On 19-Apr-2013, at 1:16 PM, Deepak Shenoy <[email protected]> wrote: . > >> How do they send money home? > > Lots of ways. The standard is for people to send money through someone > else travelling back. Once in Gurgaon, a huge truck was hired to send > back goods home to a village in Bengal, by bengali migrant workers, > and there was this guy collecting cash also to give back home and > writing stuff in a register. I was fascinated - all of them had split > the cost of hte truck and there was a 10% fee for the cash transfer. > > Another common thing is prepaid currency. You buy a prepaid scratch > card, call up a shopkeeper in a village and he uses the currency for > his use (or sells it to people coming to his shop) and gives the > family there the money minus his cut. >
Here is a recent news item about remittance services. http://m.economictimes.com/news/news-by-industry/banking/finance/banking/vodafone-icici-bank-launch-money-transfer-and-payment-service-m-pesa/articleshow/19600921.cms Regards, Nandkumar
