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7 Lesser Known Facts About the Business Of Cricket in India

India lost the ICC Champions Trophy 2017 to Pakistan by 180 runs. But let’s be honest, we’re extremely proud of our boys in blue for totally owning the series, and are all set to cheer for them in the India tour of West Indies starting 23rd June.

Meanwhile, we have got something to keep the frenzy going. Here are 7 lesser known facts about the business of money in Indian Cricket.

The list is compiled by Instarem – a leading international money transfer to India service. All exchange rates used in the article are per June 16, 2017 closing rates.

Do you know that the Board of Control for Cricket in India (BCCI) is the highest profit earner among the 10 cricketing test nations’ boards? In 2016 BCCI’s profit soared to Rs. 1718 crore ($ 270 million), making it the world’s richest cricket board.

The next profitable board would be…. Take a guess, and comment below. 

MS Dhoni and Virat Kohli pocket approximately, Rs. 8 crore ($ 1.25 billion) and Rs. 5 crore ($ 775K) respectively from each of the brands that they endorse.

Do you know how much did SRT make per brand endorsement? Take a guess, and comment below.

Grade-A players of Indian Cricket Team earn Rs 2 crore ($ 310 K) as Annual Retainership Fee, while Grade-B and Grade-C players pocket Rs. 1 crore ($ 155 K) and Rs. 50 lakh ($78 K) respectively.

Do you know which players are in the top league of Indian cricket? Dhoni, Kohli... a few more. Know these names? Where’s Yuvraj Singh? Comment below.

Besides the Annual Retainership Fee, players get a match fee per game.  A Test match earns them Rs. 15 lakh ($ 23.5 K), while ODI earns them Rs. 6 lakh ($ 9.3 K) and a T20 earns them Rs. 3 lakh ($ 4.6 K) respectively.

England player Benjami Andrew Stokes is the most expensive foreign player in IPL history with an offer of Rs 14.5 crore ($ 2.25 million) made by the Rising Pune Supergiants franchise. Who is the highest paid domestic IPL player?

The bat used by Mahendra Singh Dhoni to hit the gigantic six that got India its second World Cup in 2011 was auctioned for Rs 72 lakh ($ 110,000). The proceeds were given to Dhoni’s wife’s charitable foundation, Sakshi foundation, that works with underprivileged children.

Superstars of yesteryears aren’t lost either. They earn a decent income via their commentary services in Indian cricket. Anil Kumble, for instance, was paid Rs 39 lakh ($ 60.5 K) as fees for being a commentator in 5 ODIs and 4 Test Matches for the South Africa Series 2015. Mahesh Manjrekar was paid Rs. 36.5 lakh ($ 56,500) for the same series.

As you’d know the popularity of these players spans across borders. A strong evidence of this is how Indians who have moved to far off countries, for work or studies, greet these champions whenever they travel to their new countries of residence.

Clearly, the Indian expats connect with their home country through cricket and their cricketing superstars. Well, the Non-Resident Indians connect with their home country in another way too - through Instarem

For most Indians living abroad, Instarem provides a great solution to sending money back home - to their family, friends and businesses, in the most cost-effective way! In fact, World Bank has even rated Instarem as one of the best platforms to send money to India (Check here: https://goo.gl/fshLwo)

Instarem is celebrating the the spirit of Indian cricket by giving its new users a first transfer bonus ;)

You can sign-up now to get a first transfer bonus by using the below codes:

INSTACRIC: For transfers from Australia (AU$10)

INSTACRIC10: For transfers from Singapore (SG$10)

WEBHK: For transfers from Hong Kong (HK$50)

So get started on saving big on transfers back home, and cheer on for our Champions!

[expatsworldwide-blog]

4 ways to send money to India for free

The rapidly ever-expanding technology has made our world, our beloved Earth, a smaller place. Hasn’t it?

Earlier it would take a few weeks to travel to US or Europe on a ship from India but now we can travel to any corner of the world within a few hours.

This has changed migration and economic patterns as more people are now travelling abroad to study or work in reputed foreign schools and concerns. Moreover, the ongoing digitization and growth of the IT sector has led to ever increasing demand for Indian techies worldwide.

Yes, world is not the same. And Indians are no longer confined to India. We are found in all corners of this planet! Studying, earning, traveling, freelancing!

