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India Ranks 3rd in Money Transfers From The US

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Cheapest ways to send money to India

India Ranks 3rd in Money Transfers From The US? According to the recent report by finder.com, a personal finance comparison website, India ranks third for remittances from the United States. The reports indicate that, in 2015 alone, Indian in the United States sent approximately $11.75 billion to their friends and loved ones in Indian. Mexico and China were ranked first and second with approximately $25.68 billion and $16.23 billion respectively.

Below are top 5 nations that the United States citizens send money to.

• Mexico- $25.68 billion

• China-$16.23 billion

• India-$11.74 billion

• Philippines-$9.65 billion

• Vietnam-$7.32 billion

Based on the data of remittances released by World Bank from 2010 to 2015, the comparison website reports that approximately $139.13 billion was transferred out of the United States in 2016. The site also projects that over 145.56 billion will be transferred out of the United States in this year.

The report by finder.com also reports that around 80% of Americans are not happy with money transfer providers. The survey, which was commissioned by finder.com but carried out by global research provider pureprofile.com, involved the interviewing of 2,005 American adults. The study found that an estimated 80 percent of these people felt ripped off by their money transfer providers. However, among the respondents who feel ripped off, 25 percent of them revealed that they normally do nothing about it and calls in the same money transfer provider whenever they are in need.

The report also revealed that around 30% of the respondents sometimes compare money transfer providers before engaging with them. Though more women (around 78 percent) feel ripped off by their providers compared to men (around 65 percent), more women revealed that they still prefer using the same provider.

According to the suggestions made by finder.com, people could save significant amounts of money by comparing providers whenever they want to transfer money out of the United States. Some money transfer providers do not charge transfer fee while others charge some amount of money to transfer money out of the country.

For instance, transferring $5,000 from the United States to Mexico, which is a popular destination for the money sent out of the US, could be a different of few Pesos depending on the money transfer providers.

More details about the survey by finder.com can be found through this link: https://www.finder.com/money-transfer-rip-off

Also In The Money Transfer

Western Union settlement highlights risk of wire transfer scams

More than 39,000 residents in Texas will receive compensation for money transfer frauds involving the Western Union. Last month, the U.S. Department of Justice announced that the money transfer giant will pay a total of $586 million to compensate victims of the fraudulent activities through the company’s money transfer service.

As part of the settlement, the money transfer giant also agreed to pay $5 million as settlement for anti-money laundering and consumer fraud violations. The company reached this compensation agreement with Texas and 48 other states that were affected most by the violations.

In both cases, Western Union also agreed to implement anti-fraud steps to prevent fraudulent activities through its wire service and to monitor and train its agents on fraud based wire transfers.

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