SBI remit to India is not working for me!!!

[AnnaRamdev]

hello all,
new member, but should be able to help on a lot of matters.
open a account in wells fargo and icici nre a/c
smoothest transfers , and you pay $2.5 for each transaction and if you are premium a/c holder then no transaction fee. you see money in your icici a/c in less then 24 hrs and then you can also transfer to any other bank a/c in india also.
maximum remittance a day$3000.
and of course best exchange rates

[abisen]

Originally Posted by AnnaRamdev

hello all,
new member, but should be able to help on a lot of matters.
open a account in wells fargo and icici nre a/c
smoothest transfers , and you pay $2.5 for each transaction and if you are premium a/c holder then no transaction fee. you see money in your icici a/c in less then 24 hrs and then you can also transfer to any other bank a/c in india also.
maximum remittance a day$3000.
and of course best exchange rates

How competitive are the exchange rates of Money2India (ICICI)

[smuggymba]

anyone who knows the tax implications of sending money to India? Can a part of money meant for family be used as a down payment on an apartment (pre-launch)..is that taxable?

[AnnaRamdev]

rates are very competitive,,,actually when you have a wells fargo account remittance are transfered on a different platform you initiate transfer right from your account to icici and sometimes exchange rates are better then what is posted on money 2 india. so basically you make the transfer and you know the exchange rate before making transaction its not indicative rate.

[AnnaRamdev]

as far as i know nri sending money back home are completely tax free, unless you put them in nro account and then generate some income like intrest then your intrest is taxable, but if money you send is going to spent then its non taxable.

[h1techSlave]

I usually send a cheque. It is slow, but hassle free.

Originally Posted by LostInGCProcess

Hi there,

I used to send money thru SBI remit online to an SBI account in India, long time ago. Recently I tried to send, but it refused to send via ACH. They created a form for me and asked me to take it to my US bank and do a wire-transfer. It is really surprising to me.
Also the wire transfer rate to India is 45 from the bank (BOA) here.

Is there any other way to send money? Other than ICICI.

Please share your thoughts.

[spicy_guy]

I always use SBI Express remit... yes, it takes 5 days. You have an option to remit to the same day, but you have to walk to your bank to write the amount to their Bank and there is a charge for it. Its usually quick.