Remit2India offers better exchange rates for NRIs

MUMBAI: Remit2india, the largest independent online money transfer portal for non-resident Indians (NRIs), has introduced a promotional campaign that offers better exchange rates to NRIs. This would enable them to convert more foreign currency into rupees and earn up to Rs 4,500 over the standard rates through a cash-back scheme.

Non-resident external accounts are rupee accounts that NRIs are allowed to maintain in banks in India. Any person of Indian origin or nationality, currently settled abroad, can open these accounts which can be in the form of savings, current or term deposit. These accounts are popular as NRIs can enjoy the benefits of higher interest rates, tax- free principal and interest amount and also full repatriability of funds involved.

The NRE account is also used by NRIs as channel to route investment into including mutual funds, property, and insurance. A Remit2India spokesperson said, “It won’t be incorrect to say that there is a clear upward trend in the volume of funds being transferred into NRE accounts and number of transactions for the same through Remit2India.” Remit2India service is available in 32 countries and 9 currencies across the globe for in-bound remittances to India through multiple money transfer options available on the website.