India is a vast country located in southern Asia. It’s famous for many things like yoga, its rich history, festivals like Holi, fabulous wedding ceremonies, the film industry (Bollywood), gold, temples and much more. India, being home to the Taj Mahal, and other amazing historical sites is a must-visit destination for those who consider themselves to be globetrotters. As great as India may be, there are millions of Indians that live outside this stunning country.
For those that do live abroad, sending money over to India is no longer a hassle because modern-day technology has made almost anything possible and easy to do. There are various ways by which people can transfer money over to India including bank-to-bank transfer, through agencies like Western Union, via PayPal and more. Let’s take a look at 4 reasons why people transfer money to India.
1: To Assist Friends & Family
Did you know that there are about 1.4 million Indians residing in the UK and approximately 4 million Indians living in the USA? With many Indians living in other places in the world, there is no doubt that they would send money to India in order to assist their family and friends in need. One of the advantages of doing this is that the exchange rate for the pound and US dollar is excellent so you can send a little amount that would be more than a handful in India.
2: Planning a Wedding in India
There are many people, mostly Indians living abroad, who wish to travel back to their homeland and have a wedding. Weddings outside the West are not only cheaper but more unique from the traditional style weddings prevalent in the West. Couples that wish to celebrate their matrimony in India would need to transfer money there to pay for wedding gowns, the wedding venue, musicians, catering and more.
3: Paying for Tuition Fees
We all know of the burgeoning price tags of education at the university level in countries like the USA and UK. If you belong to an Indian family or have roots in India and wish for your child to study there then you would need to transfer their tuition fees to that particular Indian university. One downside of doing this is that shifting a large sum over will come with a hefty fee for sending the money over, so you would need to consider which option is more economical for you in doing so.
4: Purchasing Something from India
India is not only known for its beauty and history, but it exports like textiles, gemstones, machines, electronics, and more. If you wish to purchase goods from India then you would need to transfer money to the respective party in order to get your money there. Most of the times purchasing things from India, or another country, occur from online sites. Moreover, many people also buy homes and other property in India too.