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Remittance News

Latest news from the remittance industry

Abound
Time of india Group Invests $10 Million in Abound Super-App for NRI Remittance Services

Abound, a comprehensive super-app tailored for Non-Resident Indians (NRIs), has successfully secured $10 million in funding from the Times of India Group. This investment aims to bolster the app's remittance services, providing a more streamlined and cost-effective solution for expats.Nishkaam Mehta, the CEO of Abound, expressed in a press release on Monday that the primary objective of the app is to alleviate the complexities and high costs associated with traditional financial services for expats. He further emphasized that this borderless super-app is designed to cater to the distinct financial needs of Indian expats across various regions, enabling them to transcend geographical limitations and live their lives to the fullest.According to World Bank estimates from the previous year, remittances witnessed a 5% growth in 2022, reaching a staggering $626 billion. These transfers serve as a crucial financial lifeline for individuals sending money back home to their loved ones. Furthermore, with approximately 1.4 billion adults still without bank accounts, the need for innovative money transfer solutions is more pressing than ever.Abound, a venture of the Times of India Group and previously known as Times Club, is specifically crafted for Indian expatriates residing in the U.S. The app allows users to transfer funds to India without the hassle of long wait times or transfer fees. In addition to this, membership on the platform comes with a host of benefits including cash-linked and loyalty rewards, curated content, and access to both online and offline commerce. As more NRIs seek innovative financial management solutions, Abound positions itself as the ultimate all-in-one platform with features such as:Daily Shopping Rewards: Recognizing the significance of everyday spending for Indian expats, Abound offers a plethora of daily shopping rewards and cashback offers, enabling users to maximize their purchases.Exclusive Offers Across Categories: Abound provides its users with exclusive deals and offers across a wide range of categories, from groceries and entertainment to shopping and travel, thereby enhancing their lifestyle experiences.To commemorate the launch of its remittance feature, Abound is introducing a limited-time promotion for early adopters, offering an exchange rate of $1=₹83 for money transfers to India.Join the NRI community in ushering in a new era of financial management with Abound. The app is readily available for download on both Android and iOS devices, ensuring easy access and a seamless user experience.

mexican peso
Mexico Achieves Record-Breaking Remittances of $5.7 Billion in May 2023

According to recent data released by the central bank, Mexico received an impressive sum of nearly $5.7 billion in remittances during the month of May, setting a new monthly record. However, analysts caution that the strength of the peso against the dollar may have mitigated this achievement.Since the majority of remittances to Mexico originate from the United States, the value is recorded in dollars. Goldman Sachs analyst Alberto Ramos explains that "a strong peso hurts remittances," referring to the fact that the appreciation of the Mexican currency has an adverse effect on the funds received when converted from dollars to pesos.Interestingly, the peso has emerged as one of the top-performing currencies this year, appreciating over 13% against the U.S. dollar between May 2022 and May of this year.Due to the peso's appreciation, when measured in local currency, remittances actually experienced a 2.2% decline compared to the previous year, as stated by Ramos.Mexican President Andres Manuel Lopez Obrador has consistently highlighted the positive impact of remittances on the country's economy. The funds, primarily originating from the United States, have played a significant role in Mexico's economic growth.In 2022, Mexico recorded a record high of $58.5 billion in remittances from abroad, making it the second-largest recipient country, trailing only behind India.Despite the challenges posed by the "super peso," the dollar value of remittances sent in May increased by nearly 11% compared to the previous year.The latest data for May reveals a substantial jump of almost 14% compared to the previous month, resulting in a total inflow of funds reaching $24.67 billion this year.Notably, this amount surpasses the combined revenue generated by oil and agricultural exports during the same period, as noted by analysts at Mexican brokerage Monex.Analysts at Monex and BBVA attribute part of the May surge to the celebration of Mother's Day, suggesting that around 10% of the increased transactions can be attributed to this commemoration.The number of transactions in May experienced a 7% year-on-year increase, reaching a total of 14.56 million. Furthermore, the average amount per transaction rose by 3% to $391.Goldman Sachs' Ramos emphasizes that the strength of remittances reflects the robust U.S. labor market and visible wage growth, particularly in sectors where Mexican citizens are prominently represented.To compare today's best rates when remitting money to Mexico, use CompareRemit's easy-to-use USD to MXN exchange rate comparison tool!

online money transfer mobile application
Taptap Send and CompareRemit Form Strategic Partnership

New York, 27/05/2023 – Taptap Send, the innovative mobile money transfer application, is proud to announce its partnership with leading remittance solution provider CompareRemit.com. With a focus on empowering immigrants, Taptap Send simplifies the process of sending money back home to India, Pakistan, Philippines, Bangladesh, Sri Lanka, and Nepal.Sending money across borders has long been a complex and expensive endeavor for immigrants supporting their families and loved ones. Taptap Send was developed to address these challenges, providing a user-friendly mobile application that streamlines and optimizes the money transfer process, all through the convenience of a smartphone.Taptap Send offers a range of features designed to enhance the experience for immigrants sending funds back home:Competitive Rates and No Transfer Fees: Taptap Send leverages technology to streamline operations, resulting in more affordable transfers compared to traditional methods.Mobile Accessibility: The Taptap Send mobile application ensures users can initiate money transfers anytime, anywhere.Transparent Pricing: Users are provided with upfront information on exchange rates, allowing them to make informed decisions and have a clear understanding of the total cost of the transfer.Taptap Send aims to break down the barriers faced by immigrants when sending money back home, enabling them to provide vital support to their families and communities with ease and efficiency.Through its partnership with CompareRemit.com, Taptap Send further expands its reach and impact, offering immigrants a comprehensive range of remittance solutions tailored to their specific needs and requirements.To learn more about Taptap Send and explore the various money transfer options available for sending funds to India, Pakistan, Philippines, Bangladesh, Sri Lanka, and Nepal, please visit the Taptap Send website.About Taptap Send:Taptap Send is a mobile money transfer service that simplifies and enhances the process of sending funds internationally. Designed with immigrants in mind, Taptap Send offers a user-friendly mobile application that empowers users to initiate money transfers conveniently and affordably, providing vital support to their families and loved ones across borders.Media Contact:Name: Anthony JacobTitle: Head of Growth, South AsiaEmail: [email protected]

us dollar and american flag
Will the US Dollar Weaken Against Other Currencies?

