Remittances with Cell Phones

It is possible to do the remittances and track the personal financial matter by using the cell phones. There are companies that offer the remittance services like PayPal mobile and they permit you to set up an account and then use your cell phone for depositing funds into the account. You can also do the remittances directly from the account by using the cell phone. If you like to do the remittances from your cell phone and find it comfortable then you should have the Smart Phone with you as these services are available only for them. Some examples include iPhone, Android, BlackBerry, and Windows Mobile.

Remittances with Cell Phones The first step in sending remittance by cell phone includes setting up of account and downloading the mobile application. You can establish a PayPal account prior to downloading the mobile application. To achieve this, you can access the PayPal home page and begin by clicking the “Getting Started” link on the LHS of page. You can create an account and sign up by entering the personal information. You will also be required to set up the password for the account.

You can link your financial account to your PayPal account and also you can link a checking account, prepaid debit card, credit card, for doing remittances through your PayPal account. You may link one or more type of accounts depending upon your preferences. You will be required to submit information like name on the account, account number, and routing number for linking your account. PayPal will do the verification of your entered information and send a confirmation at your email address.

You should ensure that your cell phone supports PayPal mobile. You may select and download the mobile application by following the instructions written on website. Once you are done with creating your account, the next step is to activate your mobile account. You can create a personal identification number (PIN) while connecting to PayPal through your mobile phone. PayPal will do the verification of your phone number by sending you a SMS.

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Remittances to India

Money can be remitted to India by applying to New York Branch in six ways as mentioned below.

(1) Rupee Remittance to Account: This method refers to the rupee remittances for the credit of the account of the beneficiary. In fact, banks like SBI have an extensive network of over 15000 branches and they can also do instant transfer of money and there is no ceiling on such remittances. The remittance can be sent electronically if the beneficiary’s computerized account number in completely mentioned in the remittance application. The electronic transfer is done by either wire transfer (SWIFT) or Real Time Gross Settlement System (RTGS), and State Bank Electronic Payment System (STEPS).

Remittances to India (b) Rupee Remittance to Beneficiary: This method involves the rupee remittances where the money up to $2500 can be sent directly to the beneficiary in India. For example, the remittance is sent by the wire transfer to the branch of bank in Indian city and this branch issues a rupee draft and arranges to send it by courier or registered post to beneficiary. The draft is crossed “Account Payee Only” and it is payable to the beneficiary.

(c) Rupee Drafts: Sender can also buy the rupee drafts from the bank that is payable at a desired branch. The rupee drafts issued by New York branch have the MICR band and, thus it can be collected by the bank via the clearing system in any Indian city.

(d) Dollar Remittance to Account: This method refers to the dollar remittances for the credit of the account of the beneficiary. It can be sent to any branch of any bank in India. All such remittances are converted to Indian rupees by the Indian Bank. The remittance is sent as wire transfer to the bank branch that forwards it to the beneficiary branch.

(e) Dollar Official Checks: Sender can also buy U.S. dollar official checks that are payable at par at foreign exchange dealing branches of banks in India.

(f) GBP/Euro Remittance to Account: This method refers to the GBP/Euro remittances for the credit of the account of the beneficiary. It can be sent to the branches of banks in India that are authorized to handle foreign exchange. This remittance is sent by wire transfer and such remittances are sent by customers who like to make savings in these currencies in India.

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Tips for Sending Remittances

You can follow the below mentioned tips for sending remittances. These tips allow you to manage your remittances efficiently. As a domestic helper, you should try to arrange for remittance before you leave and get to the work place.

(1) You should open up two bank accounts before you leave the country. One bank account should be used for yourself and other one for your beneficiary. Ensure that the branch of your bank is nearest to your beneficiary. Also, you can also select the bank that gives you the fastest remittance service and charges you with reasonable rates.

(2) When you are abroad, you should send money to both your beneficiary’s account and your own account. Keep your account as your savings account.

Tips for Sending Remittances (3) You should select that bank which is nearest to your location and ensure that it has branches in overseas location. You can open an account as soon as you get your salary. You can also open two accounts in the foreign country. One sho

uld be used for the sending remittances and other one for handling your personal expenses. You can select the savings account that has higher interest rate.

(4)Plan your remittance well in advance. You should try to program your remittance practice and make schedule for it. The sending of remittance via bank costs money for both the sender and receiver. Therefore you may send money quarterly in place of monthly if possible to make more savings on sending remittances. You can do so by consulting with your beneficiary as they are the ones who would be needing money to survive for the monthly or quarterly period.

