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  #1 (permalink)  
Old 09-29-2008, 07:14 PM
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Default ICICI bank- money transfer

On Sep 24, I transfered $1000 to account in india. It was deposited on Sep 29 in the account. Conversion rate is $46.20. Can anybody tell how is this calculated? is this the correct conversion rate?
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  #2 (permalink)  
Old 09-29-2008, 07:36 PM
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Nobody can tell you on any specific bank. Read the lines they claim that they can keep the money if the exchange rate fluctuate etc.

I see SBI is giving 25 paisa more ... incase if you want to try..
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  #3 (permalink)  
Old 09-29-2008, 07:38 PM
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Quote:
Originally Posted by uma001 View Post
On Sep 24, I transfered $1000 to account in india. It was deposited on Sep 29 in the account. Conversion rate is $46.20. Can anybody tell how is this calculated? is this the correct conversion rate?
I used ICICI to send money - as far as I remember they apply the conversion rate on the day the funds are actually transferred to target account. In your case its Sept 29th (I think) - today the conversion rate during Indian working hours was 46.50 (it changed by the time market closed in US - its now around 47.50 - maybe because of latest stock market crash). I am not an expert but guessing that the conversion took place during indian working hours and convertion rate is given at 46.20 -which is closer to 46.50 rate I am seeing on Yahoo Business.

Incidentally I made a transfer today using ICICI (that's why I know the details ). So in my case, I am expecting a conversion rate when its deposited in the target account (in three business days according to them).
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  #4 (permalink)  
Old 09-29-2008, 08:09 PM
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Quote:
Originally Posted by nk2006 View Post
I used ICICI to send money - as far as I remember they apply the conversion rate on the day the funds are actually transferred to target account. In your case its Sept 29th (I think) - today the conversion rate during Indian working hours was 46.50 (it changed by the time market closed in US - its now around 47.50 - maybe because of latest stock market crash). I am not an expert but guessing that the conversion took place during indian working hours and convertion rate is given at 46.20 -which is closer to 46.50 rate I am seeing on Yahoo Business.

Incidentally I made a transfer today using ICICI (that's why I know the details ). So in my case, I am expecting a conversion rate when its deposited in the target account (in three business days according to them).
ICICI bank is playing game nowadays. It debit form your US account within a day and hold it for a week and remit to account in India when ever rate was low during that holding period. This is what I noticed. Now I am using SBI. Lets c how it works. There is lot of discussion about this here.

http://www.r2iclubforums.com/forums/...ge-rates-3325/
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  #5 (permalink)  
Old 09-29-2008, 08:32 PM
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Default i agree with you

hi,
I agree with you. I had bad experience with ICICI but I still use it since it is easy to use. Can you use SBI the same way? I mean, does SBI has online money transfer facility?

Quote:
Originally Posted by Ramba View Post
ICICI bank is playing game nowadays. It debit form your US account within a day and hold it for a week and remit to account in India when ever rate was low during that holding period. This is what I noticed. Now I am using SBI. Lets c how it works. There is lot of discussion about this here.

http://www.r2iclubforums.com/forums/...ge-rates-3325/
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  #6 (permalink)  
Old 09-29-2008, 08:35 PM
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Default 46.20?

I have a initiated a transfer last week and keeping an eye on their daily exchange rate. 9/29's rate is 46.50. Call them and find out why aren't they giving you today's rate.
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  #7 (permalink)  
Old 09-29-2008, 09:15 PM
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Originally Posted by bhavingreat View Post
hi,
I agree with you. I had bad experience with ICICI but I still use it since it is easy to use. Can you use SBI the same way? I mean, does SBI has online money transfer facility?
Yes, it is very easy to use SBI online money transfer.
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  #8 (permalink)  
Old 09-29-2008, 09:18 PM
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U are lucky.In fact i used remit2india and it is worse.i test transfered 50 $ a week to 10 days back to a new accounnt and if i consider the 3 dollar commission the rate was 39.45...I have always seen more than 45 in xe.com during that period.

Earlier remit 2 india had better rates than money2india.But i think they are screwing up nowadays.
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