US Dollar's Current State as a CurrencyThe United States dollar has been the dominant currency in the world for decades, and its importance is reflected in its widespread use in international trade and investment. Despite facing several challenges over the past few years, the dollar remains a popular currency for global transactions.One of the main reasons for the US dollar's popularity is its perceived stability and strength. The US economy is one of the largest and most diversified in the world, with a stable political system and strong institutions. As a result, the US dollar is often considered a safe haven currency, particularly in times of economic uncertainty.However, the US dollar has also faced several challenges in recent years, including a high debt-to-GDP ratio, trade tensions with other countries, and a changing global economic landscape. These factors have led some to question whether the US dollar will continue to hold up against other currencies over the next few years.Forecast for the US Dollar Against Other CurrenciesJPMorgan's PerspectiveJPMorgan, one of the world's leading financial institutions, believes that the US dollar is likely to maintain its strength against other currencies over the next 1-2 years. According to a report by the bank, currency volatility is expected to remain high in the near term, which could lead to fluctuations in exchange rates. However, the report notes that the relative strength of the US economy compared to other major economies is likely to keep the US dollar strong.The report highlights several factors that could contribute to the strength of the US dollar, including the Federal Reserve's commitment to maintaining a stable inflation rate and ongoing fiscal stimulus measures by the US government. JPMorgan also notes that the US dollar's status as the world's reserve currency gives it a significant advantage in global trade and investment.Forbes' PredictionsWhile JPMorgan is optimistic about the US dollar's prospects, Forbes has a more mixed view. The business magazine predicts that the US dollar may weaken against the Indian rupee over the next year, citing factors such as the US-China trade war and a rising Indian economy. However, Forbes notes that the Philippine peso and Mexican peso are likely to remain relatively stable against the US dollar, given the strength of their respective economies.Forbes also points out that the US dollar's status as the world's reserve currency has been in decline in recent years. While the US dollar is still the most widely held currency in the world, its share of global reserves has been decreasing in recent years, partly due to the rise of emerging market economies. This trend could have significant implications for the US dollar's role in global trade and investment in the long term.Investing.com's PerspectiveInvesting.com, a leading financial news and analysis website, takes a different view of the US dollar's prospects. The website argues that the US dollar is unlikely to collapse, despite concerns over the country's debt levels and other economic challenges. The report notes that the US dollar remains the world's most widely held currency and is likely to remain so for the foreseeable future.Investing.com also points out that the US dollar has several advantages over other currencies, including its liquidity and the depth of the US financial markets. The website notes that the US dollar's strength is not solely dependent on the performance of the US economy, but also on factors such as geopolitical developments and the policies of other major central banks.Importance of Staying InformedRegardless of the outcome, it's important for those involved in international trade and investment to stay informed about the latest developments in currency markets and to consider the potential risks and opportunities associated with different currencies.For example, individuals and businesses that frequently transfer money across borders may want to monitor exchange rates and fees to ensure that they are getting the best deal.To see today's best exchange rates and providers for sending money online, use CompareRemit's online comparison tool today!

indian rupees
RBI's Promotion of Indian Rupee for Global Trade: Impact on USD to INR Rate?

The Reserve Bank of India (RBI) recently announced that it will be promoting the use of the Indian Rupee (INR) for international trade transactions. This move is expected to have significant impacts on both the Indian and American economies.According to a report by Times Now News, 18 countries have already agreed to trade in INR, including Japan, the UAE, the UK, and Switzerland. The Hindu Business Line reports that the RBI has granted approvals for rupee trade in 60 cases involving 18 countries. This is a significant development for India, as it reduces its dependence on the US dollar for international trade transactions.One of the potential impacts of this move is that it will boost the value of the INR. Since there will be an increased demand for INR in international markets, its value is expected to rise. This will make imports cheaper for India, as it will not have to pay as much for goods and services denominated in foreign currencies. Additionally, it will make Indian exports more competitive, as foreign buyers will be able to purchase goods and services using INR, without having to first convert their currencies to US dollars.Another potential impact of this move is that it could reduce the demand for the US dollar in international markets. As more countries start using other currencies, such as the INR, for international trade, the demand for the US dollar may decrease. This could lead to a decline in the value of the US dollar, which would have implications for the US economy.The US dollar has long been the dominant currency for international trade transactions, and any shift away from it could have significant impacts on the global economy. In particular, the US economy could be affected if the value of the US dollar declines, as this could lead to higher inflation and lower purchasing power for Americans. It could also lead to a decrease in the demand for US Treasury bonds, which could make it more difficult for the US government to finance its debt.However, it is worth noting that the shift towards using the INR for international trade is still in its early stages, and it remains to be seen how significant its impact will be. Additionally, the US dollar is likely to remain a dominant currency for the foreseeable future, given its widespread use and the stability of the US economy.Overall, the RBI's move to promote the use of the INR for international trade transactions is a significant development for India. It has the potential to boost the value of the INR and make Indian exports more competitive, while reducing India's dependence on the US dollar. However, it also has potential implications for the US economy, particularly if the value of the US dollar declines as a result.To compare current USD to INR rates, use our online comparison tool and compare exchange rates, fees, and more when sending money overseas from the US to India.

indian rupees
New RBI Rule Requires Repatriation of Unused Foreign Funds After 180 Days

Recently, the Reserve Bank of India (RBI) issued a new rule regarding the repatriation of unused foreign exchange. According to this rule, any individual who has received foreign exchange must surrender any unspent or unused foreign currency to an authorized person within 180 days from the date of receipt or their return to India.This rule has been implemented to ensure that individuals do not hoard foreign currency and that it is used for the intended purpose. It is also aimed at preventing the black marketing of foreign currency, which has been a major problem in India for many years.The rule applies to any individual who has received foreign exchange under the Liberalised Remittance Scheme (LRS) of the RBI. The LRS allows resident individuals to freely remit up to USD 250,000 per financial year for any permissible current or capital account transaction or a combination of both.The RBI has made it clear that any unspent or unused foreign exchange must be surrendered to an authorized person, which can be a bank or a money changer. The authorized person will then credit the amount to the individual's account after deducting any applicable charges.It is important to note that failure to comply with this rule can result in penalties and fines imposed by the RBI. In addition, individuals who fail to repatriate their unused foreign exchange may be barred from availing of the LRS in the future.This rule is part of the RBI's ongoing efforts to regulate the flow of foreign exchange and prevent the misuse of foreign currency. It is a step towards creating a transparent and efficient foreign exchange market in India.The new RBI LRS rule regarding the repatriation of unused foreign exchange is a positive step towards ensuring the proper use of foreign currency in India. It is important for individuals to comply with this rule and surrender any unspent or unused foreign exchange to an authorized person within the stipulated timeframe.

Indian Rupees
India Set to Reach $100 Billion in Remittances

According to a report published by The World Bank, remittance flow into India is on track to reach $100 billion this year, reflecting a growth of over 12%. This is largely due to migrants abroad sending back money to their family in India. With this accomplishment, India will retain its top spot as the world’s highest recipient of remittances. India is now ahead of other strong remittance countries including Mexico, China, and the Philippines. This overall growth in remittances has accounted for nearly 3% of India’s entire GDP, and cash transfers to India continue to increase year after year. What is Behind This Significant Remittance Growth?Now more than ever, Indian nationals that are highly skilled are living in other wealthy nations, including the US and UK, and are sending money home. Many of those living in the United States have lived there for over 10 years, and a large percentage have graduate degrees and high-paying jobs. The Indian diaspora is an important source of income for households back in India, as they rely on their family members to financially support them overseas where more opportunities are available. This is especially true for Indians in America, which has now passed the United Arab Emirates as the leading source country for remittances.Remittances to South Asia overall have grown to $163 billion in 2022. Worldwide, $626 billion of remittances were reported this year. This will continue to grow as more opportunities are available overseas for higher paying jobs and better education. Wage hikes and a strong labor market in the United States has also played a huge role in this increase.How CompareRemit HelpsCompareRemit helps our users find the best providers when remitting money to India. When you send money back home, you have several options to choose from. Most are very convenient and easy to use.What we do is help you find the best exchange rates, lowest fees, and fastest turnaround time for your transaction. We partner with the best remittance companies in the industry to ensure that you are able to easily compare all of your options in one place before moving forward with your transaction.We make the remittance to India process straightforward and stress-free. If you are looking to send money in India today, check out our online comparison tool to compare providers and choose the right one for you!

mexican dad with children sending money online using computer
CompareRemit Launches NEW Spanish Language Site

