By Tim Pemberton
A passage from India
In an increasingly connected world, millions of people live abroad – and more of them come from India than anywhere else.
Around 18 million people who were born in India are currently based in another country, according to the United Nations. They include bank executives in Singapore, doctors in the UK, traders in the UAE, students in Australia, and technology specialists in Silicon Valley.
Their numbers are likely to grow. Most Indian people with a higher education speak English, making it easier to communicate in international universities and workplaces. And crucially, India’s rapid economic expansion is allowing more of its 1.3 billion inhabitants to travel and pursue their dreams.
In turn, people living and working overseas can make a major social and economic contribution to the places where they live, while also supporting communities back home.
Financial institutions can help people make the most of a connected world
In 2018, Indians living abroad made payments, or ‘remittances’ to friends and family back home totalling USD79 billion. This is more than any other country received from its overseas citizens. These payments help to support families and provide capital to invest in Indian businesses.
As overseas residents grow wealthier and start families, their financial needs become more complex. They may hope to make savings and investments, start their own business, manage foreign exchange risks, or invest in property.
People who can manage their finances effectively are more likely to enjoy life abroad, at the same time as maintaining valuable links with home. So financial institutions have a key role to play in helping people make the most of a connected world.
HSBC has a long track record of connecting people internationally. Today we help clients from many nationalities and backgrounds ranging from young Chinese people travelling to the UK for study, to Canadian nationals relocating to the Middle East for work. But the number of Indian people living overseas now means there is another specific and growing demand to be met.
That’s why we have opened a specialist centre catering to Indians living overseas. Based in Hyderabad, our experts help clients worldwide to manage their everyday banking needs. We provide support using the latest digital technology to make cross-border banking quicker, safer and more convenient.
We hope to help many more people enjoy their time abroad in the years to come, wherever they choose to explore.