Rupee Devaluation & Its Impact on money Transfer

Money2India

Value of Indian rupee has been undergoing frequent devaluations. Yesterday, it hit the mark of 56, a record low against the US currency. A series of devaluation within a quicker time span has left the economy more unsettling. A heavily negative impact on the domestic front is inevitable. Devaluation will further add fuel to fuming inflation. Continuous price hike is already suffocating for the poor and middle class and it will continue to do so but in greater measure.  India is import intensive and currency devaluation will inflict greater effect on trade balance.  

Being an open economy, India has been engaged in international trade for a long period of time. Decline in the exchange rate against dollars means suffering the same fate against the currencies of developed nations. When rupee is devalued, trade balance is hit worse. In Indian context, the exchange rate declining will take India towards adoption of a different approach commonly referred to as ‘Asian growth model’.  India should follow the trade strategy of China and South Korea. These countries have high savings and investment rate. Furthermore, low exchange rate has helped these countries to boost up their export figure. 

For the common people, exchange rate decline has another implication. Those who need to send Money2India from the USA, now have to transfer less money because dollar has gone up in value as compared to rupee. This will lead to more saving for the NRIs. On the opposite end, the scenario is quite disturbing. It is because the Indians need to transfer more money to America, thereby being almost forced to bear the brunt of constant rupee devaluation.

Transfer Money Overseas – Essential Qualities of a Good Service Provider

Transfer Money

International money transfer facilitates easy transaction of funds between bank accounts. These accounts may be in the same country or in different countries. Bank record  reveals that most of the account holders do not need money transfer service too often. And when they need to send money near and far, they generally seek for intervention of the bank which they have account with. It is a rarity they are taking help of the international money transfer services. 

Some feel that sending money through banks is quite costly. The banks make higher profit by charging significantly excessive fees for transaction and offer poor rate of exchange. Most of the customers do not take any hard look at these factors as sending money with immediacy is what becomes their only preference. However, if they dare to explore other opportunities, it is possible to get the same quality of service but at a better rate.

It is easier to sign up for money transfer service. It offers more than what you may get from your banks. There is high level of transparency in professional money transferring service and everything will be done at a cheaper rate. Several companies are working in this sphere and so task of taking the right pick is quite tough. Here are some tips that will be quite handy while selecting the best money transfer service provider.

Seek for security: The first thing you should be concerned with is security of your funds. To ensure your safety, you must enquire how long the company has been working in this field and if it is under direct regulation of Australian Securities and Investments Commission (ASIC) and has got an AFMA.

Exchange Rate: You will have to pay less than 1% difference on the major currencies such as pound, dollar etc. In forex or foreign exchange industry, it is called mid market rate. If you want a larger sum of currency conversion. It is possible to request for money transfer at the margin of 50 basis points. The banks usually charge 200 basis points which is quite high as compared to 100 basis points as charged by the money transfer service providers. 

Additional services: The company you intend to choose for money transfer purpose must have round-the-clock service and dedicated phone support. Inquire if they offer additional services like limit orders, graphs and market analysis, historical rates etc. 

Fees: Make sure that fees are quite reasonable. Generally, most online companies offer fee waiver for transaction of $5,000. If you Transfer Money over $20,000 on regular basis, ask the dealer if it can favor you with preferential fees waiver.

Brits are sending more money overseas

Send Money Overseas

May is drawing to a close and you can expect to end the month on a highly positive note. Here is coming encouragingly amazing news form the horse’s mouth. James price, the head of international residential development at Knight Frank has observed increasing outflow of pound to the foreign shores as the Britons are taking interest in fleeing the domestic market to make investment on the foreign soils. The reason behind such trend is the rich UK buyers are being driven to congenial climate where they can make long-term investment and get a rewarding return on it.     

Mr. Price has not sighted ‘UK recession’ as the possible reason for such fund escaping to the foreign countries. The wealthy UK residents have decided to move their funds to overseas countries due to high tax factors. So, no apparent recession ‘jerk’ within USA is causing money-draining but some other factors have been creating suitable ground for such a move in great measures. However, the hand of recession can’t be played down in this context. 

We know that the recent recession has spewed its malignant effect along the length and breadth of the globe. And so, Mediterranean countries are not immune to powerful economic downturn. As recession still continues (though expected to be in its last lag), so the real estate prices are supposed to be lower in these regions implying that property purchase in these countries is a profitable proposition. An overwhelming number of Brits are getting enthusiast to Send Money Overseas to buy a second nest of their very own.

  

New Rule of Brazilian Central Bank – A Breakthrough in Overseas Money Transfer

International Money Transfer

Good news for Brazilians! According to a new rule of the Brazilian Central Bank, the resident Brazilians can now send double the amount of cash to any foreign country via brokerage firms and banks as well. The intended purpose behind this new rule is to encourage the countrymen to plan property purchase and other investments on the foreign soils.   

