Non-resident Indians are paying 4 billion USD in transfer fees every year
India is not yet the most populated country on earth, but it already has the largest diaspora in the world. If the 30 million Indians living abroad formed a country, it would be the 40th largest in the world, more populated than Saudi Arabia or Peru.
It is therefore no surprise that India is also the largest recipient of remittances in the world, with Non-Resident Indians (NRI) sending almost 70 billion USD to their home country every year.
According to the World Bank, the average cost of sending money to India is still slightly above 6% of the amount sent, which means that the Indians sending money back home collectively pay more than 4 billion USD each year in transfer fees and exchange rate margins, approximately twice the GDP of Bhutan.
The good news is that it would be possible to cut in half at least the amount of money that never reaches India by using better money transfer services. At Monito, we compare and review more than a hundred banks and money transfer providers sending money to India, to help Indians around the world find the best option for each of their transfers.
Click on the link above to select the country you are sending money from and the amount you want to send, to find out which provider will give you the best exchange rate and the lowest fees.