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Send Money Online As A Diwali Gift To Your Loved Ones In India

Updated on Nov 09, 2020
Diwali 2020

Diwali, a festival of light, ornate decorations, and the age-old tradition of exchanging gifts and merry-making falls on November 14 this season. Diwali is celebrated throughout the world, especially in countries such as the United States, Canada, the United Kingdom, and Australia with a huge Indian population. 

The gloom that this year has brought cannot dampen the festive spirit. The festive season is in full swing and with Diwali just a few days away, the festive spirit is at an all-time high, ready to welcome the light over darkness.

It is that time of the year where people tend to loosen their purse strings and splurge on gifts for Diwali - luxury items, new clothes, jewelry, electronics, smartphones, cars, etc. as a hallmark of prosperity and good fortune.

Diwali Celebration in the Age of COVID-19

Every year Diwali brings loved ones - near and far together to celebrate the bond of family, togetherness, and prosperity.

Although some international travels have resumed and the national lockdown has been lifted, most families will choose to celebrate Diwali safely by avoiding large gatherings.

Festive season sales remain undeterred despite the Coronavirus pandemic. Offline shops might experience a decline in the number of shoppers turning up due to frequent lockdowns and to avoid contracting the virus. 

To kick-start the celebration, businesses offer exclusive deals and heavy discounts on a wide range of products and services to customers. It has been estimated that the Diwali season accounts for at least 40-50% of annual retail sales.

In the meantime, online channels are expected to see a surge in customer spending amid the festivities. The Indian e-commerce industry dominated by Amazon and Flipkart is predicted to grow at 32.8% in 2020, higher than the initial pre-Covid projection of 29.7% through their Diwali Sales. 

For many Indians living abroad who cannot be together with their family, sending gifts to loved ones is one thoughtful way to celebrate Diwali. 

In the age of personalization, buying a gift can be such a daunting task. Think of how long it takes to buy an essential item on Amazon for yourself. 

So Why Not Send Money Instead? 

Sending a monetary gift to show your love and support for your family back home is one of the safest and the smartest choices this season. They can use it for what they need the most or buy a gift of their choice with the money or even save it for future purposes.

diwali 2020

Will My Gift Be Taxed in India?

Tax on gifts in India is within the scope of the Income Tax Act. There were recent changes to the definition of NRI in the context of Income Tax in India. 

Sending Money Online to India This Festive Season 

India is one of the top remittance-receiving countries in the world with its diaspora sending in billions of dollars every year. Naturally, the marketplace for money transfer service providers serving the Indian diaspora is one of the most competitive in the world. 

In keeping with the festive mood, CompareRemit partners with some of the best money transfer companies around the world to provide customers exciting offers and deals for Diwali. Offers range from free money transfers to Amazon gift cards to a higher exchange rate. Sign up to get exclusive offers today.

For families and loved ones living far apart during festivities, sending love and appreciation through gifts or cash brings them closer regardless of the distance and keep the festive spirit alive. 

Sending money online is fast, easy, inexpensive, and most importantly safe. Compare the money transfer to get the best value for your money. 

What should you look for before sending money online? 

Research is key. Being well-informed on the following information can make a big difference whether you are considering sending a monetary gift to your family and friends back home this Diwali or regularly:

  • Exchange rates - Some companies charge markup exchange rates while others don’t. This is one of the ways these companies make money. Look out for the highest exchange rates or the interbank rates to get your money’s worth. We recommend you compare all options before making your choice 
  • Transfer Fees - The transfer fees vary widely. Several factors influence the fees including sending and receiving country, mode of transfer, mode of payment, foreign currency, etc. Get the lowest fee possible to save money on your transfer. 
  • Transfer Speed - If you want to transfer money for a specific date like Diwali, make sure you plan ahead and keep in mind the banking holidays in the destination country. Planning ahead, in general, will save you money on your transfers because most companies tend to charge a premium for express delivery.

The best time to send money online is by planning ahead, choosing the best exchange rates with the lowest transfer fees along, and by taking advantage of offers and deals provided by the money transfer companies.

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