Thus, sending money to India has become a top concern for many of us desis. Whether we need to send money to our family back home, or pay for utilities and services, or invest back home, an excellent online money transferring option is required. Unless you’d like to visit India every time to a pay certain amount...

Though there are several options available through which you can send money to India but most of them are not free and they charge you considerable fees for the amount that you are sending. So, well, you end up sending less! When, our dharma says, we should be sending more!

But do you know that the dollars you would be spending on transaction fees can be saved? Get your gang or family ready for a treat as you are really going to save some bucks! Here we have compiled a list of the four best ways with which you can easily send money to India for free without any charges. 

So the next time you shop with your $ saved, don’t forget us!

Option # 1: Instarem

This FinTech start-up is changing the way people transfer money from Australia, Singapore and Hong Kong to India and many other countries across the globe. World bank has even ranked InstaReM number one in terms of cost-efficiency and speed throughout AUD-INR corridor. 

InstaReM is also gaining traction among the NRIs for transferring money from Singapore to India and sending money from Hong Kong to India.

So if you’re in Australia and want to send money to India, there’s no other better option.

Here’s what you get when you transfer money with InstaReM:

Pros:

§  Zero transfer fees from Australia

§   Transfers at near-live FX rates

§   Transfers on the same day, or next business day at the most (depends on when you initiate your transfer)

§   First Transfer Bonus. You get AU $10 added to your first transfer!

§   Refer your friends’ bonus. This is a substantial $20 bonus, whenever your friend registers and makes a transfer!

§   Live client services

Cons:

§   The company doesn’t spend much on marketing itself. It’s sort of a self-discovery and referral thing! So how would you have known, if not for us?

So, well, we did a transfer and found it smooth sailing. Try InstaReM yourself to find out 😃

Option # 2: Physical Transfer!

 Well, this is a given!

Population of Non-Resident Indians is at an all time high. As per Wikipedia, there were about 30.8 million NRIs in 2016. So practically you can find Indians in every nook and corner of the world. Yeah, there’s a desi food joint in Timbakhtu too! Getting back to the point, you can ask someone who you know is traveling to India to carry your hard-earned money back home.

Pros:

§   No online janjhat!

Cons:

§   It’s difficult to find someone you could trust, who also happens to be visiting India

§   Completely unsafe

§   Cash declaration and limitations at the airport.

§   You can be caught for money laundering 😉

 3. Google Wallet:

Google Wallet is mainly an app that promises free transactions to anywhere around the globe. Thousands of individuals prefer Google Wallet for saving on transaction fees.

Pros:

§  No fees are charged, yes, it is totally free to use

§  One does not need to have an account in Google Wallet to receive the money as it will be directly transferred to the bank accounts which are linked to email accounts. 

§  Money can be sent to the users who have an email account or verified phone number

§  24/7 check on the activities for fraud protection

§  Smartphone app as well as webpage available

Cons:

§  A bit messy but Google is constantly revamping for giving a better experience to the customers.

§   Limitations on the amount to be transferred ($10,000 maximum for each transaction and maximum $50,000 in a period of five days). The businessmen may have to suffer this limitation.

§  You will only be able to use it if you have a registered Google account

§  You will only be able to send money to those people in your email or mobile contacts

§  Not yet friendly for overseas remittances to India. We tried figuring how, but couldn’t. 

 4. Square Cash:

This may be not so popular among users but it is one of the safest ways to transfer money. On top of that, it is absolutely free.

Pros:

§  Instantaneous free money transfer through multiple methods

§  Feature to store money in the square cash account

§  Integrated with the new Apple watch

§  Attractive and user-friendly interface

Cons:

§  Doesn't support credit cards

§  Spending limits are low when compared to others. Hence, if you need to deal with a heavy amount then Squarecash is a disappointment.

§  The theory of $ cash tags that the company uses to promote itself is more interesting to hear than in actual reality

§  We tried figuring this application out. However couldn’t figure a way of transferring funds to India. 

Every service has its own pros and cons. Now, the ultimate choice resides with you. Carry money along with you  to India, or transfer it to India from the comfort of your home using InstaRem money transfer, you can always choose wisely and send your money to India without any cost.

The big question is : why pay for money transfers when you can get the same for FREE. Saving more, is sending more, after all!

Have more ideas on how to transfer money for free to India? Do comment below and we’ll be sure to look it up!