Dubai: Remittances from the UAE are seeing a surge as several, particularly South Asian currencies, were losing ground in the past weeks. But will remittance-beneficial currency trend continue?
When it comes to sending money back home, it is vital to know whether it is currently an ideal time to remit. To understand whether it is or isn’t, one should first find out if your currency back home is expected to rise or fall in the days to come.
According to statistics, South Asians, which – among others – include people from India, Pakistan and the Philippines, and make up nearly 60 per cent of the UAE population. So, it would be financially beneficial to regularly analyse currencies of the above countries, be it – the Rupee or the Peso.
Dubai: Remittances from the UAE are seeing a surge as several, particularly South Asian currencies, were losing ground in the past weeks. But will remittance-beneficial currency trend continue?
When it comes to sending money back home, it is vital to know whether it is currently an ideal time to remit. To understand whether it is or isn’t, one should first find out if your currency back home is expected to rise or fall in the days to come.
According to statistics, South Asians, which – among others – include people from India, Pakistan and the Philippines, and make up nearly 60 per cent of the UAE population. So, it would be financially beneficial to regularly analyse currencies of the above countries, be it – the Rupee or the Peso.
Dubai: When it comes to sending money back home, it is vital to know whether it is currently an ideal time to remit. To understand whether it is or isn’t, one should first find out if your currency back home is expected to rise or fall in the days to come.
According to statistics, South Asians, which – among others – include people from India, Pakistan and the Philippines, make up nearly 60 per cent of the UAE population. So, it would be financially beneficial to regularly analyse currencies of the above countries, be it – the Rupee or the Peso.
Here is an analysis of how these aforementioned currencies have been performing and expected to perform in the coming weeks and months, to help understand whether remitting money now is profitable or cost-effective, or should you wait it out for a few weeks for a better rate to come along.
Dubai: As an NRI or Non-Resident Indian living in the UAE, if you were wondering what is the maximum amount of money that you can send back home, here are the pertinent laws in India that regulate how much you can or cannot remit.
Under the exchange control law, as an NRI, you are allowed to remit up to $1 million (Dh3.67 million) from your NRO account (explained below what it is) after you furnish necessary documentary evidence.
Remittance exceeding $1 million (Dh3.67 million) requires special permission from the Indian central bank, the Reserve Bank of India (RBI). But first, a quick brief look at what are NRE and NRO accounts.