CompareRemit is thrilled to announce the launch of our NEW Spanish language website! Spanish speakers can now effortlessly navigate through the CompareRemit website to compare exchange rates, fees, and transfer time when looking to send money overseas using one of our trusted partners. Fully understand the offerings of online remittance companies and compare their services with ease while browsing our Spanish-translated site. In addition to making comparisons easier to navigate in Spanish, we have also launched a Spanish blog dedicated to money transfer guides and topics that will help Spanish speakers better understand how to send money online, how to use money transfer apps, reviews of the best remittance companies, and so much more. Plus, we don’t use Google translate for our Spanish-language supported website; our site is translated by native Spanish speakers to ensure that you are receiving accurate and helpful information. How to Navigate the New CompareRemit Spanish Language SiteStarting on the homepage, check out the current exchange rates for top remittance countries, including USD to MXN. These are the best available market exchange rates offered for the moment. You can also manually enter in how much money you are looking to send and to which country, which will redirect you to a new page detailing the company choices you have. You can compare exchange rates, transfer fees, transfer time, and coupons available from our trusted partners. If you are looking for more information on the best ways to send money overseas or tips and tricks when it comes to exchanging or transferring money, be sure to navigate to our blog section. Here, you’ll find detailed articles related to remittance to help make your money transfers easy and seamless. Find detailed money transfer guides, the latest news, and more! To see what offers our current partners have, check out our coupons page. Here, you’ll find the latest deals that our trusted remittance partners are offering. Typically, you’ll be able to get a special exchange rate for your first transfer, or money off your first transaction. Don’t miss these deals, because they don’t last long and help you save even more money when sending cash overseas. Lastly, if you have any questions or concerns while scrolling our site, head to our contact us page where you can send us a message. We will get back to you as soon as possible! We hope that our new Spanish website helps Spanish-speaking visitors to easily navigate the CompareRemit website. Use our website before sending any money overseas to get the best exchange rate, lowest transfer fee, and fastest turnaround time. Compare USD to MXN today!

money transfer app
CompareRemit Launches New Mobile App for Better Personalization and Partner Integration

After a successful beta, CompareRemit announced its new mobile application that is available on both iOS and Android for better personalization of remittance services and partner integration.CompareRemit.com is the leading online marketplace for remittance service providers, committed to simplifying remittance for both partners and users. Over the years, it has helped migrants around the world save close to $28 billion annually in transfer fees and exchange rate markups by allowing users to:Compare money transfer servicesCompare the cost of sending moneyFind the best exchange rateSet alerts for desired exchange rateGet money transfer promo codes and couponsCompareRemit data shows that 60% of the users prefer mobile to desktop, as we continue to see a rise in digitalization of financial services, the announcement of the new intuitive mobile application, is the first of the many changes as the company moves towards being a platform-agnostic solution for all remittance needs.New Features of the CompareRemit AppOur CompareRemit app is designed to help its user compare apps to money transfer including exchange rates, transfer fees, speed, and more.In addition to responsive design and a robust ecosystem, here are a few features that have been incorporated into the new app:Customized homepage: Major remittance-receiving countries are India, China. Mexico, and the Philippines according to the latest report by the World Bank. The nature of the remittance industry in each country is different due to the volume, level of competition, legalities, etc. The new customized homepage will allow users to filter out and keep only their preferred location and currencies relevant to their needs.Personalized content: Content has been the driving engine behind CompareRemit's powerful comparison platform. With a vast database of content, allowing personalized content will help users find and scour for the content they need that is relevant to them.Redesigned checkout: After comparing the top apps for money transfer money, CompareRemit's new mobile app allows users to be redirected and transact through their preferred money transfer company's app. This redesigned checkout experience features better use of click data for the partners to personalize the user experience seamlessly.Improved promo code integration: This is central to CompareRemit's goal of seamless integration with partner money transfer companies. Research from Deloitte has found that consumers expect personalized offers from their financial institutions. However, 70% of the users get offers that are irrelevant to them.Improved promo codes and coupons integration will ensure personalized, and faster access to offers by the best money transfer apps that are tailored to each user.Data-driven ecosystem: The robust ecosystem will give access to real-time consumer insights that will allow for seamless personalization and competitive options for the users. A study from the Boston Consulting Group has shown that financial institutions that offer personalized services have seen a surge of 10% in their revenue.Find the best international money transfer app: Our app seamlessly links to partner apps so that you can start transferring money today.Thanks to COVID-19, we have seen digital payments become the status quo today. While exchange rates, speed of money transfer, and the cost of sending money will continue to be the core competitive factors in choosing a remittance service provider; personalization will play an important role.Download Our New App Today!The launch of the new mobile app is sacrosanct with CompareRemit's mission to transform how the migrant population sends money internationally - by providing a fair and transparent remittance marketplace. With the CompareRemit App, users can stay informed at all times, and send money internationally, from anywhere.

today's usd to inr
Why Is the USD to INR Increasing Today?

The Indian rupee (INR) hit a record low against the US dollar on March 7 amid the sharp surge in global crude oil prices following Russia's invasion of Ukraine and the continued withdrawal of foreign investments (FIIs). The partially convertible rupee (restrictions on certain capital account transactions) fell to INR 75.98 for 1 USD, its weakest level ever. The previous record low of the rupee against the US dollar was 76.91 in April 2020 during the COVID-19 pandemic.What is USD to INR Exchange Rate Today?Today's USD to INR stands at 75.98 (at the time of writing).What Influences INR to USD Exchange Rate?The INR to USD exchange rate is influenced by a combination of factors. In the foreign currency market, the value of a currency is controlled by the basic economic concept of supply and demand.The exchange rate is the value of one currency in terms of another currency (for example, 1 USD to INR today is 75.54). A currency with more demand has a higher value. The exchange rate between two currencies is always changing depending on the market conditions. This is called a floating exchange rate, where the currency value of a country is determined by the foreign exchange market based on supply and demand relative to other countries currencies.How to Transfer Money From USD to INRIf you are looking to send money online abroad, you have to take dollar rupee exchange rates into consideration since it will determine how much money your recipient will receive when it finally arrives in the destination country via USD to INR or INR to USD conversion.This is because online money transfer USD to INR exchange rates fluctuate depending on the market. To get the best deal for your money, it is best to time your money transfer when the rate reaches its desired rate. Subscribe to CompareRemit USD to INR exchange rate alerts to get notified of the best rates. Most banks and money transfer specialists do not offer interbank exchange rates or mid-market (the ones you see on Google). Each offers its exchange rates. The difference in the rates is how they make money. If you're looking for how to transfer INR to USD, you can compare banks and various money transfer companies to find out what the INR to USD exchange rate is today before making your transfer along with how to calculate INR to USD. The best ways to send money from India to the USA should offer you the best USD/INR exchange rate.India's Exchange Rate SystemIndia has a floating exchange system (market-determined). However, the Indian rupee is a partially convertible currency whereby some important restrictions are put in place for higher amounts, and some transactions are prohibited or require approval.No single authority or institution of a country has little or no control over the value of the currency, especially its demand. The demand for a currency is influenced by many factors such as fiscal and monetary policies of the country, inflation rate, trade, political and economic situations of the country, etc.Although the central bank of the respective country can intervene whenever the currency destabilizes. This is done by adjusting the supply of the currency, among other measures.For instance, the Reserve Bank of India maintains a US dollar reserve to ensure stability in the dollar rupee exchange rate. When the demand for the US dollar rises, the dollar value appreciates with respect to the rupee. In response to this, RBI would inject US dollars into the market from its reserve to meet the demands and thus bring down the rising value of the dollar currency. But overall, it is the demand of a particular country that sets its value. Current Volatility of the RupeeExpert economics expects the volatility in the value of the rupee to remain high. The Reserve Bank of India (RBI) intervened to prevent the sharp moves in the rupee by selling dollars via state-run banks. Up to $1.5 billion have been estimated to be sold in the spot market to curb the volatility soon after the rupee hit its lowest level.Reasons Behind Increasing INR to USD Exchange RateSeveral factors are at play for why USD to INR is increasing today. Discussed following are the major factors causing the depreciation of the rupee against the USD.Rising crude oil prices Sell-off in Equities Geopolitical TensionStronger Dollar Global crude oil prices soared to $139 a barrel, more than 6%, reaching their highest since the 2008 global financial crisis on March 7 after the United States and European allies considered a Russian oil import ban. India is the world's third-largest importer of crude oil, importing close to 80% of its fuel requirements. This means INR is very sensitive to rising oil prices. It can potentially skyrocket India's import bills and thus a widening current account deficit. A higher current account deficit means a weakened rupee which further increases inflationary expectations prompting foreign investors to sell more Indian assets. The local equities plummeted by over 2.5%, about $1 billion on March 7. In the first three months of the calendar year, overseas investors withdrew a net of $12.3 billion in local investments, including debt and equities. According to the National Securities Depository Ltd, about $8.5 billion went out in February and the 1st week of March. The slower portfolio flows could also put pressure on the balance of payments.Separately, the uncertainty over the initial share sale of India's largest state-run insurer Life Insurance Corporation of India, worsens the fall in the investment in Indian equities. Analysts estimated that if the sale had occurred, it would have raked in $5 billion-$ 6 billion of foreign investments, supporting the rupee.Geopolitical issues between Russia and Ukraine seem to be far from over, leading to a stronger dollar index and pushing crude oil prices even higher. This will greatly impact India's fiscal math. In the aftermath of the Ukraine crisis, all emerging market currencies are set to lose against the dollar and the pound/euro as global investors seek the safety of dollar-backed assets. With forex reserves at $631.53 billion by early March, traders feel it has enough strength to forestall a much sharper fall in the currency. However, the increasing pressure on the rupee has the potential to upset India's fiscal math, but it is expected to calm down, as per expert currency analysts. We will have to keep an eye on the dollar rupee exchange rate and if the rupee continues to fall amid global crisis.

