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  #1 (permalink)  
Old 07-25-2009, 09:49 PM
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Default sending money 2 india

Folks,

What is the best and most cost effective way to send some money home ?

Till last year I was using the service from icici and was under the belief that the exchange rate was pretty decent. the service I believe was never free as they make up for service fee though the exchange rate.

Today for example when I check on icici it says they will give a rate of 47.63 per $ which I believe means around half a rupee less per $ ?
so for $1000 they are essentially charging Rs 500 (aound $10)

I beleive previously they were giving around 25 paise less per $ and now it looks like it is 50 paise less per dollor ?

Western union charges $15 and also gives a lower exchange rate than icici.

So would that mean ICICI isthe best cost effective one ?


Ideas ?



Thanks,
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  #2 (permalink)  
Old 07-25-2009, 10:04 PM
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Default

I have found that SBI is the most cost effective one. There is some inconvienience as you have to register with them, but every transfer after that can be accomplished with a fax to their offices.
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  #3 (permalink)  
Old 07-25-2009, 10:12 PM
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Default approximate cost

thanks akred !

would you happen to know the approx cost for $1000 ?

or do they have this on thier website or so, I will try to search....


=========

(I just checked thier fee is nil, after looking at thier exchange rate they see to be much better than ICICI)
Thanks Again !
and more over a national bank,,, feel good when I think of using SBI instead of ICICI

now have to check if I can transfer money to my icici account using this serivce from SBI.

Last edited by ca_immigrant; 07-25-2009 at 10:16 PM.
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  #4 (permalink)  
Old 07-25-2009, 10:18 PM
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Smile sbi gives a good service.

Quote:
Originally Posted by ca_immigrant View Post
Folks,

What is the best and most cost effective way to send some money home ?

Till last year I was using the service from icici and was under the belief that the exchange rate was pretty decent. the service I believe was never free as they make up for service fee though the exchange rate.

Today for example when I check on icici it says they will give a rate of 47.63 per $ which I believe means around half a rupee less per $ ?
so for $1000 they are essentially charging Rs 500 (aound $10)

I beleive previously they were giving around 25 paise less per $ and now it looks like it is 50 paise less per dollor ?

Western union charges $15 and also gives a lower exchange rate than icici.

So would that mean ICICI isthe best cost effective one ?


Ideas ?



Thanks,
Try SBI service: SBI Global Link Services - US
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  #5 (permalink)  
Old 07-26-2009, 04:38 AM
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Lightbulb

I use remit2India.com directly and they have best exchange rates/offers, looks like hdfc money transfer also use them as gateway and give lesser exchange than going thro them directly. Not great customer service but best rates so far and really not so bad marketing offers sometimes.

so my ordering for best is (per my exp):

1. remit2india.com
2.hdfc quick remit online
3.icici online
4.western union

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  #6 (permalink)  
Old 07-26-2009, 05:14 AM
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remit2India.com is the best among all . the feature guarantee fixed is the best feature they offer .
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  #7 (permalink)  
Old 07-26-2009, 09:23 AM
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Default

i do it using remit2india and i am satisfied.
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  #8 (permalink)  
Old 07-26-2009, 11:34 AM
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Default

CitiBank recently launched their Online Remit service. I used it for the first time last week and the exchange rate offered was best of all other services. Their fee is a flat $1 for any amount transferred. I did the same amount transfer at the same time with Citi as well as Remit2India and I got 16 Paise per $ more with Citi.

Keep in mind, every new business tries to offer best services in the beginning to attract customers and I suspect it will be same with Citi too. So their rates may be great now but could be whole different story in few months. They also disclose in the fine print that the exchange rate offered includes conversion commission.

If I were to order my preference on a permanent basis I would rank SBI, Citi, Remit2India, ICICI and then Western.

Citi's website - https://citiremit.payquik.com/

Last edited by ebizash; 07-26-2009 at 11:36 AM. Reason: corrected a typo
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  #9 (permalink)  
Old 05-06-2010, 03:30 PM
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Default

Is SBI still the best one around?

Thanks!
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  #10 (permalink)  
Old 05-06-2010, 07:23 PM
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Default

What if you directly send a personal check?
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  #11 (permalink)  
Old 05-07-2010, 07:37 PM
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Default Citi, SBI and ICICI

Found out rates today (for their highest bracket)
SBI: 45.25 (no fees)
Citi ACH: 45.27 (Rs 55.15 per transaction)
ICICI : 45.32 (Rs 25 fee per transaction)

Last edited by istrategist; 05-07-2010 at 07:41 PM.
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  #12 (permalink)  
Old 05-08-2010, 06:52 PM
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Default

I have not looked around for last few years to see who gives the highest rate. There may be some difference of few paisa per dollar, but if you ignore that, ICICI money transfer is good. I am using it for many years.
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  #13 (permalink)  
Old 05-08-2010, 06:53 PM
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Default

Quote:
Originally Posted by jonnalagedda View Post
What if you directly send a personal check?
That will take a long time to get cashed. And the Indian bank may charge some additional fees to deposit it there.
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  #14 (permalink)  
Old 05-08-2010, 08:06 PM
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Default Sbi

I always use SBI online. Very reliable, cost effective and best conversion rates !!
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  #15 (permalink)  
Old 05-08-2010, 08:27 PM
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Default

Quote:
Originally Posted by jonnalagedda View Post
What if you directly send a personal check?
MAy be good for large amounts. But for small amount too much fees is associated. I sent some checks of $100 to a charity , almost Rs 500 was deducted as fees for every Check. It was Syndicate Bank where they encashed the check.

Last edited by number30; 05-08-2010 at 08:29 PM.
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