Standard Chartered India launched its online remittance service offering clients a trouble-free option to initiate both inward and outward remittances at their personal convenience.
The outward remittance online services would allow the clients to easily transfer money overseas via their mobile phones or laptops from India.
Using this service, the resident Indians, expats working in India, and Non-Indian Residents (NRIs) or Persons of Indian Origin (PIOs) can easily send funds overseas from India through the online banking platform.
Resident Indians can also make a remittance under the Liberalised Remittance Scheme without visiting the bank branches. Keep in mind that if you are sending above $9500 dollars, you are subject to a 5% tax collected at source (TCS) according to the new taxation rules on money transfers from India.
For a country like India that receives the highest amount of remittances at $83 billion in 2019. India sent only around $7.5 billion in outward remittances according to the World Bank. People send money from India primarily for tourism, medical expenses, education fees, and as gifts to friends and family.
Standard Chartered has catered to the NRI audience through various banking products and services specially designed for them. For example, NRIs can open various bank accounts with Standard Chartered such as NRE/NRO savings account.
Existing Standard Chartered bank account holders can avail the new inward remittance facility through the internet banking platform. The transaction can be initiated online by providing the necessary information and disposal instructions for the inward remittance.
There are different ways to send money online to India and traditionally sending money through banks has been one of the most expensive ways of sending money.
To find the best deal that suits your needs, compare different offers from both banks and money transfer companies. Few important factors to keep in mind when you are sending money internationally:
Benefits of the new remittance service by Standard Chartered
Standard Chartered bank has been in operation in India since 1858 and is India's largest international bank with 100 branches in 43 cities. The coronavirus pandemic has propelled digitalization for all industries. With more customers opting for contactless payment, it was essential for banks like Standard Chartered to ride the high tide of digital banking.
Nitin Chengappa, Head of NRI Banking, Standard Chartered Bank stated that the platform will offer the convenience that its clients have always been looking for. He also added that with the increasing need to remit money outside India for children's education, medical treatments, and gifts to relatives, the customers now have the opportunity to carry out these transactions in a few basic steps on a desktop or through the mobile app.
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!
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]
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.