compare remittance rates apps
CompareRemit Announces Data-Driven Personalization With New Sleek App Launch

As the remittance world reeled under lack of transparency and exorbitant fees to send money internationally, CompareRemit has been successfully shaking up the remittance industry. For the past decade, the company has been operating one of the biggest marketplaces for remittance services helping consumers save close to $28 billion in transfer fees and exchange rate markups by availing the best deals on money transfer. Their platform enables its users to find cheaper and faster ways of sending money abroad.On Sunday, April 3, 2022, CompareRemit released the latest version of its app. The launch of the new app is the first step in many changes as the company moves to be platform agnostic - the app is available for free for both iOS and Android. The most eye-catching feature about this new version is the personalized homepage depending on your preferred currency and a watchlist indicating the exchange rates offered by your favorite money transfer companies.With a clean design and expanded offerings, the new mobile application's rich feature-set includes:User Friendly Design - Compare top remittance service providers at a glance including exchange rates, fees, and transfer timeSpeed - The new app is faster and snazzier than ever beforeApp Ecosystem - Seamlessly open and checkout through your preferred remittance app directly from the CompareRemit appNews - Get the latest remittance news and updatesPush Notifications - Get notified when a desired exchange rate is reachedCoupon Codes - Save big by getting access to coupon and promo codesBusiness Listings - Explore money transfer services that cater to businessesFAQs - Get quick answers to most frequently asked remittance questionsCompareRemit is dedicated to transforming the remittance ecosystem by working with its partners to meet consumer expectations. This best-in-class remittance comparison app serves as the catalyst for CompareRemit's continued mission to transform how the expatriate population sends money internationally."One of the most crucial ways we advance CompareRemit's mission of providing a fair and transparent remittance marketplace for our users is by working with our money transfer partners to solve some of their biggest challenges by providing them with efficient, data-driven consumer solutions in real-time," said Rajeev Srivastava, CEO, and founder, CompareRemit."CompareRemit has helped millions of consumers save money on remittances and the addition of our new mobile app allows for a seamless experience for our users." He added. This ultimately allows money transfer companies to understand and create deeper relationships with millions of consumers.CompareRemit is helping money transfer companies serve their existing customers better while attracting new ones.About CompareRemitCompareRemit, the largest online marketplace for remittance services, connects consumers to money transfer service providers helping send money to friends, families, freelancers, and businesses around the world. As a leading marketplace with over 15 partners, CompareRemit offers a platform for digital remittances comparison, helping consumers to save money and money service providers to gain new customers. The CompareRemit App is available on both iOS and Android. Download it today!

Abound
Time of india Group Invests $10 Million in Abound Super-App for NRI Remittance Services

Abound, a comprehensive super-app tailored for Non-Resident Indians (NRIs), has successfully secured $10 million in funding from the Times of India Group. This investment aims to bolster the app's remittance services, providing a more streamlined and cost-effective solution for expats.Nishkaam Mehta, the CEO of Abound, expressed in a press release on Monday that the primary objective of the app is to alleviate the complexities and high costs associated with traditional financial services for expats. He further emphasized that this borderless super-app is designed to cater to the distinct financial needs of Indian expats across various regions, enabling them to transcend geographical limitations and live their lives to the fullest.According to World Bank estimates from the previous year, remittances witnessed a 5% growth in 2022, reaching a staggering $626 billion. These transfers serve as a crucial financial lifeline for individuals sending money back home to their loved ones. Furthermore, with approximately 1.4 billion adults still without bank accounts, the need for innovative money transfer solutions is more pressing than ever.Abound, a venture of the Times of India Group and previously known as Times Club, is specifically crafted for Indian expatriates residing in the U.S. The app allows users to transfer funds to India without the hassle of long wait times or transfer fees. In addition to this, membership on the platform comes with a host of benefits including cash-linked and loyalty rewards, curated content, and access to both online and offline commerce. As more NRIs seek innovative financial management solutions, Abound positions itself as the ultimate all-in-one platform with features such as:Daily Shopping Rewards: Recognizing the significance of everyday spending for Indian expats, Abound offers a plethora of daily shopping rewards and cashback offers, enabling users to maximize their purchases.Exclusive Offers Across Categories: Abound provides its users with exclusive deals and offers across a wide range of categories, from groceries and entertainment to shopping and travel, thereby enhancing their lifestyle experiences.To commemorate the launch of its remittance feature, Abound is introducing a limited-time promotion for early adopters, offering an exchange rate of $1=₹83 for money transfers to India.Join the NRI community in ushering in a new era of financial management with Abound. The app is readily available for download on both Android and iOS devices, ensuring easy access and a seamless user experience.

mexican peso
Mexico Achieves Record-Breaking Remittances of $5.7 Billion in May 2023

According to recent data released by the central bank, Mexico received an impressive sum of nearly $5.7 billion in remittances during the month of May, setting a new monthly record. However, analysts caution that the strength of the peso against the dollar may have mitigated this achievement.Since the majority of remittances to Mexico originate from the United States, the value is recorded in dollars. Goldman Sachs analyst Alberto Ramos explains that "a strong peso hurts remittances," referring to the fact that the appreciation of the Mexican currency has an adverse effect on the funds received when converted from dollars to pesos.Interestingly, the peso has emerged as one of the top-performing currencies this year, appreciating over 13% against the U.S. dollar between May 2022 and May of this year.Due to the peso's appreciation, when measured in local currency, remittances actually experienced a 2.2% decline compared to the previous year, as stated by Ramos.Mexican President Andres Manuel Lopez Obrador has consistently highlighted the positive impact of remittances on the country's economy. The funds, primarily originating from the United States, have played a significant role in Mexico's economic growth.In 2022, Mexico recorded a record high of $58.5 billion in remittances from abroad, making it the second-largest recipient country, trailing only behind India.Despite the challenges posed by the "super peso," the dollar value of remittances sent in May increased by nearly 11% compared to the previous year.The latest data for May reveals a substantial jump of almost 14% compared to the previous month, resulting in a total inflow of funds reaching $24.67 billion this year.Notably, this amount surpasses the combined revenue generated by oil and agricultural exports during the same period, as noted by analysts at Mexican brokerage Monex.Analysts at Monex and BBVA attribute part of the May surge to the celebration of Mother's Day, suggesting that around 10% of the increased transactions can be attributed to this commemoration.The number of transactions in May experienced a 7% year-on-year increase, reaching a total of 14.56 million. Furthermore, the average amount per transaction rose by 3% to $391.Goldman Sachs' Ramos emphasizes that the strength of remittances reflects the robust U.S. labor market and visible wage growth, particularly in sectors where Mexican citizens are prominently represented.To compare today's best rates when remitting money to Mexico, use CompareRemit's easy-to-use USD to MXN exchange rate comparison tool!

