them prime opportunities for those willing to gamble on the possibility of making a fortune.

India Growth Story
By Shail K Mehta

India has come out with robust growth of around 9%, is it because of reforms? Or global payers? Or is it our loose fiscal and monetary policy? What are the fundamental changes which are responsible for India’s rapid growth?

Economists, as usual, seek practical and verifiable answers; and we shun cultural and sociological reasoning whenever possible. But I think it is a more powerful force which has been guiding all the recent changes in India, the risk taking ability of youth.

Risk is indeed an economic concept - and an often measured one. It is usually applied to an individual’s risk aversion; a company or a country’s risk-premium; and generally for all significant financial transactions. What I’m trying to refer to, however, is a far broader change in the way Indians perceive risk, and how we respond to it.

Firstly - in what is now a common refrain - the private sector has completely transformed. Not only the private sector, the public sector enterprises have also drastically changed the way they work. Managers are beginning to accept the idea of relinquishing control, and are looking for creative sources of capital. Companies are getting aggressive with their expansion plans - sometimes too aggressive. Some corporates have even picked up a taste for overseas acquisitions (TATAs). There is an unmeasured commonality to all of this. Marketing gurus would call it “renewed self confidence”; cynics would call it dumb luck; I call it ‘taking risks’.

Now the risk tolerance is not confined to the merchants of wealth alone - it is gradually beginning to infect the government too. Begrudgingly, it is either internally corporatizing; listening to outside voices and sharing responsibility; or in some cases, completely moving out of the way in areas where it knows it is underperforming: infrastructure, finance, education, health. Its manner of doing so is bumbling and idiotic (for instance the recent SEZ debacle), but the change in its intention is mostly clear. Of course, our politicians have fickle wills so that could quickly change - were it not for the third, and most important observation.

Indian families and individuals, are also becoming bigger risk takers, now they prefer investing in stock markets rather than putting their money in banks & post office deposits. I am a tail-ender in the great reverse migration - expats returning to India to take advantage of the new opportunities that are coming available. Two or three years ago, that was impossible. Today, for young people, the potential long-term rewards of returning to fast-growing India could be far greater than those from working on an overstretched Wall Street.

More fascinating than even the NRIs’ new risky behavior are the choices being made by the people I know in India. With more careers for their kids to choose from, parents from all income strata are seeing the value of a good and practical education and bypassing the government when necessary. Other examples abound: people are traveling a lot more for work, women are gradually entering the labor force.

The introduction of the culture of risk at this grassroot level ensures that all the other pieces move - that the government and companies are given the message to change. This new inflexion point in our behavior is at least partially the result of the burgeoning young population. And no one can really doubt that it is the old guard who are reluctant to admit that the doctrine of governing a society through babudom has lost.

Also with increase in the income levels due to the outsourcing industry the living standard & consumption is increasing rapidly which indeed is increasing the growth rate. So we can conclude that the Indian youth is the fountainhead of this growth and we need the participation of the youth to sustain this growth

BullRider - Indian stock market tips, share calls, nifty calls, intraday btst picks, nifty stock futures.

Article Source: http://EzineArticles.com/?expert=Shail_K_Mehta
http://EzineArticles.com/?India-Growth-Story&id=1020426

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