One afternoon, Abidah Shaikh walks into a money transfer shop that is wedged between pharmacies and grocers on a commercial street in Bhindi Bazar. She picks up the equivalent of 600 UAE Dirhams sent by her husband working as a personal support worker in Abu Dhabi. The amount is slightly hefty considering Ramadan is in the offing. Carrying her 10-month-old daughter in her arms, she says, 'I have nothing but my two kids and this money helps us eat and send our children to school.'
Families are very important to Indian expatriates across the globe and the desire to be with them become even more pronounced during festive events. However, for those who are not able to travel back home, the occasion times perfect for sending money to their relatives and friends.
India hosting the world's third-largest Muslim population witnesses a typical surge in remittances especially during the month of Ramadan. Again, India being a 'receive-only' country, the transaction is highly influenced by how close the recipient finds the access point.
With more than 80 percent market share in International & Domestic remittance industry, EbixCash has established the largest Money Transfer provider in India. Over the last 10 years, the company has earned its customers' dependability and trustworthiness by respectfully handling their hard earned money through a robust network of 260,000 physical touch points across 5000+ cities, towns and villages. This deeply entrenched platform consists of neighbourhood stores like Kirana shop, medical store, mobile recharge shop, etc. enables millions of expats' families & loved ones to have an easy and convenient access to money when in need.
The holy month of Ramadan, one of the most important occasions for Muslims around the world, presents us with an opportunity to reach out to more and more people and service them better. To partake in their celebration, EbixCash organises iftar parties for its agents, distributes sharbats and food packets to the local people who keep fast, visits a various orphanage and old-age homes, and donate clothes to them.
As per the latest World Bank report, India continues to receive a major chunk of the inward remittance from the countries such as the Gulf, followed by the US and Canada.
The cost of transferring money varies greatly from country to country, basis the method of transfer. But migrants are not interested only in transfer costs. They are also interested in the risk they carry. And when it comes to money handling, it is all about the trust factor. Having voted amongst the most trusted BFSI brands for two consecutive years, EbixCash clearly reflects its commitment towards providing safe, secure and trusted money transfer solutions to the customers.
Festivities and culture are the strongest aspects that connect Indian expats to their homeland. Recompensing for their absence back home during such occasions, migrants living abroad play their part by sending money to their families.
Strengthening the formal remittance infrastructure by offering the advantages of low cost, expanded reach, and a trust-worthy network can bring smiles on the faces of many migrants' families whose lives depend on income from abroad to fulfil their basic needs.
(EbixCash is the largest authorised Money Transfer partner for Western Union, Moneygram, Xpress Money and Ria)