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Leveraging migration and remittances for development
Migration and remittances have a positive effect on the economy because of the flow of money from expats back home to their families in developing countries. These billions of dollars that are sent back home through an international bank transfer can then be used to grow businesses and boost the local economy. We look at how money remittance is leading to a better economic situation in developing countries.
Migration, remittances, and economic development
Migration is an important phenomenon in today’s globalized world. It has been estimated that there are about 281 million international migrants in the world, representing 3.6 percent of the world’s population. In addition, there are millions of refugees worldwide who have been forcibly displaced from their homes due to armed conflicts or persecution.
Remittances through an international bank transfer are one of the main channels through which migrants send money back home to their families. Remittance flows from the US in 2021 were USD 74.6 billion, which was the highest among all countries. Money remittance represents a major source of foreign exchange for developing countries as well as a financial lifeline for millions of families living abroad.
The impact of migration on economic development is complex and multidimensional. There is no doubt that remittances can have positive effects on the economy of developing countries by increasing consumption and investment and thereby increasing demand for domestic goods and services. However, there are also negative consequences associated with migration such as brain drain.
Money transfer services and their role in remittances
Money transfer services are a vital part of the remittance industry. They facilitate the online bank transfer of money between countries, allowing people who do not have access to traditional channels of international finance to send and receive funds across the globe. They offer online bank transfers and other options to send money abroad.
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Transfer Money from Malaysia to Philippines
You might be a regular remitter to send money abroad from Malaysia to Philippines, if you have friends, relatives or colleagues in Philippines. It can be tough to choose the best service provider as there are many of them in the market. If you choose Lotus Remit, we will give you the best exchange rates with quick service. When you compare our rates with other remit service providers, you will find that our rates are best in the market. We have offered excellent customer service over the years, which have helped us expand our loyal customer base. Our international money transfer services have helped us to gain a lot of trust among our customers.
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Get the best rate on currency converter | Foreign currency
Orient Exchange is the most customer-oriented money changers in India. Exchange your foreign currency without any effort at all at the comfort of your home, we made online money exchange a breeze to use. But you are not aware of money exchange rate today, don’t worry it’s easy to find that out with a click of button, and we pride ourselves in the exactness of our rates.
With Orient Exchange you can monitor the daily currency exchange rates with utmost precision and needless to say, find the best rates in the market. We have established in the market as an esteemed money exchanger with years of experience, and have brought along all the industry expertise we have gathered to the online platform. We provide the best services on currency converter offline and also on online platforms.
Foreign Currency Exchange Rates
We provide the best rates on Foreign currency exchange. Orient Exchange, as an RBI approved merchants (category2) has sharpened its place in the market of cash trade as a shipper, in this way we can give better rates to residential clients. You have discovered the most dependable cash changers in India, as we have 23 branches spread out in excess of 20 urban areas skillet in India.
We strictly adhere to the Foreign Exchange Management Act of RBI, so that our customers have a clear and transparent understanding of our rates and policies.
Best Services & products
As our tag line goes “Service is our priority’’, We assure the best of sales experience in online platform and at our branches too.
We have the best in business online gateways which will ensure smooth and secured transactions for customers and us an organisation.
Contact us for any foreign currency inquiry and get the best exchange rate on currencies.
Products we deal are:
Foreign Currencies
Travel / Forex Cards
Outward remittance (To send money abroad)
Travel insurance
We also assure you time bound delivery of currencies at your doorstep (Conditions apply)
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Everything you know about Currency Exchange in India while travelling Abroad
No matter where you are, the power of money is absolute. Currency conversion is a process that cannot be avoided, especially if you are traveling abroad. Cash, credit cards, Foreign Currency, and traveler's cheque are just a few options to transport your money abroad.
You can easily carry big amounts of money safely with a forex card, depending on your needs and financial situation. Due to the lack of card acceptance in many locations, cash is also essential. You may effortlessly swap your money and use the desired medium, from traveler's checks to multi-currency cards. Just be cautious to spread out your payments so you don't run into any problems in an emergency.
Customers can exchange one currency for another at a Currency Exchange, which is a legally permitted establishment. At a teller station, which can be located in a variety of locations including airports, banks, hotels, and resorts, currency exchange for actual money (coins and paper bills) is typically done over the counter. Before going to the currency exchange, there are a few things to think about.
Visit the site: https://www.orientexchange.in/know-about-currency-exchange-while-travelling-abroad
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Best ways to send money from Malaysia to India
Get over your money transfer blues. At Lotus Remit, we help our esteemed customers transfer money overseas from Malaysia to India (MYR to INR) at the best rates. The best for international money transfer will depend on the payment method you choose. There will be certain advantages with each payment method like low transaction fees and quick money transfer.