According to the news in the leading Brazilian newspapers, people of this country are getting more addicted to easy and electronic money transfer. Stability in the country’s currency market is also contributing to the rise in demand for International Money Transfer. The real  market dealers too are coming with flooding offers to make the most of stable and burgeoning Brazilian economy.

The central bank proposed this new rule in January, this year. The rule has been turned out to be a major breakthrough. As per as the new rule, the brokerage firms are permitted to send money up to $100,000. This upper bar has been raised from $50,000 in 2011 and $20,000 in 2009. The well-healed Brazilians can now send and spend more abroad.

Fernando Bergallo, TOV Brokerage foreign and currency manager has told OPP that more than $50,000 transaction was rejected in the past. The new rule is expected to meet the pent-up demand for money transaction. Initially, the central bank authority expected the transaction to grow up by 30% but in reality the figure has gone up to 40%. According to the authority, this figure is estimated to hit a high of $200,000 in near future.

Thai Exchange Rate – Some Unknown Facts & Figures

Foreign exchange rate – popularly known as forex or FX in abbreviated form – is the largest market throughout the globe. To your utter surprise, a cosmic amount of $5 trillion is traded in currency industry day in and day out. The intended purpose of this blog is not to teach you how to be a success in this business but inform you about the very primer about currency exchange rate. This blog is also focused on the movement of Thai exchange rate to help people understand where the trend is heading to.  

Thai Exchange Rate

Exchange Rate – What It Is All about

An exchange rate is the rate of conversion between two currencies. Knowing the currency rate is very important if you are traveling another country. On the national perspective, currency exchange demands importance in times of export and import. Every economy is an open economy implying that each country in involved in international trade. Needless to say, exchange rate between currencies of the two trading countries plays a pivotal role during this time. For simplicity, you may consider the exchange rate sort of price of a commodity. From the theoretical angle, identical assets should fetch the same price irrespective of the countries where they are sold in order to keep the intrinsic value of one currency in terms of other on an even keel. 

Recent Trend in Thai Exchange Rate

In the last month, there has been a slight depreciation in Thai Exchange Rate against the US dollar. However, the ‘dipping down’ of Baht against the US currency has been continuing over the last 12 months. During this phase, Thai exchange rate has been devalued by 3.33 percent against US dollar.  

If we look back at history and follow the exchange rate between Thai and dollars, we will get to know that the rate hit a record high of 55.50 in Jan, 1998 and touched historical low of 20.36 in July, 1981. Here you need to know two most important aspect of Thai exchange rate – Thai Baht spot exchange rate and Thai Baht forward rate. The quote and exchange of Thai exchange rate happens on the same day whereas in case of Thai forward rate, quote as well as delivery and payment are done on different dates.

Send Money Overseas – Be Aware of Spamming Issues

International money Transf

My beloved readers have already piled up enough information regarding overseas money sending. So, I do not like to harp on the same string by iterating the subject any more. However, just like history cycles back, the very basic facts of International Money Transfer will be retouched upon in this blog.    

Have you ever sent money overseas? If you did a few years’ ago and has recently used the new-age money transfer options, there is no need to tell you the differences. The first and foremost difference is the decrease in the time lag between sending and receiving of money.  And how can you deny that modern means of money transfer is cost-effective?

The leading banking houses and other money transfer entities offer tremendously super-fast service through a good number of international locations. You know that click-and-send money transfer option is getting a rage nowadays. But with the advantages of online money transfer surfaces up the threat of ‘scam’ issues. 

If you face scam problems in reality, you can hardly imagine the level of disaster coming upon you. If your financial details regarding bank account and balance get disclosed to the spammers, it will not take much time for you to go financially bankrupt. You need to be excessively cautious regarding the secrets of your financial details. And for that, you must follow the strict criteria as mentioned in the money transfer documentation of the company. These companies are well aware of the rise of spamming problems and other badwares, so integrate advanced software to frustrate the mischievous efforts.  

As there are many options, so you need to think a lot to find out a choice that works best for you. If a certain money transfer process is not working well for you, that does not mean you will readily switch to other alternatives or the latest options, this way you will only jump from frying pan to fire.

SBI Online – A Name for Excellence & Safety

SBI Online

Numerous a famous banking house has gone online to facilitate the process of money transaction. They are the most dependable name on the banking horizon and their online service is also appreciated for hassles-free and quicker money transfer. Stepping into the online zone and reaching its service along the breadth of the globe have helped the net-savvy customers get an amazing banking encounter and instant service for international money transfer.    

Nobody knows what turns and twists future has in store. It is a philosophical axiom that rings truer for friends and foes alike. Faster money transaction is a new-age convenience so as to help those who need money on urgent basis. Postal order is almost a matter of passé now because it is a very slow process of money transfer.

International money transfer is the real hero that does the job literally within a few minutes. Web banking service does not require the customers to wait in a long queue for money withdrawal, just a few clicks of mouse and everything is done on the virtual space. Instantaneous cash transfer is a benefit for everyone especially for those who need it on demand and without delay. 

