The second most populous country after China, India is the 6th largest global economy regarding nominal Gross Domestic Product (GDP). But, despite being a middle-income developing market economy, the people of India find it hard to lead financially viable lives. One of the biggest problems of third-world countries, including India, is that their governments fail to make people-friendly economic policies.
Although their policies benefit some segments of society, they mostly remain unfriendly towards most people. In this context, the people of India, like many other developing countries, travel to Western countries for better employment opportunities. After finding work and jobs there, these Indian expatriates send money to India from their countries of residence.
A brief background
Since development, by and large, stems from the West, the people of the developing countries have always looked up to them for guidance and paths to growth to follow. You know that the world is divided into two blocks in terms of action: one is the developed block, mostly, comprising Western countries, including Europe and the other is the developing block composed of Eastern countries and African countries. Since almost all the developing countries lag in many areas of development and scientific advancement, they heavily rely on the developed half’s help in this regard.
This help has one crucial dimension of offering jobs to the people of developing countries. Since many developed countries have robust economies, they can easily accommodate job-seekers mostly hailing from underdeveloped countries such as India.
Economy of India
- In terms of nominal Gross Domestic Product (GDP), the economy of India is the 6th largest in the world.
- Regarding Purchasing Power Parity (PPP), the economy of India is the 3rd largest worldwide.
- Indian foreign exchange reserves stand around $633 billion
- According to the latest reports, Indian goods and services exports were over $61 billion
- With about 1.38 billion people, India is the world’s second-most populous country in the world after China
- Of the total global population, India makes up about 17.7%
These are some of the statistics about the economy of India. These figures, of course, keep changing due to the economic policies of the governments and due to the onslaught of emergencies both on the national and global scale.
Online money transfers to India from Europe
As is mentioned above, most of the people of India travel to Western and European countries to find better employment opportunities. These Indian expatriates then send money to India through many online money transfer companies, including ACE Money Transfer, operating worldwide. Some segments of the expatriates, albeit small in number, still send money to India online through banks despite the that banks are expensive and time-consuming even in this tech-driven era.
Some advantages of online money transfers through the companies’ remittances are highlighted below.
Fast and efficient transfers
Online money transfer companies offer speedy and efficient funds transfers from one place to another. The entire time initiating an electronic funds transfer takes until receiving the same funds by the recipient can take between a few moments to a few minutes only. It is a great advantage that the banks simply cannot provide.
No paperwork
Gone are the days of attending to loads of paperwork in transferring money from one place to another. In the current era, the complete process of sending money online from one place to another has been entirely digitised by several online money transfer companies, including ACE Money Transfer, requiring absolutely no paperwork.
24/7 availability with wide accessibility
Since almost all online money transfer companies have an online presence through their international money transfer app(s), they can be accessed anytime, regardless of the holidays or off days in the week.
Low service charges
You will get another advantage of sending money online through the companies,: the low fee and service charges. Companies, unlike banks, charge relatively low fees despite offering quality remittance transfer services.
Safety and security of your funds
Since the market of online money transfer companies is enormous and competitive, the companies ensure that they offer safe and secure online money transfers to the customers. Every company tries to provide tightly secure transactions in the wake of online scams and frauds. Although the margin for online fraud remains, with tighter security, it also includes care and caution on the part of the customers.
Competitive currency exchange rates
Most digital money transfer companies have linked their currency exchange rates with the international market, where these keep fluctuating with every tick of the clock. This helps the customers initiate a transaction when favourable currency exchange rates. If you want to make an instant online money transfer to India from Europe, choose ACE Money Transfer to get the speed, security, and highest exchange rates.
Let’s now take a quick look at the European economy, as many Indian expatriates prefer to go to most European countries.
European economy at a glance
- The total population of the European countries is about 748 million, according to the census of 2021
- In terms of nominal Gross Domestic Product (GDP), European GDP is $22.9 trillion.
- European GDP growth rate hovers around 2.4%
- European Per Capita income is approximately $27,330
- Seven European countries have nominal GDP of over $1 trillion. These are: Germany ($4.3 trillion); France ($3.2 trillion); United Kingdom ($3.1 trillion); Italy ($2.1 trillion); Russia ($1.7 trillion); Spain ($1.5 trillion) and Netherlands ($1.0 trillion)
Travelling to these countries with such huge GDPs gives you dividends in finding jobs and work. Besides, these figures keep fluctuating due to the national policies and the influence of the events on a global scale.
It is also essential to look at the Indian expatriates and the volume of the remittances India receives annually.
Indian remittances and its expatriates
- India received a whopping $87 billion in remittances from its expatriates in 2021. It remained the biggest recipient of remittances – a position India has held for several years.
- The US remained the most significant source of this $87 billion, accounting for over 20% of the total amount.
- Indian expatriates are officially known as the Non-Resident Indians (NRIs) or Overseas Citizens of India (OCIs)
- Indian Ministry of External Affairs noted that about 32 million NRIs reside in different countries worldwide, making it the world’s most extensive diaspora.
- ● India also sends about 2.5 million people to different countries annually as expatriates. This is the most considerable annual number of migrants in the world.
Reports suggest that the number of Indian expatriates travelling to other countries increases yearly. And, of course, since the number of Indian expatriates has increased, the volume of India’s remittances yearly will also swell.
Multiple reasons push the people of developing countries out of their native lands. The primary reason is poverty and the severe lack of better employment opportunities. Of course, going to another country, away from family and loved ones, is never an uncomplicated asking. But, the circumstances conspire with the people-unfriendly economic policies of the governments playing a significant role in all of it.
The best way(s) to send money online to India from the European countries is through companies operating based on Artificial Intelligence (IA). With the help of IA-based operations, online money transfer companies provide the best international money transfer services, detailed above, to their customers and expatriates alike.
Choosing the best company to transfer your remittances is your decision that must be based on sound information and deep service comparisons to ensure you get and enjoy the benefits resulting from your experience of online money transfers. ACE Money Transfer is trusted by countless Indian expats settled in Europe for a secure and swift money transfer to India.
