goldrainafterGC
Registered Users (C)
Could the members please share their experience in sending money to India? Which is the most effective way?
Any help is appreciated.
Any help is appreciated.
Sending Money To India
- Thread starter goldrainafterGC
- Start date
karmayogi28
New Member
Re:
Go try in a nearest casino to you with all your money, they will charge you less..
Go try in a nearest casino to you with all your money, they will charge you less..
Feb2002Case
Registered Users (C)
I would reccomend "TIMES OF INDIA". They give good rates and are very convinient.
Please never send money via unauthorised ppl (HAWALA) as that money is not used for good purposes and ends up in wrong hands for wrong purposes. Thats what I heard from someone.
Please never send money via unauthorised ppl (HAWALA) as that money is not used for good purposes and ends up in wrong hands for wrong purposes. Thats what I heard from someone.
LiveAndLetLive
Registered Users (C)
If the city in India where you want to transfer money has a ICICI branch, then I would definitely recommend ICICI. There service is great and they give very good rates. I have been using their service for last 1 and half year. No complaints so far and you can do all the transactions on the web.
Hope this helps.
Hope this helps.
Liveand Let Live
Thanks for you post - About ICICI - how does it work? what is the web site and how is the money received by the receiver in India. Does the receiver have to have an accoutn with ICICI - how much is the transaction fees
Any detail will be helpful, thanks
Thanks for you post - About ICICI - how does it work? what is the web site and how is the money received by the receiver in India. Does the receiver have to have an accoutn with ICICI - how much is the transaction fees
Any detail will be helpful, thanks
Re: Liveand Let Live
Though you don't get prompt service, I think sending money through SBI is a good option.
These private banks may have attractive rates and offers, but I always send through SBI.
As SBI is under Indian Govt., they have standard rules for x-rate conversion that are in favor of customers.
For e.g. I have been to India in recent months. On the same day, I found 48.03 at SBI & 47.61 at Thomas Cook for Traveler’s check conversion. SBI didn’t charge me anything and Thomas Cook has Rs.50 for transaction fee. Actually I should have compared rates with ICICI.
When we do a transfer with any private bank, they always show great offers.
Sometimes no transaction fee. I always wonder how any business in US can give any service for free? I think they don’t get money through transaction fee but they must be taking advantage of rate fluctuation. These banks always tell us that transfer will take 3-5 biz days but we never know when the actual transfer takes place and that’s the key I guess. Correct me if anyone has exact info.
I think what I have said is might true for $ to Rs. transaction.
But when we do $ to $, these banks may not get anything apart from transaction fee.
Do all these private banks support $ to $ transactions for free?
Though you don't get prompt service, I think sending money through SBI is a good option.
These private banks may have attractive rates and offers, but I always send through SBI.
As SBI is under Indian Govt., they have standard rules for x-rate conversion that are in favor of customers.
For e.g. I have been to India in recent months. On the same day, I found 48.03 at SBI & 47.61 at Thomas Cook for Traveler’s check conversion. SBI didn’t charge me anything and Thomas Cook has Rs.50 for transaction fee. Actually I should have compared rates with ICICI.
When we do a transfer with any private bank, they always show great offers.
Sometimes no transaction fee. I always wonder how any business in US can give any service for free? I think they don’t get money through transaction fee but they must be taking advantage of rate fluctuation. These banks always tell us that transfer will take 3-5 biz days but we never know when the actual transfer takes place and that’s the key I guess. Correct me if anyone has exact info.
I think what I have said is might true for $ to Rs. transaction.
But when we do $ to $, these banks may not get anything apart from transaction fee.
Do all these private banks support $ to $ transactions for free?
Transfer to India
I agree with LiveAndLetLive about ICICI if the beneficiary has an ICIC account. You can go to their website ICICIBank.com and follow links to send money (money2india). Basically you post a check to a US address and they will remit the equivalent rupees to the beneficiary's ICIC I account. There are no charges.