online money transfer mobile application
Taptap Send and CompareRemit Form Strategic Partnership

New York, 27/05/2023 – Taptap Send, the innovative mobile money transfer application, is proud to announce its partnership with leading remittance solution provider CompareRemit.com. With a focus on empowering immigrants, Taptap Send simplifies the process of sending money back home to India, Pakistan, Philippines, Bangladesh, Sri Lanka, and Nepal.Sending money across borders has long been a complex and expensive endeavor for immigrants supporting their families and loved ones. Taptap Send was developed to address these challenges, providing a user-friendly mobile application that streamlines and optimizes the money transfer process, all through the convenience of a smartphone.Taptap Send offers a range of features designed to enhance the experience for immigrants sending funds back home:Competitive Rates and No Transfer Fees: Taptap Send leverages technology to streamline operations, resulting in more affordable transfers compared to traditional methods.Mobile Accessibility: The Taptap Send mobile application ensures users can initiate money transfers anytime, anywhere.Transparent Pricing: Users are provided with upfront information on exchange rates, allowing them to make informed decisions and have a clear understanding of the total cost of the transfer.Taptap Send aims to break down the barriers faced by immigrants when sending money back home, enabling them to provide vital support to their families and communities with ease and efficiency.Through its partnership with CompareRemit.com, Taptap Send further expands its reach and impact, offering immigrants a comprehensive range of remittance solutions tailored to their specific needs and requirements.To learn more about Taptap Send and explore the various money transfer options available for sending funds to India, Pakistan, Philippines, Bangladesh, Sri Lanka, and Nepal, please visit the Taptap Send website.About Taptap Send:Taptap Send is a mobile money transfer service that simplifies and enhances the process of sending funds internationally. Designed with immigrants in mind, Taptap Send offers a user-friendly mobile application that empowers users to initiate money transfers conveniently and affordably, providing vital support to their families and loved ones across borders.Media Contact:Name: Anthony JacobTitle: Head of Growth, South AsiaEmail: [email protected]

us dollar and american flag
Will the US Dollar Weaken Against Other Currencies?

US Dollar's Current State as a CurrencyThe United States dollar has been the dominant currency in the world for decades, and its importance is reflected in its widespread use in international trade and investment. Despite facing several challenges over the past few years, the dollar remains a popular currency for global transactions.One of the main reasons for the US dollar's popularity is its perceived stability and strength. The US economy is one of the largest and most diversified in the world, with a stable political system and strong institutions. As a result, the US dollar is often considered a safe haven currency, particularly in times of economic uncertainty.However, the US dollar has also faced several challenges in recent years, including a high debt-to-GDP ratio, trade tensions with other countries, and a changing global economic landscape. These factors have led some to question whether the US dollar will continue to hold up against other currencies over the next few years.Forecast for the US Dollar Against Other CurrenciesJPMorgan's PerspectiveJPMorgan, one of the world's leading financial institutions, believes that the US dollar is likely to maintain its strength against other currencies over the next 1-2 years. According to a report by the bank, currency volatility is expected to remain high in the near term, which could lead to fluctuations in exchange rates. However, the report notes that the relative strength of the US economy compared to other major economies is likely to keep the US dollar strong.The report highlights several factors that could contribute to the strength of the US dollar, including the Federal Reserve's commitment to maintaining a stable inflation rate and ongoing fiscal stimulus measures by the US government. JPMorgan also notes that the US dollar's status as the world's reserve currency gives it a significant advantage in global trade and investment.Forbes' PredictionsWhile JPMorgan is optimistic about the US dollar's prospects, Forbes has a more mixed view. The business magazine predicts that the US dollar may weaken against the Indian rupee over the next year, citing factors such as the US-China trade war and a rising Indian economy. However, Forbes notes that the Philippine peso and Mexican peso are likely to remain relatively stable against the US dollar, given the strength of their respective economies.Forbes also points out that the US dollar's status as the world's reserve currency has been in decline in recent years. While the US dollar is still the most widely held currency in the world, its share of global reserves has been decreasing in recent years, partly due to the rise of emerging market economies. This trend could have significant implications for the US dollar's role in global trade and investment in the long term.Investing.com's PerspectiveInvesting.com, a leading financial news and analysis website, takes a different view of the US dollar's prospects. The website argues that the US dollar is unlikely to collapse, despite concerns over the country's debt levels and other economic challenges. The report notes that the US dollar remains the world's most widely held currency and is likely to remain so for the foreseeable future.Investing.com also points out that the US dollar has several advantages over other currencies, including its liquidity and the depth of the US financial markets. The website notes that the US dollar's strength is not solely dependent on the performance of the US economy, but also on factors such as geopolitical developments and the policies of other major central banks.Importance of Staying InformedRegardless of the outcome, it's important for those involved in international trade and investment to stay informed about the latest developments in currency markets and to consider the potential risks and opportunities associated with different currencies.For example, individuals and businesses that frequently transfer money across borders may want to monitor exchange rates and fees to ensure that they are getting the best deal.To see today's best exchange rates and providers for sending money online, use CompareRemit's online comparison tool today!

indian rupees
RBI's Promotion of Indian Rupee for Global Trade: Impact on USD to INR Rate?

The Reserve Bank of India (RBI) recently announced that it will be promoting the use of the Indian Rupee (INR) for international trade transactions. This move is expected to have significant impacts on both the Indian and American economies.According to a report by Times Now News, 18 countries have already agreed to trade in INR, including Japan, the UAE, the UK, and Switzerland. The Hindu Business Line reports that the RBI has granted approvals for rupee trade in 60 cases involving 18 countries. This is a significant development for India, as it reduces its dependence on the US dollar for international trade transactions.One of the potential impacts of this move is that it will boost the value of the INR. Since there will be an increased demand for INR in international markets, its value is expected to rise. This will make imports cheaper for India, as it will not have to pay as much for goods and services denominated in foreign currencies. Additionally, it will make Indian exports more competitive, as foreign buyers will be able to purchase goods and services using INR, without having to first convert their currencies to US dollars.Another potential impact of this move is that it could reduce the demand for the US dollar in international markets. As more countries start using other currencies, such as the INR, for international trade, the demand for the US dollar may decrease. This could lead to a decline in the value of the US dollar, which would have implications for the US economy.The US dollar has long been the dominant currency for international trade transactions, and any shift away from it could have significant impacts on the global economy. In particular, the US economy could be affected if the value of the US dollar declines, as this could lead to higher inflation and lower purchasing power for Americans. It could also lead to a decrease in the demand for US Treasury bonds, which could make it more difficult for the US government to finance its debt.However, it is worth noting that the shift towards using the INR for international trade is still in its early stages, and it remains to be seen how significant its impact will be. Additionally, the US dollar is likely to remain a dominant currency for the foreseeable future, given its widespread use and the stability of the US economy.Overall, the RBI's move to promote the use of the INR for international trade transactions is a significant development for India. It has the potential to boost the value of the INR and make Indian exports more competitive, while reducing India's dependence on the US dollar. However, it also has potential implications for the US economy, particularly if the value of the US dollar declines as a result.To compare current USD to INR rates, use our online comparison tool and compare exchange rates, fees, and more when sending money overseas from the US to India.

