No Cash Remittance = “No Worry Remittance”
It’s no secret that a large chunk of home remittance happens with cash payment on both sides of the border. Senders are almost ‘addicted’ to the omnipresent retail currency exchange counters who attract the with their pristine interiors and neon signs. Weary eyed office commuters heading to the exchange on the way to work or the way back home, looking to squeeze that extra Rupee out when sending hard earned Dirhams and $$ Dollars.
It’s also no secret that cash remittance is one of the most expensive ways of sending money. You could be paying anything between 2–5% of your money to send remittance using the well established counters like Western Union and other such products which involve currency dealers, home country agents and the remittance brand owner, splitting the margins 3-way. The customer ultimately foots the bills for the profit made by all three.
Remitr is a pioneer in introducing the convenience of cross border bank transfers with online remittance at the lowest possible cost. With Remitr, you say goodbye to high bank margins and goodbye to high exchange fees paid at the counter. Money originates from a bank account and is received in your bank account in India, at costs as low as 1%, and, many times, much lesser. With Remitr app and our partner arrangements, you can send money to India, send money to Philippines and send money to Sri Lanka. Money transfer to India does not get any better than this.
Remitr salutes the initiative by the Government of India in encouraging use of non cash alternatives. The de-monetisation of Rs 500 and Rs 1000 currency notes is also a call to the hard working bread earners to help keep money within the banking system. If this also comes at a lower cost and super convenience, who would not want to adopt bank to bank remittance.
Bank to bank transfer continues to be the most efficient and fast means of sending money to family in India. India’s banking system is undoubtedly one of the most advanced and efficient (+ low cost) in the world, par none. You will be hard pressed to find an equivalent of #IMPS or #UPI worldwide.
If you need any help in making bank to bank transfers to your family or business associates, Remitr is here to help. Just give us a shout on email, twitter / facebook, or look us up on our website. Better still, download the Remitr app to get live online rates for money transfer to India.