I have not closely looked at their rates but they seemed reasonable. The funds are usually available in a week. You can also store a profile so that if you send money regularly it is very convenient.
Hope this helps.
I agree with LiveAndLetLive about ICICI if the beneficiary has an ICIC account. You can go to their website ICICIBank.com and follow links to send money (money2india). Basically you post a check to a US address and they will remit the equivalent rupees to the beneficiary's ICIC I account. There are no charges.
I have not closely looked at their rates but they seemed reasonable. The funds are usually available in a week. You can also store a profile so that if you send money regularly it is very convenient.
Hope this helps.
Anita Gupta
Registered Users (C)
Citibank is useless - the second you deposit the money, it converts to rupees. I wanted it to convert when my mother wanted to withdraw. SBI was so rude to me when I called so I vowed never to deal with them again. So I ended up writing checks instead. Takes a month to cash but she can deposit it when she needs it and it is much cheaper.
ICICI is the best
I always send money through ICICI because its very very convenient. All i have to do is pick up the phone and wire trasfer money from my local bank to Chase Manhattan Bank where ICICI have the account. They further route it to ICICI local account in india without any cost. All i have to pay is for the wire transfer which is hardly 10$ for me.
With this method, you can transfer money within 2-3 days without any hastles. If there is any branch of ICICI in your home town in india, ask someone to open the account and then you can start transferring money right away.
I always send money through ICICI because its very very convenient. All i have to do is pick up the phone and wire trasfer money from my local bank to Chase Manhattan Bank where ICICI have the account. They further route it to ICICI local account in india without any cost. All i have to pay is for the wire transfer which is hardly 10$ for me.
With this method, you can transfer money within 2-3 days without any hastles. If there is any branch of ICICI in your home town in india, ask someone to open the account and then you can start transferring money right away.
DO NOT USE CITI NRI SERVICES
I have recently opened an NRI account with Citi NRI Services and the experience is nothing but the feeling of being cheated. They deposit the cheque immediately and the funds are avilable only after 3-4 weeks.
I have earlier tried sending regular cheques to India and to my surprise within 10 working days my INdian account gets credited. There is about Rs 50 -200 in fees depending upon how much u send, but its definitely worth it.
The reason I opened Citi NRI acct was the fact that I could send drafts to anyone I wish at no extra charge. In anycase, if you need to send money ASAP, Citi is definitely not an option. I am going to close my account as well.
I have recently opened an NRI account with Citi NRI Services and the experience is nothing but the feeling of being cheated. They deposit the cheque immediately and the funds are avilable only after 3-4 weeks.
I have earlier tried sending regular cheques to India and to my surprise within 10 working days my INdian account gets credited. There is about Rs 50 -200 in fees depending upon how much u send, but its definitely worth it.
The reason I opened Citi NRI acct was the fact that I could send drafts to anyone I wish at no extra charge. In anycase, if you need to send money ASAP, Citi is definitely not an option. I am going to close my account as well.
Did anybody try another type of account at Citi. I personally don't have a citi bank acct but was thinking of opening an NRE or something like that which keeps the money in dollar form without converting into rupees.
It has the same features as the rupee acct but it is held in dollar currency. So u can take advantage of the fluctuations incase u feel that the dollar is going to appreciate.
Also note the interest on such accts is lesser than the one held in rupee currency.
Did anybody open such an account?
It has the same features as the rupee acct but it is held in dollar currency. So u can take advantage of the fluctuations incase u feel that the dollar is going to appreciate.
Also note the interest on such accts is lesser than the one held in rupee currency.
Did anybody open such an account?
Few_Months_ToGo
Registered Users (C)
Western Union is good too
I transfered money using Western Union. They charge $40 for upto $2500, but if you give it cash, the money will be there in Indian branch the next working day..They have branch in almost any corner of India..
