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  #1 (permalink)  
Old 11-23-2009, 04:53 PM
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Default Transfer money to India

I need to transfer money every month to my mother in india as a monthly automated transaction. ..she has a account in Canara bank ..what is the easiest rather cheapest rather free way to send from the US..

any help is appreciated..
thanks
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  #2 (permalink)  
Old 11-23-2009, 05:05 PM
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Originally Posted by pani_6 View Post
I need to transfer money every month to my mother in india as a monthly automated transaction. ..she has a account in Canara bank ..what is the easiest rather cheapest rather free way to send from the US..

any help is appreciated..
thanks
Easy method on a automated basis is ICICI.

https://m2inet.icicibank.co.in/m2iNe...tLoginForm.jsp If you register through this you can set the Recurring Transactions. From the bank you set in there will go without interruption on a timely manner. My mortgages in India will go the same way.
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Old 11-23-2009, 05:06 PM
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Default icici

I found ICICI money2india better than CITIBANK (rate wise). I have been using ICICI money transfer for last 4 years!

I would like to know anything better too!
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  #4 (permalink)  
Old 11-23-2009, 05:37 PM
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Default Xoom

Have anyone tried xoom.com or remit2india ?
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  #5 (permalink)  
Old 11-23-2009, 06:06 PM
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I have used remit2india and they do not give good rate.. They will offer you free calling card, etc.. but their rate sucks. I have used Citi also and they are same.. I actually found my bank to give best rate via wire transfer.

Wellsfargo has some understanding with ICICI and they only charge $5 per wire transfer if you are sending the money to an ICICI account in India. Otherwise they charge $20-$25 but give best rate..

Quote:
Originally Posted by bmoni View Post
Have anyone tried xoom.com or remit2india ?
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  #6 (permalink)  
Old 11-23-2009, 06:17 PM
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Default In my view SBI is better

I have used ICICI money2india 3 years back, but stopped using their serivice because they are not honest in terms of conversion rate always below SBI, so I have switched to SBI's global link services ( SBI Global Link Services - US ), it's really cool thing, rate is better and also they will not float the rate during the day time, just in the morning time, whatever rate you see, they will gives you that, I have verified many times, all the time it matched...I really liked......
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  #7 (permalink)  
Old 11-23-2009, 07:31 PM
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Default 2 options...what i use

I send through Wells Fargo to ICICI bank in Inida. You can open a remmitance account with wels fargo and wire transfer yourself. Every $1000 dollars they charge $9 dollars.
Advantage is money is there in 2 days.
Simplest way is ...send your mom, post dated checks for the whole year. Mail it through Prioriy mail using USPS.....ony costs 5 dollars. She can deposit the check every month. I 've been doing it for longest time.
Only , in case of emergency and you want to transfer 5000 or more, i like Wells Fargo Service.
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  #8 (permalink)  
Old 11-23-2009, 09:10 PM
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Default

Do you mean we can send checks for $ accounts to be deposited into local rupees accounts in india? Does this work. Do you know how long it takes for them to get the money after each cheque deposit?

Quote:
Originally Posted by ndialani View Post
I send through Wells Fargo to ICICI bank in Inida. You can open a remmitance account with wels fargo and wire transfer yourself. Every $1000 dollars they charge $9 dollars.
Advantage is money is there in 2 days.
Simplest way is ...send your mom, post dated checks for the whole year. Mail it through Prioriy mail using USPS.....ony costs 5 dollars. She can deposit the check every month. I 've been doing it for longest time.
Only , in case of emergency and you want to transfer 5000 or more, i like Wells Fargo Service.
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  #9 (permalink)  
Old 11-23-2009, 09:38 PM
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Default

Quote:
Originally Posted by hebbar77 View Post
Do you mean we can send checks for $ accounts to be deposited into local rupees accounts in india? Does this work. Do you know how long it takes for them to get the money after each cheque deposit?
Hebbar77,
Yes its ok to do it. I have been doing it for last 11 years. It usually takes 7-10 days to get it cleared in the bank.MY parents have account in Axis bank , ICICI and dena bank. Depends from bank to bank.
Advantage: no extra cost involved
Limitation: 1-2 weeks time

Wire transfer:
Advantage: money is there in 2 days , good for emergencies
Limitation: unnecessary extra cost involved.
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  #10 (permalink)  
Old 11-23-2009, 11:41 PM
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Default

ICICI is worst when it comes to exchange rates:

I have used many transfer services in past years so far and these are worth mentioning.

In Order of exchange rates:

-SBI Online (Now simple to register too and very nice one)
-Remit2India (has specials, but careful they don't fullfill it)
-HDFC (Internally uses same service of remit2India)
-CityBank
-ICICI
-Western Union


Remember all of them ask for SSN nowadays and having SSN on some unreliable site databases may be little risky.

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  #11 (permalink)  
Old 11-24-2009, 02:08 AM
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Default

Hey all, I have PayPal Account and i have 200$ in that account, now what happen i wanna transfer in my indian bank account.. What the procedure i have to follow.. Please suggest me right way.
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  #12 (permalink)  
Old 11-24-2009, 02:27 PM
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Default

Go for SBI Global link ... best exchange rate and cheapest. They take 4 business days though. I never had any problem sending to any bank in India through SBI Global link. You (or your parents) do nto need an SBI Account to use this
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  #13 (permalink)  
Old 11-24-2009, 04:16 PM
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Default

I just started using SBI global and I am happy with their services. One question though. I am sending money to my own account. I know we have to declare the accounts more than 10K. Is the interest earned on that money taxable in US ? Another question is , since we are here is that money taxable in India also ? If yes, how do we manage our indian taxes while living here(tax returns etc). Any help would be great.
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  #14 (permalink)  
Old 11-24-2009, 04:41 PM
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Default Yes, SBI

Quote:
Originally Posted by krishmunn View Post
Go for SBI Global link ... best exchange rate and cheapest. They take 4 business days though. I never had any problem sending to any bank in India through SBI Global link. You (or your parents) do nto need an SBI Account to use this
Yes, as I said that SBI is the best compare to others, I am using their service from past 3 years, I have no issues so far....evry time they are accurate with exchange rate....yes no cheating at all, I have used ICICI before, but most of the time they are not reliable....
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  #15 (permalink)  
Old 11-24-2009, 04:47 PM
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Default

Quote:
Originally Posted by bsbawa10 View Post
I just started using SBI global and I am happy with their services. One question though. I am sending money to my own account. I know we have to declare the accounts more than 10K. Is the interest earned on that money taxable in US ? Another question is , since we are here is that money taxable in India also ? If yes, how do we manage our indian taxes while living here(tax returns etc). Any help would be great.
I have SBI NRI account (You can only transfer USD, not sure about other currencies, but for sure you can't deposit India Rupees), for this account you dont need to pay any tax in India, whatever you transfer from here are alredy taxed, so dont worry, even you dont need to pay the tax on the earned interest from ur NRI account.

Please note that there is one more accout type exist for NRI, this account will allowed to deposit indian rupees, but you have to file taxes for the earned interest/income.
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