Indians form one of the biggest immigrant populations in the USA with an influential and strong economic base in that nation. A sizable amount of remittance goes to the USA from India every year. Thus, it is understandable that a section of the Indian population is constantly on the lookout for a more reliable and faster way to send money to the US to their children, relatives, or even friends. Now, there are several ways to send that money, though each way is not equally effective. Read on to know all the details about it.
Why do you need a better way to send remittances to the US from India?
Most of the remittances that go to the US from India pass through the public sector banks. These are conventional banks that work with legacy technologies and need extensive paperwork. Now, the other option is relying on different freelancing agents that work with a network of around 100 to 150 customers. But the issue with these freelancers is that they tend to charge a hefty commission for each transaction. Also, it is hard to assess which agents to trust and which ones to avoid.
In addition to that, three ways are available for currency exchange for the ones traveling outside India – forex, international debit card, and cash. Now, cash is not really safe to carry because it involves a markup that can reach 7 percent and above. Then, international debit cards tend to have a cross-currency mark-up of around 4 percent with a spread of 2 percent. These are also subject to regular FX volatility.
On the other hand, the forex card acts a lot like a check for a digital traveler. When it comes to forex cards, you need to figure out which of the local vendors offer the best rate. You also have to decide on the amount to be carried before visiting the branch or going online to get the money loaded. The biggest issue is that you cannot keep track of your transaction. In case the card runs out of money, it’s not possible to get it reloaded once more and that’s risky.
Neo banks, the new-age digital financial service providers, with their cross-border banking solutions have been offering the right solution in this scenario. For anyone who wants to transfer money from India to USA, they are making the process cost-effective, fully digital, and instant.
In the neo banking solution you need to send remittances
Zolve is an effective neo-banking solution that helps to transfer funds to the USA from India securely, safely, and easily. Here are the three steps you need to follow to send from India to the US:
Step 1: Open Your Zolve Account
You will need some basic documents to open the account, such as your ID proof, address proof, and the like.
Step 2: Add money to the account
Once your account is open, you can add money to it as you want from India.
Step 3: Withdrawal of the money
Your money is transferred to be withdrawn by your friend or relative staying in the US.
So, if you are planning to send money to the US from India, open your account right away. You will be glad you chose Zolve over others!
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