The need to send money to India in order to help support family members is quite regular. In fact, this nation is constantly at or near the top of the list of countries that receive the most funds in remittances each year. If you are interested in learning more little-known facts regarding remittances to the country, read on.

In 2005, India topped the register of most remittances for the year at more than $24 billion. China and Mexico were the following two nations on the listing. In 2008, it once again beat out China and Mexico with about $45 billion in transfers. Though clearly India is a very popular nation to remit funds to, it was not always this way. In 1990, just about $2 billion was sent to the area, a number that has increased slowly every year for nearly two decades. In 1996, it equaled over $12 billion, jumping to almost $22 billion in 2003.

Of course, the magnitude of the ability to send money to India has increased in the last 20 years, as well. This is because the GDP now relies on the money sent, as so many citizens use it to fund their daily lives. In 1990, when remittances were a lot smaller than they currently are, they built up less than one percent of the GDP. In 1995, this amount increased to more than three percent, and has stayed near that amount since then. Unfortunately, the amount of people who send money to India is expected to fall by about seven percent as of 2009.

Despite the fact that the number, of residents who send money to India has indeed dropped a bit since 2008, it has so far not fallen quite as much as some experts predicted. This might be because more Indian immigrants are nervous about losing their savings, so they send it to the vaguely more stable Indian market. Also, it is obvious that relatives in India that get used to living off transfers still need help with their everyday expenses, so relatives residing in the United States are likely to still aid them as much as possible. This means that if you need to send money to India, you will not be alone.

Fortunately, the same transfer, selections, as before are still available. You can send money to India using standard pathways like a bank or money transfer agencies, or you can opt to use more technology-driven methods, such as a prepaid debit card. The more you learn about remittances to the area, the easier it will be to select the best way for you to send money to India.

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Have you ever attempted to send money to Brazil but found yourself hesitant because of the ridiculously high cost? Or even worse, have you tried to wire to someone who doesn’t even have access to a financial institution to obtain the money?

If you absolutely needed to transfer funds to Brazil today, you’d only have a few options. Luckily, the money transfer industry will change greatly over the next few years.

If you still need to wire money to Brazil, you can use a bank’s wire system. For international transfers banks created the SWIFT system, which created in the mid-seventies after seven international banks needed to shuffle money and decided to create a system that would allow people to transfer money worldwide.

One downside however is that both parties in the transfer must have bank accounts – the sender in the country they’re sending the cash from and the receiver in the receiving country. If either party is not in their native country it will be difficult since they most likely do not have an account in that country.

A different system does not require a bank account, you simply send money in the name of the other party, and give the person who’s meant to get the money a code which allows them to get the cash. Though a great way to wire money, it was once the primary most popular way for terrorists to wire money internationally. But since September 11th, efforts have been made to tighten security, so now both members in the transfer are required to present some form of identification.

With the growing popularity of cell phones all over the world, the world is transforming before our eyes causing the world of sending money wirelessly to change dramatically. Many wireless companies are now letting their customers transfer funds from mobile to mobile.

Someday, if you want to wire money to Brazil, all you will have to do is input the amount and the phone number you want the money sent to and in a blink the money is transported. Some pre-paid wireless phones already have a service in place so that you can replenish your pre-paid minutes from anywhere in the world. The only difference is the way the recipient goes about collecting the money.

The groundwork has already been laid for mobile-to-mobile transfers, all that’s left is to make the process completely viable from an international standpoint.

Today it’s already possible to use your phone to buy things, and some banks have even started using a credit card that’s a part of your wireless phone. Although it’s only available on the iPhone, it’s a sign of things to come and soon enough wiring money to Brazil will be as easy as clicking send on your Blackberry.

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