(5) You should ensure that you have all the documents ready in place for sending remittances. The Identification cards accepted by banks include Passport, Driver’s License, Voter’s ID, Office ID,


(6) Do research in alternative remittance technologies or methods available. You can send money today by using a wide range of options available. You should do research about it as you can now send money quickly via Electronic cash, Electronic ATM card, and Internet.

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Remittance Processing Services

A Remittance processing services is the set of services that allows the person to save his time and send money quickly to his friends, family or others. The Remittance processing services (RPS) satisfies the requirements of the sender efficiently. The processing of the payments by hand is a tough job that consumes lots of time and waiting for the payments to clear especially to the company’s accounts can lead to hindrance in further developments like staffing and equipment acquisition. With RPS, one can get around with these issues without making any compromise on the business.

Remittance Processing Services A remittance processor is the person on the staff that does all the payment processing or it may be a third party that takes care of the remittance process for your business. The remittance processing service is available for most of the industries and it includes retailers that make use of retail remittance processing for handling the store credit accounts. This RPS also supplies companies that make use of credit cards for processing sales transactions.

You may follow the below mentioned steps to avail the Remittance process services

You should decide whether to use in-house remittance processor or a third-party remittance processing centre. The amount and type of transactions to be processed daily decides whether you should have in-house processor to handle it. For those small businesses that handle big amount of check and credit card transactions, the remittance processing vendors prove to be a convenient option. Those companies that handles relatively smaller amount of transactions, can hire a remittance processor.

You should evaluate the RPS systems for your business and can go for customised remittance processing software and hardware that matches your requirements. You can also look out for a remittance service provider that meets your specific business needs. You can find a solution for your needs within such a diverse industry.

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Sending Remittances Using Credit Card

Most of the remittance service providers accept deposit or remittance using only the bank accounts or by using online banking. In case, a customer does not have any bank account, he/she can still send money to the relatives online by making use of credit cards. You need to apply for a free account with PayPal as it is very popular payment method that is accepted everywhere in the world. It is easy to send and receive money with PayPal; however you should ensure that you are not sending the remittance illegally. Once your application for opening the PayPal account is approved, the banking information or credit card information is added to it.

Sending Remittances Using Credit Card After that, you need to search for a third party payment method and then apply for free account. You are required to add your credit card or banking information which should be the same as provided while creating the PayPal account. You may set your credit card or banking account as the primary source of payment in the PayPal account and you can also set the similar information in your third party account. Once you have set up your third party account and PayPal accounts with the similar information, you can start add your recipient name in your third party account. Now you can initiate sending money to your added beneficiary. The PayPal can be your source of payment if you have good enough balance in the PayPal account and you can also select any other form of income source if you have no balance in your PayPal account.

You can also read the charges applied carefully before considering any online transaction. The credit cards in particular charges high interest rate if you are sending remittances overseas as compared to the bank account. You should know the details of all the charges and make comparison by yourself.

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Remittance Man

A remittance man is an emigrant that is supported or assisted by the payment of money sent from home. Remittance Man also has a historical English meaning that dates back to 19th century when it was referred for sending money from Britain to a person living in distant locations like a British colony. Thus, it involved the sending of money in the opposite direction as compared to today’s usage of remittance. Generally, a remittance man or remittance woman refers to anyone who is living away from home and supported by their family in other house, city, or country irrespective of their reason for living there. Some of the reasons may include looking for business fortune, extended vacation, employment, education, or away from family, or legal troubles.

Remittance Man Successful Remittance Men – It refers to a remittance man that has been living separately from the family members for seeking their own fortune and proof of worth. An example of successful Remittance men is George Vanderbilt and Biltmore Estate. It also includes the persons whose family remittance payments came from middle class families. Historically, the examples of successful remittance men comprises of movement of many people from east coast family home to the west coast in America for seeking fortune and initiating new businesses.

Dark Side Remittance Men – It refers to the remittance men who were paid to stay away so that they would not bring any disgrace to the family. Most of the time, these men were of immoral character and drunken character. They have been sent overseas after their presence caused inconvenience in their home location. References to this can be found in the literary works of American writer Mark Twain and Canadian poet Robert Service. It was primarily used in a derogatory sense in major parts of the America in 20th century.

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