Visit the site: https://www.lotusremit.com/send-money-malaysia-india
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Buy Foreign currency at the best rate | Buy forex online
Foreign currency exchange in India has gone a long way. You may purchase and sell currencies at a variety of places, including private money changers, banks, and airports, among others. When traveling internationally for education, business, or pleasure, you will require the local currency for all transactions. You may have unspent Foreign Currency in your wallet after returning from a work or vacation trip. In this scenario, you will need to exchange your foreign currency for Indian rupees before proceeding with your operations. Foreign currency exchange is possible in India at banks, RBI-approved NBFCs, and even airports. But before you proceed to sell forex online, make sure you are doing it at the RBI-authorised places to get the best exchange rates available in the market. You can also do market research to have a better understanding of how the exchange rates stand.
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The Limitations to Remittance and ways to overcome it
The pandemic has affected many parts of the economy, with most of them moving forward in recovery mode now. Remittance has served as one of the affected industries and in this article, we focus on the limitations imposed on it and the ways to overcome them. Most countries rely on migrant workers, defined as someone who has migrated from their home country or country or another country for employment. Migrant workers can be found in nearly every country in the world. Remittances are funds transferred from migrants to their home country. They are the private savings of workers and families that are spent in the home country for food and other expenses which drive the home economy. Many developing countries may need more assistance in managing their remittances. Remittances give countries the ability to fund development in their own way and learn how to effectively use remittance funds (Investopedia).
While remittances are an important lifeline in many developing countries, they can also foster a dependency on outside flows of capital instead of prompting developing countries to create sustainable, local economies (Investopedia). As for East Asia and Pacific regions, the remittance flows in their region grew by around 2.6 percent to $147 billion in the year 2019. However, this growth was lower than in 2018 by 4. 3 percent points. In the year 2020, this flow is expected to decline by around 13 percent.
For more details, click on the link: https://www.lotusremit.com/remittance-limitations
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Foreign Currency | Leverage Orient exchange’s marketplace to find the best forex rates among multiple forex companies around you
Many outdated practices are becoming extinct as a result of the development of the internet and ongoing web space improvements. A business that deals in Foreign exchange cannot ignore these market developments. Before the 1990s, the foreign currency market relied on daily newspaper reports for information and updates. Since the advent of the internet, the average man now relies on the internet for information. Young people in the rising Indian market are the most engaged online, and many first-generation travelers are leaving the country for employment, study, or business. They would rather take the money because they find it more comfortable to have physical money.
Because of this, Orient Exchange offers these young travelers a user-friendly, transparent online money exchange platform with competitive rates. Providing foreign exchange services to the ex-pat population, it has 95 years of global experience. When dealing with us online, we can guarantee the finest Exchange rates and services. RBI has granted us a category II authorized dealer license to transact in foreign currencies. Being pioneers in the money exchange industry in Dubai, we are one of the very few to hold a license. We have 21 branches across India in 21 specific cities that offer travel cards, external remittances, travel insurance policies, and foreign currency services.
We provided skilled personnel to examine the requirements of travelers and visitors and make the internet mode simple. Being a global organization and experts in the currency market, we will give you the best forex rates for all foreign currencies through an online platform. We also provide money delivered right to your door. Additionally, one can operate their internet and buy forex online from the comfort of their house. The voyagers face a risky obstacle while transporting a lot of cash abroad. We gave everyone the currency cards that were all loaded with different currencies. Because of our tie-up approach, many banks throughout the world are connected to Forex cards. For consumers to understand us better, we also provide daily dollar rates precisely. The satisfaction of our clients comes first.
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Sending money from Malaysia has never been easier with Lotus Remit’s money remittance services... For more details, click on the source link.
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Forex card | Buy forex card online | Multi-currency card
Forex cards are a convenient, safe and smart way to carry and spend money while travelling abroad. Forex card is a pre-paid traveller’s card that is easy to use. It offers you the flexibility of using it at merchant locations as well as withdrawing money from ATMs. It can be easily reloaded even when you are travelling. Cards offer greater security and increased protection against theft.
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Currency exchange | Foreign currency | Money changer
If you are still unsure about all the foreign currency exchange rates and want to find clarity and assurance, why not pay us a visit to our branch. Our staff will elucidate every one of the subtleties and ensure that you leave with more understanding on the market rates and advantages we offer at Orient Exchange.
As an RBI authorised money changer near you, we are here to help you make your transactions swift and easy. We simply can provide the best rates because our business plan is devised in such a way that we make profit from imports of currency from Dubai and UAE; thus, it’s easier for you to buy or sell foreign currency or obtain a Forex Card with better benefits than any of our competitors
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Top Foreign Currency Exchange Service in India | Forex
Orient Exchange, as an RBI approved merchants (category2) has sharpened its place in the market of cash trade as a shipper, in this way we can give better rates to residential clients, We provide the best rates on Foreign currency exchange. You have discovered the most dependable cash changers in India, as we have 23 branches spread out in excess of 20 urban areas skillet in India.
We strictly adhere to the Foreign Exchange Management Act of RBI, so that our customers have a clear and transparent understanding of our rates and policies.
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Reload Forex card | Multi currency forex card | Travel card
How to reload Forex Card?