SBI Online is in tune with your need for in-blink-of-an-eye money transfer. Furthermore, the service is not confined to any geographical boundary but offered on a wider scale. The service is really cost-effective and headache-free to bring you some relief while making transaction overseas. The banks always make sure to keep your monetary secrets under lock and key so that the vital financial details are not compromised or misused by others. 

Secrecy and excellence are the two yardsticks to judge how an online banking service is doing. And SBI online scores high on both these fronts.

Money2india – Those Points You Need to Consider

Money2India

Many Indian are living abroad nowadays. There are several reasons why they are away from home. A good number of professionals and students is away from home for their own purposes. There is a wide array of purposes why the NRIs will need to transfer money to their native land. Helping the ailing patents, buying wedding gift, educational fees or just a mere remittance on monthly basis – anything can be the reason why need for money transfer arises.      

Gone are those days when a day’s long wait, lots of paperwork and tiresome processing were a boring experience for the NRI Indians who needed to send money to India. Nowadays, money sending has become quite easier due to the introduction of different electronic mechanism to do the job rightly and in the most time-saving way. The new-age services for money transfer are not only fast but also safe. 

As there is a lot of options to send Money2India, so it is important to know the ins and outs of each mode of available operations. You have put in  your valuable time and hard work to earn money, so care must be taken so that whatever option you choose is cost-saving and a safest choice too.

In addition to most familiar cotemporary money transfer modes, there are some others which are gaining popularity due to the convenience and assurance of safety that they offer. 

Direct Debit or ACH: This choice allows you to debit to your foreign bank account and transfer money to the beneficiary account/draft.

Credit Card: Payment is made via your credit card. The amount you send reaches your beneficiary in the form of home country currency.

Some important points need to be taken into consideration before you choose a specific mode of money transfer.

• Credibility of the money transfer service provider
• Total amount of transaction fee
• How long it will take to deliver money to your home country
• The current exchange rate
• If the option is easy to use and the safe
• Is customer service available? Generally every online banking and other modern money transfer service offers round-the-clock customer support service. So, you must ensure whether they really provide good quality support every time, no matter whether it is wee hour of the morning or at midnight.

Money Transferring to Thailand – Explore the Options (Part II)

Send Money Overseas

The most known option of money transfer to Thailand is via banks. However, this option has restricted use as only the bank account holders can utilize this facility. The banks take responsibility to directly debit the sent money  from the sender’s bank account and update balance is entered into the person’s bank pass book.     

Wire transfer is another option to Send Money Overseas. The companies offering wire transfer service are dime a dozen. These companies have their own websites. These sites have some easy-to-comprehend steps following which one can quickly send money without visiting the companies in person. 

One of the most popular and convenient methods of money transfer is re-loadable debit credit cards.  The use of this method is on continuous rise. It is because usage of debit credit card is not only simple but also safe. It is a cost-effective option of money transfer and that may be the reason of its popularity. With the lowest transfer rate being anchored at $5, it is a pocket-friendly solution for those who are to send money more than often.  

The reason of this money sending option being cheaper is you can fund it through both over phone and via internet. The money is directly sent to the person in Thailand and the sender is allowed to set up a link between the card to a checking account, debit card or credit card.

Neither the sender nor the receiver needs to be worried in the event of loss or theft of the debit cards. When a person sends money, he needs not be worried about the security of fund because it is always a secret until the PIN is not divulged to others. If the card is lost or stolen, what you need to do is to report to your bank and it will arrange for a replacement card.

Money Transferring to Thailand – Explore the Options (Part I)

Thai Exchange Rate

Thailand is counted as one of the fastest growing economies. A greater slice of its annual gross income comes from the tourism industry which has never failed to attract the foreign tourists. Several inviting spots of scenic beauty and different historical places are the reasons for the consistent boost to the growth of the country’s travel industry and overall economy. 

However, there are several other factors equally responsible for the country’s vibrant growth. One of these factors is the remittance of the Thai workers working abroad. In accordance with the Thailand Migration Report of 2011, though there has been a remarkable fluctuation in the number of the Thai workers on the foreign shore for the past few years, still the number is expected to rise in the coming years. It is because, after post recession, there has been a sustaining improvement in job scenario on the international market.

Adding to the buoyancy of Thai economy is the increasing value of Thai Exchange Rate in terms of dollar. The ongoing exchange rate is anchored at 1 USD to 31 BHT. According to the recent survey, more than 150000 Thai workers are deployed abroad at present. Such a staggering increase in the number of non residential Thais can be contributed to two factors – the workers’ competency and the rising job opportunities on the global market. 

When the workers are living abroad, definitely there are some transactions of money to and from Thailand. If they are away from home for scholastic purposes, chances are high that there is a regular money flow from their parents living in Thailand. On the other hand, the working professionals send money to their homeland. In the next blog, we will discuss about different options of money transfer in use to send money to Thailand.

So, wait for our next posting…………..