indian rupees
New RBI Rule Requires Repatriation of Unused Foreign Funds After 180 Days

Recently, the Reserve Bank of India (RBI) issued a new rule regarding the repatriation of unused foreign exchange. According to this rule, any individual who has received foreign exchange must surrender any unspent or unused foreign currency to an authorized person within 180 days from the date of receipt or their return to India.This rule has been implemented to ensure that individuals do not hoard foreign currency and that it is used for the intended purpose. It is also aimed at preventing the black marketing of foreign currency, which has been a major problem in India for many years.The rule applies to any individual who has received foreign exchange under the Liberalised Remittance Scheme (LRS) of the RBI. The LRS allows resident individuals to freely remit up to USD 250,000 per financial year for any permissible current or capital account transaction or a combination of both.The RBI has made it clear that any unspent or unused foreign exchange must be surrendered to an authorized person, which can be a bank or a money changer. The authorized person will then credit the amount to the individual's account after deducting any applicable charges.It is important to note that failure to comply with this rule can result in penalties and fines imposed by the RBI. In addition, individuals who fail to repatriate their unused foreign exchange may be barred from availing of the LRS in the future.This rule is part of the RBI's ongoing efforts to regulate the flow of foreign exchange and prevent the misuse of foreign currency. It is a step towards creating a transparent and efficient foreign exchange market in India.The new RBI LRS rule regarding the repatriation of unused foreign exchange is a positive step towards ensuring the proper use of foreign currency in India. It is important for individuals to comply with this rule and surrender any unspent or unused foreign exchange to an authorized person within the stipulated timeframe.

Indian Rupees
India Set to Reach $100 Billion in Remittances

According to a report published by The World Bank, remittance flow into India is on track to reach $100 billion this year, reflecting a growth of over 12%. This is largely due to migrants abroad sending back money to their family in India. With this accomplishment, India will retain its top spot as the world’s highest recipient of remittances. India is now ahead of other strong remittance countries including Mexico, China, and the Philippines. This overall growth in remittances has accounted for nearly 3% of India’s entire GDP, and cash transfers to India continue to increase year after year. What is Behind This Significant Remittance Growth?Now more than ever, Indian nationals that are highly skilled are living in other wealthy nations, including the US and UK, and are sending money home. Many of those living in the United States have lived there for over 10 years, and a large percentage have graduate degrees and high-paying jobs. The Indian diaspora is an important source of income for households back in India, as they rely on their family members to financially support them overseas where more opportunities are available. This is especially true for Indians in America, which has now passed the United Arab Emirates as the leading source country for remittances.Remittances to South Asia overall have grown to $163 billion in 2022. Worldwide, $626 billion of remittances were reported this year. This will continue to grow as more opportunities are available overseas for higher paying jobs and better education. Wage hikes and a strong labor market in the United States has also played a huge role in this increase.How CompareRemit HelpsCompareRemit helps our users find the best providers when remitting money to India. When you send money back home, you have several options to choose from. Most are very convenient and easy to use.What we do is help you find the best exchange rates, lowest fees, and fastest turnaround time for your transaction. We partner with the best remittance companies in the industry to ensure that you are able to easily compare all of your options in one place before moving forward with your transaction.We make the remittance to India process straightforward and stress-free. If you are looking to send money in India today, check out our online comparison tool to compare providers and choose the right one for you!

mexican dad with children sending money online using computer
CompareRemit Launches NEW Spanish Language Site

CompareRemit is thrilled to announce the launch of our NEW Spanish language website! Spanish speakers can now effortlessly navigate through the CompareRemit website to compare exchange rates, fees, and transfer time when looking to send money overseas using one of our trusted partners. Fully understand the offerings of online remittance companies and compare their services with ease while browsing our Spanish-translated site. In addition to making comparisons easier to navigate in Spanish, we have also launched a Spanish blog dedicated to money transfer guides and topics that will help Spanish speakers better understand how to send money online, how to use money transfer apps, reviews of the best remittance companies, and so much more. Plus, we don’t use Google translate for our Spanish-language supported website; our site is translated by native Spanish speakers to ensure that you are receiving accurate and helpful information. How to Navigate the New CompareRemit Spanish Language SiteStarting on the homepage, check out the current exchange rates for top remittance countries, including USD to MXN. These are the best available market exchange rates offered for the moment. You can also manually enter in how much money you are looking to send and to which country, which will redirect you to a new page detailing the company choices you have. You can compare exchange rates, transfer fees, transfer time, and coupons available from our trusted partners. If you are looking for more information on the best ways to send money overseas or tips and tricks when it comes to exchanging or transferring money, be sure to navigate to our blog section. Here, you’ll find detailed articles related to remittance to help make your money transfers easy and seamless. Find detailed money transfer guides, the latest news, and more! To see what offers our current partners have, check out our coupons page. Here, you’ll find the latest deals that our trusted remittance partners are offering. Typically, you’ll be able to get a special exchange rate for your first transfer, or money off your first transaction. Don’t miss these deals, because they don’t last long and help you save even more money when sending cash overseas. Lastly, if you have any questions or concerns while scrolling our site, head to our contact us page where you can send us a message. We will get back to you as soon as possible! We hope that our new Spanish website helps Spanish-speaking visitors to easily navigate the CompareRemit website. Use our website before sending any money overseas to get the best exchange rate, lowest transfer fee, and fastest turnaround time. Compare USD to MXN today!

money transfer app
CompareRemit Launches New Mobile App for Better Personalization and Partner Integration

After a successful beta, CompareRemit announced its new mobile application that is available on both iOS and Android for better personalization of remittance services and partner integration.CompareRemit.com is the leading online marketplace for remittance service providers, committed to simplifying remittance for both partners and users. Over the years, it has helped migrants around the world save close to $28 billion annually in transfer fees and exchange rate markups by allowing users to:Compare money transfer servicesCompare the cost of sending moneyFind the best exchange rateSet alerts for desired exchange rateGet money transfer promo codes and couponsCompareRemit data shows that 60% of the users prefer mobile to desktop, as we continue to see a rise in digitalization of financial services, the announcement of the new intuitive mobile application, is the first of the many changes as the company moves towards being a platform-agnostic solution for all remittance needs.New Features of the CompareRemit AppOur CompareRemit app is designed to help its user compare apps to money transfer including exchange rates, transfer fees, speed, and more.In addition to responsive design and a robust ecosystem, here are a few features that have been incorporated into the new app:Customized homepage: Major remittance-receiving countries are India, China. Mexico, and the Philippines according to the latest report by the World Bank. The nature of the remittance industry in each country is different due to the volume, level of competition, legalities, etc. The new customized homepage will allow users to filter out and keep only their preferred location and currencies relevant to their needs.Personalized content: Content has been the driving engine behind CompareRemit's powerful comparison platform. With a vast database of content, allowing personalized content will help users find and scour for the content they need that is relevant to them.Redesigned checkout: After comparing the top apps for money transfer money, CompareRemit's new mobile app allows users to be redirected and transact through their preferred money transfer company's app. This redesigned checkout experience features better use of click data for the partners to personalize the user experience seamlessly.Improved promo code integration: This is central to CompareRemit's goal of seamless integration with partner money transfer companies. Research from Deloitte has found that consumers expect personalized offers from their financial institutions. However, 70% of the users get offers that are irrelevant to them.Improved promo codes and coupons integration will ensure personalized, and faster access to offers by the best money transfer apps that are tailored to each user.Data-driven ecosystem: The robust ecosystem will give access to real-time consumer insights that will allow for seamless personalization and competitive options for the users. A study from the Boston Consulting Group has shown that financial institutions that offer personalized services have seen a surge of 10% in their revenue.Find the best international money transfer app: Our app seamlessly links to partner apps so that you can start transferring money today.Thanks to COVID-19, we have seen digital payments become the status quo today. While exchange rates, speed of money transfer, and the cost of sending money will continue to be the core competitive factors in choosing a remittance service provider; personalization will play an important role.Download Our New App Today!The launch of the new mobile app is sacrosanct with CompareRemit's mission to transform how the migrant population sends money internationally - by providing a fair and transparent remittance marketplace. With the CompareRemit App, users can stay informed at all times, and send money internationally, from anywhere.

today's usd to inr
Why Is the USD to INR Increasing Today?