I transfered money using Western Union. They charge $40 for upto $2500, but if you give it cash, the money will be there in Indian branch the next working day..They have branch in almost any corner of India..
C2it vs. ICICI
Here is the comparison for the same type of transfer - ACH. Basically you do it on your computer. You give your US bank account details and set up the direct link.
The money gets delivered:
1) into the receipient bank account (Direct Deposit)
OR
2) as a Rupee Demand Draft to the recepient
C2it (The Citibank Service):
I tried the Direct Deposit to London (USD to GBP) and it took 2-3 business days. Quite painless. (fee = $10)
However I tried to send a Demand Draft (USD to INR) to Delhi,
and it took 3 weeks - total f%*#$$# waste. (fee = $10)
ICICI: Haven't tried this so far but,
- It promises a Demand Draft will be delivered in 7 business days.
- The fee is $5 (If the recepient has ICICI account, its FREE!)
- The exchange rate (at least right now) is a LOT better -> 1 Re. / $1 !! - basically if you are sending $1,000, the recipient gets Rs.1,000 more compared to Citibank!
Next time I'll try ICICI for India for sure.
Hope this helps.
RC
Here is the comparison for the same type of transfer - ACH. Basically you do it on your computer. You give your US bank account details and set up the direct link.
The money gets delivered:
1) into the receipient bank account (Direct Deposit)
OR
2) as a Rupee Demand Draft to the recepient
C2it (The Citibank Service):
I tried the Direct Deposit to London (USD to GBP) and it took 2-3 business days. Quite painless. (fee = $10)
However I tried to send a Demand Draft (USD to INR) to Delhi,
and it took 3 weeks - total f%*#$$# waste. (fee = $10)
ICICI: Haven't tried this so far but,
- It promises a Demand Draft will be delivered in 7 business days.
- The fee is $5 (If the recepient has ICICI account, its FREE!)
- The exchange rate (at least right now) is a LOT better -> 1 Re. / $1 !! - basically if you are sending $1,000, the recipient gets Rs.1,000 more compared to Citibank!
Next time I'll try ICICI for India for sure.
Hope this helps.
RC
Persona check + instant discount = best rate (IMO)
If you are sending money regularly to India or even for occassional sending to trusted relatives, it is best to give them personal checks from your US account in advance. If they do not want to wait a month to get cash, then they can discount the check immediately by paying 15 days interest to their bank (may vary from bank to bank). The rates are much better than sending by CITI or ICICI.
Between CITI and ICICI, the latter one is better of the two evils. In my opinion, the following
Personal checks : best rates, most convenient for regular payment.
ICICI : Rates not as good as above. Good to send the occassional payment.
Western Union : Worst rates. Good to get money across NOW!
CITI : ???
By the way, if you have an account with them ICICI is best for armchair banking through internet (send money to your account, move money around between your ICICI accounts as well as other banks - in certain cities - electronically, do electronic tranfer to others accounts in India etc). However, their customer service is really bad. (may be good compared to other Indian banks, but I have not dealt with many of them other than my friendly neighborhood bank).
If you are sending money regularly to India or even for occassional sending to trusted relatives, it is best to give them personal checks from your US account in advance. If they do not want to wait a month to get cash, then they can discount the check immediately by paying 15 days interest to their bank (may vary from bank to bank). The rates are much better than sending by CITI or ICICI.
Between CITI and ICICI, the latter one is better of the two evils. In my opinion, the following
Personal checks : best rates, most convenient for regular payment.
ICICI : Rates not as good as above. Good to send the occassional payment.
Western Union : Worst rates. Good to get money across NOW!
CITI : ???
By the way, if you have an account with them ICICI is best for armchair banking through internet (send money to your account, move money around between your ICICI accounts as well as other banks - in certain cities - electronically, do electronic tranfer to others accounts in India etc). However, their customer service is really bad. (may be good compared to other Indian banks, but I have not dealt with many of them other than my friendly neighborhood bank).
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