If you're sending remittance to India, you're one of the thousands of non-resident Indians (NRIs) people who do so. In fact, India is the largest remittance recipient country in the world, with its 2012-2013 remittance of $67.6 billion exceeding the $46.84 billion of foreign direct investment (FDI) inflow. Since 1991, India has been steadily experiencing great remittance growth, and continues to be on that track. Indian remittance 20 years ago was valued at 2.1 billion USD and has since experienced exponential growth, now valued at over 70 billion USD. In 2015, more than 25 million people send US$72.2 billion as remittance money, according to the Ministry of Overseas Indian Affairs (MOIA).
With that amount of money, lending banks and remittance service providers have offered money transfers and turned remittance into a booming business. Each bank and money transfer company has its own transfer fees and exchange rates, with some more competitive than others. That being so, most NRIs wonder if they are using the right service provider for sending money to India.
To answer these questions, CompareRemit displays these rates on one platform, so you can compare fluctuating exchange rates and choose the company you wish to entrust with your funds. CompareRemit realizes that mailing hard-earned money is a serious responsibility. It makes the task easier for you by tabulating daily rates so that you can compare and choose the cheapest provider.
Helps remittance users to find the best way to send money abroad to their loved ones, friends and family
Makes it easier & more profitable for businesses to make international payments & global transfer
Creates a marketplace for money transfer providers to reach out to a highly valuable remittance audience
Every morning, the first thing I do is refresh the CompareRemit page on my phone browser. It used to be a search for "dollar rate in India today" on Google. After CompareRemit, I have registered to half a dozen online services and choose the best one on pay day to remit money to India.
CompareRemit has helped me save lots of money by being able to compare the rate of exchange on multiple websites as well as the transfer fee. With so many fish in the pond, it's difficult to choose the best one, but CompareRemit makes it so easy. Thanks to the team for this amazing service!