The Indian rupee (INR) hit a record low against the US dollar on March 7 amid the sharp surge in global crude oil prices following Russia's invasion of Ukraine and the continued withdrawal of foreign investments (FIIs). The partially convertible rupee (restrictions on certain capital account transactions) fell to INR 75.98 for 1 USD, its weakest level ever. The previous record low of the rupee against the US dollar was 76.91 in April 2020 during the COVID-19 pandemic.What is USD to INR Exchange Rate Today?Today's USD to INR stands at 75.98 (at the time of writing).What Influences INR to USD Exchange Rate?The INR to USD exchange rate is influenced by a combination of factors. In the foreign currency market, the value of a currency is controlled by the basic economic concept of supply and demand.The exchange rate is the value of one currency in terms of another currency (for example, 1 USD to INR today is 75.54). A currency with more demand has a higher value. The exchange rate between two currencies is always changing depending on the market conditions. This is called a floating exchange rate, where the currency value of a country is determined by the foreign exchange market based on supply and demand relative to other countries currencies.How to Transfer Money From USD to INRIf you are looking to send money online abroad, you have to take dollar rupee exchange rates into consideration since it will determine how much money your recipient will receive when it finally arrives in the destination country via USD to INR or INR to USD conversion.This is because online money transfer USD to INR exchange rates fluctuate depending on the market. To get the best deal for your money, it is best to time your money transfer when the rate reaches its desired rate. Subscribe to CompareRemit USD to INR exchange rate alerts to get notified of the best rates. Most banks and money transfer specialists do not offer interbank exchange rates or mid-market (the ones you see on Google). Each offers its exchange rates. The difference in the rates is how they make money. If you're looking for how to transfer INR to USD, you can compare banks and various money transfer companies to find out what the INR to USD exchange rate is today before making your transfer along with how to calculate INR to USD. The best ways to send money from India to the USA should offer you the best USD/INR exchange rate.India's Exchange Rate SystemIndia has a floating exchange system (market-determined). However, the Indian rupee is a partially convertible currency whereby some important restrictions are put in place for higher amounts, and some transactions are prohibited or require approval.No single authority or institution of a country has little or no control over the value of the currency, especially its demand. The demand for a currency is influenced by many factors such as fiscal and monetary policies of the country, inflation rate, trade, political and economic situations of the country, etc.Although the central bank of the respective country can intervene whenever the currency destabilizes. This is done by adjusting the supply of the currency, among other measures.For instance, the Reserve Bank of India maintains a US dollar reserve to ensure stability in the dollar rupee exchange rate. When the demand for the US dollar rises, the dollar value appreciates with respect to the rupee. In response to this, RBI would inject US dollars into the market from its reserve to meet the demands and thus bring down the rising value of the dollar currency. But overall, it is the demand of a particular country that sets its value. Current Volatility of the RupeeExpert economics expects the volatility in the value of the rupee to remain high. The Reserve Bank of India (RBI) intervened to prevent the sharp moves in the rupee by selling dollars via state-run banks. Up to $1.5 billion have been estimated to be sold in the spot market to curb the volatility soon after the rupee hit its lowest level.Reasons Behind Increasing INR to USD Exchange RateSeveral factors are at play for why USD to INR is increasing today. Discussed following are the major factors causing the depreciation of the rupee against the USD.Rising crude oil prices Sell-off in Equities Geopolitical TensionStronger Dollar Global crude oil prices soared to $139 a barrel, more than 6%, reaching their highest since the 2008 global financial crisis on March 7 after the United States and European allies considered a Russian oil import ban. India is the world's third-largest importer of crude oil, importing close to 80% of its fuel requirements. This means INR is very sensitive to rising oil prices. It can potentially skyrocket India's import bills and thus a widening current account deficit. A higher current account deficit means a weakened rupee which further increases inflationary expectations prompting foreign investors to sell more Indian assets. The local equities plummeted by over 2.5%, about $1 billion on March 7. In the first three months of the calendar year, overseas investors withdrew a net of $12.3 billion in local investments, including debt and equities. According to the National Securities Depository Ltd, about $8.5 billion went out in February and the 1st week of March. The slower portfolio flows could also put pressure on the balance of payments.Separately, the uncertainty over the initial share sale of India's largest state-run insurer Life Insurance Corporation of India, worsens the fall in the investment in Indian equities. Analysts estimated that if the sale had occurred, it would have raked in $5 billion-$ 6 billion of foreign investments, supporting the rupee.Geopolitical issues between Russia and Ukraine seem to be far from over, leading to a stronger dollar index and pushing crude oil prices even higher. This will greatly impact India's fiscal math. In the aftermath of the Ukraine crisis, all emerging market currencies are set to lose against the dollar and the pound/euro as global investors seek the safety of dollar-backed assets. With forex reserves at $631.53 billion by early March, traders feel it has enough strength to forestall a much sharper fall in the currency. However, the increasing pressure on the rupee has the potential to upset India's fiscal math, but it is expected to calm down, as per expert currency analysts. We will have to keep an eye on the dollar rupee exchange rate and if the rupee continues to fall amid global crisis.

compare remittance rates apps
CompareRemit Announces Data-Driven Personalization With New Sleek App Launch

As the remittance world reeled under lack of transparency and exorbitant fees to send money internationally, CompareRemit has been successfully shaking up the remittance industry. For the past decade, the company has been operating one of the biggest marketplaces for remittance services helping consumers save close to $28 billion in transfer fees and exchange rate markups by availing the best deals on money transfer. Their platform enables its users to find cheaper and faster ways of sending money abroad.On Sunday, April 3, 2022, CompareRemit released the latest version of its app. The launch of the new app is the first step in many changes as the company moves to be platform agnostic - the app is available for free for both iOS and Android. The most eye-catching feature about this new version is the personalized homepage depending on your preferred currency and a watchlist indicating the exchange rates offered by your favorite money transfer companies.With a clean design and expanded offerings, the new mobile application's rich feature-set includes:User Friendly Design - Compare top remittance service providers at a glance including exchange rates, fees, and transfer timeSpeed - The new app is faster and snazzier than ever beforeApp Ecosystem - Seamlessly open and checkout through your preferred remittance app directly from the CompareRemit appNews - Get the latest remittance news and updatesPush Notifications - Get notified when a desired exchange rate is reachedCoupon Codes - Save big by getting access to coupon and promo codesBusiness Listings - Explore money transfer services that cater to businessesFAQs - Get quick answers to most frequently asked remittance questionsCompareRemit is dedicated to transforming the remittance ecosystem by working with its partners to meet consumer expectations. This best-in-class remittance comparison app serves as the catalyst for CompareRemit's continued mission to transform how the expatriate population sends money internationally."One of the most crucial ways we advance CompareRemit's mission of providing a fair and transparent remittance marketplace for our users is by working with our money transfer partners to solve some of their biggest challenges by providing them with efficient, data-driven consumer solutions in real-time," said Rajeev Srivastava, CEO, and founder, CompareRemit."CompareRemit has helped millions of consumers save money on remittances and the addition of our new mobile app allows for a seamless experience for our users." He added. This ultimately allows money transfer companies to understand and create deeper relationships with millions of consumers.CompareRemit is helping money transfer companies serve their existing customers better while attracting new ones.About CompareRemitCompareRemit, the largest online marketplace for remittance services, connects consumers to money transfer service providers helping send money to friends, families, freelancers, and businesses around the world. As a leading marketplace with over 15 partners, CompareRemit offers a platform for digital remittances comparison, helping consumers to save money and money service providers to gain new customers. The CompareRemit App is available on both iOS and Android. Download it today!

