Money transfer to India

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debo_nair17

Registered Users (C)
First of all sorry to post this in this group. I didn't find any other related group and this seems to be the most active.

Over past 10 years I have always used SBI $ draft to transfer money to India. if anyone has any experience in any other ways ( cash2india.com ) etc please let me know how reliable and fast/cheap are they?
 
ICICI Bank

I have tried various methods over several years, and so far I found that the best thing to do is to do money transfer through ICICIBank, Money2India.com

You can ask your relative to open a bank account in ICICI bank and once that is done, you can transfer money from your US bank account into their ICICI bank account in India right from your computer. You can also set up to send fixed amount of money every month, that is what I did.


Disclaimer: I have no personal interest in ICICIBank/Money2India.com
Just based on my personal experience.
 
Western Union

Western Union is another option. Its very easy. No accounts needed by any one.
How it works is.. (US to India case) you pay money in dollars (only cash, no checks, or credit cards) at a Western Union agent place in US, you give the full name of the benificiary in India. They will give you a 10 digit number.
You notify this number to the person who will get the cash, he then has to visit nearest WU agent and give his name & 10-digit number, he gets the cash in Rs. It takes about 1 hour (worst case) for the whole process.
WU agents are availabvle worldwide. Just go to their website. It is very easy. I could do it.

good luck..
 
Try the credit Union

I have tried this several times in the last 2 years.

Check with your local credit union(assuming you have an account there)

They charge about $10 for a local wire transfer.

That goes to the Indian Banks's nostro account with a US bank in NewYork (Chase Manhattan for example)

The same day it gets transferred to your account in India with the bank. the route is

Local credit Union-->NewYork Bank-->Credit -Indian bank(HDFC, e.g)-> Local branch of HDFC ->Your account

9 times out of 10, if I do it before 12 pm EST , the next morning the credit is in my bank account (NRE Account)

I do lose about 15 -20 paise in the conversion when I compare the exchange range published in the news paper.

Prerequisites

a. Need to find out the Indian Banks - account number in NewYork with Correspondent bank (like Chase Manhattan for example

b. Need to know Routing Number of the US Bank

So far as I know , western union is way to expensive.

Cannot think of a quicker and cheaper option

Hope this helps
 
CITI NRI Issues:

Hello All,

Just wanted to let you know and caution you on my experience with CITI bank NRI services. Based on their ad-campaign "0 balance for 20 years", I'd opened an account, but realized that the catch was that the X-change rate being applied to any money transfer is ridiculously less. When the days rate was 1$ - Rs.44, they are applying a rate of Rs. 42 (for transfers between $1000 to $25000). Same days ICICI rate was Rs. 43.50. The customer care is of no good either - you get the same standard memorized response - "Sorry Mr. XXX what ever". CITI NRI website does not provide details on current X-change rate either, while other banks do. Also one cannot reach the NRI Service Center in US (you reach some Raj'guy's voicemail in Chicago, who does'nt return your calls), you get passed on to some college kid in India who does'nt know what you are talking about.

Does anyone else share this experience? I think you'd be better off using another service than falling for the "0 balance" advertisement.
 
Remit2India is a low commission, reliable and pleasant experience

To send money, I have often used Times of India services, Remit2India which offers lowest commission, online tracking, 1800 enquiry, online live helpdesk and multiple options to send money.

Compared to western union, Remit2India is far superior.

Here is a link.
http://www.timesofmoney.com/remittance/jsp/home.jsp
 
I am using www.swiftfxtransfer.com

I am transfering money from Switzerland via www.swiftfxtransfer.com
I am yet happy with them

I am using them for long now. I have used Remit2india too. But i prefer www.swiftfxtransfer.com

Cause it gives me best Exchange Rates, Regulated, Various Certifications, Good Counter-Parties.
And Very Quick Payments..

You Can check them out.

Best Luck
 
Try remit2india online money transfer service

remit2india offers best exchange rates and good online service, i have done more than 12 transactions without any issues, and their commission rates are also better than other services.. :)
 
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