Forex Cards usually have a validity of 5 years. Depending on need, you can load different currencies on same card. Reloading of forex travel card or addition of new currencies can be done before leaving the country or even when you are travelling. Just select the “Reload Forex Card” on our Home page and follow the steps. Scan copy of the relevant Reload form need to be sent which is downloadable from the order confirmation mail or final Successful Transaction page.
Document required to purchase multi currency forex card
Self-attested copy of passport
Copy of visa
Copy of Air ticket
Self-attested copy of PAN card.
Forex cards are very convenient and economical way to carry foreign exchange while travelling abroad. But before buying the same one must check if the destination currency is available on card or not. If destination currency is not available on card it may turn out to be expensive. Secondly the most important part is to carry good amount of destination foreign currency in cash form to avoid exchange loss at airports. Use the forex card maximum and preserve the cash as it fetches better encashment rates as compared to leftover balance in cards.
Visit us: https://www.orientexchange.in
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Currency exchange | Buy forex online | Money exchange
Best Currency Exchange services in India
Orient exchange comes with a global experience of 95 years in UAE, providing Foreign currency exchange services to the expat community. We at India gained from that global experience and taking our price advantage from Dubai and share it with our customers in India. We can assure you the best forex rates and services when you deal with us through online.
Reserve Bank of India has licensed handpicked entities with Authorised dealer category licence to deal in foreign currency exchange. We being pioneers in Money exchange business in Dubai is one among the very few to have this licence.
We have 25 branches across India in select 20 cities catering to Foreign exchange conversion, Travel card (Forex card) & Outward remittance (Send money abroad). We also sell travel insurance policy, which will take care of medical emergencies through our branches.
Apart from physical branches, customers can buy forex online from comfort of their home by logging into our website and avail options of physical delivery of currency at one’s door step (Conditions apply)
Get the Best Exchange Rate
Its always better to deal with pioneers in the field with a goodwill close to 100 years for your foreign exchange requirements. Orient exchange with expertise in Money Exchange in Dubai and dedicated staff who is at your service always is the best choice for your travel related Foreign currency requirement. Being a global entity knowing the forex market well, we will be offering the best rates for all foreign currencies through our online platform. We also assure what you see online is what you will get when you walk-in to our physical branches
Documents Required for Buying Foreign Currency
Passport
PAN
Air Ticket
Visa ( if applicable)
Visit us: https://www.orientexchange.in
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Foreign currency | Foreign exchange | Buy currency online
Foreign Currency Exchange Online India
With the advent of internet and further updates in webspace many old practices are becoming obsolete. Foreign currency exchange as a business cannot stay away from these market trend. Earlier during 90’s market was dependent on previous days Newspaper reports to know and update about forex rate. By the introduction of Internet, common men started to depend on information available online to get updated. Nowadays foreign exchange rates are available 24 x7. 365 days through various online applications. With internet becoming accessible to common man and with increase in penetration of Mobile among young Indian population we are finding a huge increase in potential customers searching for Online information. Foreign exchange as its being traded across the globe and as rates are fluctuating depending on various market factors, there is no ideal platform other than online to know about forex rates.
In line with global changing or habit changing innovations, we are finding number of people transacting online for buying and selling their services is going up on a day to day basis. Buy currency online at the best best exchange rate through Orient Exchange.
Foreign Exchange transactions too is getting into online across India. An emerging market like India, which is having the most active young internet users & many first generations travellers across the country who are going abroad to work, for leisure and business purpose, foreign exchange as a business is booming. As many travellers are first timers, they do prefer to take foreign currencies as they feel its better to have physical currency for comfort.
Best Services & products
As our tag line goes “Service is our priority’’, We assure the best of sales experience in online platform and at our branches too.
We have the best in business online gateways which will ensure smooth and secured transactions for customers and us an organisation.
Products we deal are:
Foreign Currencies
Travel / Forex Cards
Outward remittance (To send money abroad)
Travel insurance
We also assure you time bound delivery of currencies at your doorstep (Conditions apply)
Visit us: https://www.orientexchange.in
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Money Exchange | Foreign currency exchange | Money changer
Easy money exchange with the best rates
Orient Exchange is the most customer-oriented money changers in India. Exchange your foreign currency without any effort at all at the comfort of your home, we made online money exchange a breeze to use. But you are not aware of money exchange rate today, don’t worry it’s easy to find that out with a click of button, and we pride ourselves in the exactness of our rates.
Pay us a visit
If you are still unsure about all the foreign currency exchange rates and want to find clarity and assurance, why not pay us a visit to our branch. Our staff will elucidate every one of the subtleties and ensure that you leave with more understanding on the market rates and advantages we offer at Orient Exchange.
As an RBI authorised money changer near you, we are here to help you make your transactions swift and easy. We simply can provide the best rates because our business plan is devised in such a way that we make profit from imports of currency from Dubai and UAE; thus, it’s easier for you to buy or sell foreign currency or obtain a Forex Card with better benefits than any of our competitors.
Preparing for a business trip
Be sure to check out our Travel Checklist before making your business trip. And, rest guaranteed with your Orient Exchange Forex Card that your cash is sheltered and secure. We make it easier for you to make retail purchases and withdraw cash directly from ATMs.
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