New P2P Tax Laws on Payment Apps
Guide to New 2022 Tax Implications for P2P App Users

Peer-2-peer (P2P) payment apps, also known as money transfer apps or mobile wallets such as Paypal, Venmo, or Cashapp, are popular online payment platforms for business - they are convenient, easy to use, and are highly efficient ways to transfer money. However, with new regulations, using P2P payment apps for business transactions will be subject to taxation in the United States.In this article, we will discuss what is Form 1099-K, who is required to file taxes under the new rule for P2P users, and what information should be included in declaring to the Internal Revenue Service (IRS).New P2P Tax Laws of 2022 in the US SimplifiedLet's first understand the current tax rule to get a broader picture of the changes.For the current or the old tax rule on 1099-K tax returns filed prior to 2022, the IRS has set thresholds as follows: You have received over $20,000 in gross payment in a calendar year, andYou have settled more than 200 transactions in a calendar year.Now, the new tax rule on P2P Apps for calendar years after 2021, the IRS has changed the threshold as follows:You have received a gross payment that exceeds $600, andApplicable on any number of transaction/s.Put simply - you are required to report your earnings on the sale of goods and services if $600 or more was processed through these platforms. If you cross the threshold, the IRS expects the third-party networks in this case the P2P Apps to issue Form 1099-K to you to report payment transactions.Even if you do not receive a 1099-K, you are required to file the earrings in your income tax return. These new P2P tax laws will impact many users such as gig workers, online sellers, self-employed business owners, freelancers, etc.The new taxation rule for third-party payment networks has been implemented under the American Rescue Plan, the $1.9 trillion stimulus package that came into effect in March of last year. The change doesn't impact 2021 taxes but will impact 2022 tax returns filed in 2023.P2P Payment Apps 2022 Tax FAQsWhat Are the New Tax Reporting Requirements?To reiterate, beginning January 2022, if you receive $600 or more payments for goods and services in the current year, through a third-party payment network, such as Venmo, CashApp, or Paypal, your earnings will be reported to the IRS through Form 1099-K sent by the P2P platforms and income tax return.The tax rule only applies to payments received for sales of goods and services and does not include payments to friends and family.Read Comparison between PayPal, Venmo, and Zelle.What Is a Form 1099-K?Form 1099-K, Payment Card, and Third Party Network Transactions is an IRS form used to report payments for goods and services transactions to improve voluntary tax compliance.Payment settlement entities such as debit/credit card companies including PayPal, Venmo, Stripe, Etsy, and others are required by law to file them with the IRS and share copies with the payment recipient.You would receive Form 1099-K by January 31st of the following year if you received payments in the previous calendar year.What Is Included in Form 1099-K?Your Form 1099-K includes the gross amount of all reportable payment transactions, excluding any adjustments for credits, discounts, fees, or refunded amounts.A Form 1099-K will be sent to you from each payment settlement entity from which you received payments in settlement of reportable payment transactions. A reportable payment transaction covers a payment card transaction or a third-party network transaction.The minimum reporting threshold is meant only for transactions settled through a third-party network. There is no threshold for payment card transactions.What Additional Information May Be Required for Form 1099-K?Your third-party payment provider may request tax information such as your Employer Identification Number (EIN), Individual Tax Identification (ITIN), or Social Security Number to report payments on Form 1099-K properly. Once this information is confirmed, your tax forms can be issued without a hassle.If you cross the reporting threshold for the sale of goods and services on the payment apps, the Form 1099-K will be issued to you at the beginning of the 2023 tax period, and a copy of it will be sent to the IRS.You can also download account statements for any reporting obligations, even if payments received are within $600. If needed, seek a licensed tax expert to assist you.How Can Information on Form 1099-K Be Used for Income Tax Returns?You must report any income listed on your Form 1099-K from your business on your income tax return.Since Form 1099-K may include both taxable and nontaxable income, keeping good records is very crucial. If you receive money from a nontaxable source, such as money received as gift or splitting bills, you need not report on your tax return.Also, make sure that your business books and records mirror your business income. Business income is generally referred to as the gross receipts on income tax returns. Your business income can be in the form of cash, checks, and debit/credit card payments.So consider the amounts shown on Form 1099-K, along with the other payments received, when calculating gross receipts for your income tax return.How to Maintain a Good Record for Tax Reporting?Record keeping is vital for accurate tax reporting. If you receive the Form 1099-K at year-end, you can check your accounting records to see if the income reported to the IRS is accurate. Even if you don't receive Form 1099-K, the income still needs to be reported on your tax return.Go for a record-keeping system that reflects your income and expenses. Also include accounting and payroll records, bank statements, receipts, tax forms, returns, and relevant business-related financial records.Most importantly, set up a business account if you are receiving business payments through a P2P payment platform.Maintain a separate account for business and personal transactions.Having a separate business account and keeping good records can be practical when showing both taxable and nontaxable income sources if the IRS audits your income tax return.If you pay your business expenses using any of the payment platforms, get the invoice or a receipt from the vendor or the contractor to record the amount paid and the details of the business expense. This will serve as evidence for your expenses if the IRS questions the legitimacy of your business expenses.1099-K Guide: What if Multiple Payment Platforms Are Used?The IRS tax rules are the same for all the P2P platforms, including PayPal, Stripe, or Venmo, though it might be enforced differently. If you are receiving business payments from multiple platforms and the collective amounts from sales on these platforms exceed $600, consider speaking to a licensed tax professional for best practices.You can find the contact details on Form 1099-K if you have any questions on the matter.Are Transactions on Zelle Taxable?While this rule applies to most third-party payment networks, Zelle is not included. Only the P2P payment companies that deal with the settlement of funds in business transactions are required to issue 1099 forms to users. Zelle doesn't process payments but facilitates communication via messages between a financial institution and people making the payments.Zelle states that it does not report transactions made on its Network to the IRS, even if the total is more than $600. The new law to provide forms 1099K for information reporting does not apply to the Zelle Network, it added.Will I Be Taxed in the United States for Sending Money Abroad Through a Payment App?Most digital wallets or P2P payment platforms do not support international money transfers. The best way to send money from the U.S. internationally is through online money transfer companies such as Xe money transfer, Remitly, and Western Union.In general, when you send money from the United States, the first $15,000 USD, per recipient will be exempt from taxes by the IRS under the Gift Tax policy. Although sending money as a gift is not taxable, you may need to report it to the IRS. In conclusion, from the beginning of the 2022 tax year, P2P platforms will be required to send Form 1099-K to users and the IRS to report payment transactions totaling $600 or more in a financial year. While this does not have any impact on international money transfer yet, existing laws that govern cross-border transactions will be applicable including Gift Tax.

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