Curious about how you can support your loved ones by sending money home? With robust security measures and user-friendly interfaces, digital platforms have revolutionised the remittance process. Now, sending money home is just a click away, making it simpler than ever to provide timely support.
Whether for family expenses, healthcare, education, or investments, sending money home ensures your dependents’ aspirations and well-being are met, irrespective of geographical distance. Continue reading to learn about the benefits of using an international remittance system to send money home.
1) Financial Stability and Support
International remittance plays a crucial role in providing essential support to families. They help cover distinct expenses such as regular living expenses, healthcare expenses, education fees, and unanticipated exigencies. This support contributes to stabilising the financial well-being of recipients, improving their standard of living, and ensuring a safety net during times of need.
Additionally, family members can even opt for outward remittance of surplus funds to explore international markets, thereby diversifying investments and maximising financial opportunities globally. This dual approach not only supports immediate needs but also fosters long-term financial security and growth for families.
2) SWIFT Transfers
International remittance through wire transfer or SWIFT transfer plays an imperative role in supporting families by covering essential expenses, thereby enhancing their financial stability. One such bank you can trust for such transfers is IndusInd Bank.
IndusInd Bank’s membership in the SWIFT Organisation ensures efficient and secure fund transfers across 17 major currencies, facilitating credits to Non-Resident Ordinary (NRO) Accounts and Non-Resident External (NRE) Accounts or booking Foreign Currency Non-Resident (FCNR) deposits. With remittance payments processed within 24 banking hours, this reliable mechanism empowers you to manage your finances globally.
3) Economic Stimulus
Remittance inwards serves as a powerful economic stimulus for the recipient country i.e., India. They boost spending as families use the funds for distinct investments and purchases. This increased consumer spending creates a ripple effect, stimulating demand throughout distinct sectors and supporting small businesses through sales and revenue.
By fostering enhanced consumer liquidity and confidence, remittances provide a buffer against economic downturns and assist in diversifying revenue sources, thus strengthening the thorough economic resilience of the nation.
4) Investment Opportunities
Remittances can act as a source of capital for investment opportunities in India. Many Non-Resident Indians (NRIs) use remittance funds to invest in businesses, real estate, or financial instruments such as fixed deposits or mutual funds. These investments not only grow individual wealth but even contribute to thorough economic development by fostering job creation, entrepreneurship, and infrastructure development.
By channelling remittances into productive investments, NRIs can further leverage their financial support to yield long-term benefits for themselves and their dependents, as well as for the economy.
5) Accessibility and Convenience
Modern banking solutions tend to offer great conveniences and benefits, making remittance transactions efficient and seamless. Remittances through NRE accounts allow families to receive financial support promptly, ensuring their immediate requirements are met without hassle.
An excellent example of an NRE account offering great convenience in transferring funds is the one by IndusInd Bank. Besides this benefit, international debit cards for global access, and robust digital banking solutions such as net banking, mobile banking, and video branch. Other benefits include:
Benefits |
|
| Free payable at par chequebook | Use within India |
| Telegraphic option | Secure fund transfers to India |
| Repatriability | Freely and fully repatriable |
| Tax exemption | Interest earned exempt from tax in India |
| Joint account | Can be opened jointly with an NRI, a Person of Indian Origin (PIO), or a resident Indian who is a close relative (former or survivor basis) |
| Mandate holder | Option to appoint a mandate holder to manage the account in India |
Ending note
Sending funds home through international remittance not only supports your dependents’ immediate needs but also fosters economic growth and emboldens familial ties. With convenient banking solutions offered by NRE accounts and SWIFT transfers, managing and transferring funds becomes efficient and simple, ensuring your support reaches your family whenever and wherever needed.
