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 record of most remittances for the year at just over $24 billion. China and Mexico were the following two nations on the listing. In 2008, it once again beat out China and Mexico with around $45 billion in remittances. Though clearly India is a very popular nation to send money to, it was not always this way. In 1990, just roughly $2 billion was transferred to the nation, a number that has risen slowly every year for almost two decades. In 1996, it equaled more than $12 billion, climbing to almost $22 billion in 2003.
Of course, the importance of the ability to send money to India has amplified in the last 20 years, as well. This is because the GDP now relies on the money remitted, as so many citizens use it to live their daily lives. In 1990, when transfers were much smaller than they currently are, they built up less than one percent of the GDP. In 1995, this amount rose to over three percent, and has stayed near that amount since then. Unfortunately, the number of people who send money to India is expected to drop by about seven percent as of 2009.
Despite the fact that the amount, of people who send money to India has indeed declined a bit since 2008, it has so far not decreased quite as much as some experts predicted. This may be because more Indian immigrants are nervous about losing their money, so they transfer it to the slightly more stable Indian market. Also, it is clear that relatives in India that get used to living off remittances still need help with their everyday expenses, so relatives living in the United States are likely to still help them as much as possible. This means that if you have to send money to India, you will not be alone.
Fortunately, the same money transfer, methods, as before are still available. You can send money to India using traditional pathways like a bank or money transfer services, or you can opt to use more technology-driven methods, such as a prepaid debit card. The more you learn about transfers to the area, the easier it will be to select the right way for you to send money to India.
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