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  #1 (permalink)  
Old 11-14-2008, 10:07 AM
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Default Remit2India is a FRAUD

Guys,

Apologies if I am not posting within the guidelines of this website, but was wondering if you have had experiences with Remit2India. If you ask me - they are indulging in massive fraudery and are fooling NRIs all across the world. The exchange rate advertized is seldom given and the transferred money is held for a longer period as they are in a better position to forecast rupee-dollar flucations.

http://remit2indiafraud.com/

I recently had a rotten experience with them, but would like to know if there is a judicial body that takes care of NRIs? How do I bring these guys to justice?

Thanks in advance.
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  #2 (permalink)  
Old 11-14-2008, 10:22 AM
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Default

Quote:
Originally Posted by Aah_GC View Post
Guys,

Apologies if I am not posting within the guidelines of this website, but was wondering if you have had experiences with Remit2India. If you ask me - they are indulging in massive fraudery and are fooling NRIs all across the world. The exchange rate advertized is seldom given and the transferred money is held for a longer period as they are in a better position to forecast rupee-dollar flucations.

http://remit2indiafraud.com/

I recently had a rotten experience with them, but would like to know if there is a judicial body that takes care of NRIs? How do I bring these guys to justice?

Thanks in advance.
Well I don't know abou that. I have been using remit2india for more than 6yrs for transfer to icici account. Once in a while I use timesofmoney. Both have similar timeframe and same problems but I always found remit2india more reliable and giving better rate than timesofmoney. You can call it better of 2 evils ....
I haven't tried anything else as I transfer at most 2k at a time and I don't think it is worth spending time to find a service which will offer 50 paise better rate. Just IMO
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  #3 (permalink)  
Old 11-14-2008, 10:25 AM
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Default i know its same at SBI

Rate they say is not what they give at the end.

I had this experience last week.
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  #4 (permalink)  
Old 11-14-2008, 11:14 AM
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Default ICICI does the same thing

Quote:
Originally Posted by jfredr View Post
Rate they say is not what they give at the end.

I had this experience last week.
Me and most of the people i know use ICICI. I guess all banks do the same. They keep the money for few days and transfer for the lowest exchange rate.

The money from US bank is gone next day but is been wired after 5 days to ICICI account in india. Plus since last 1 yr ICICI take $2 for amount less than $1000 for single transaction.

They all suck. They all want to make money.
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Old 11-14-2008, 12:06 PM
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Default

You guys are right. I always had the suspicion that they are fooling around - but this time caught them red handed. It's one thing to hold the money and transfer it at a lower rate and other to purposefully cheat by transferring at a reduced rate.

Sometimes I wonder why Indian businesses operate in such fradulent and miserly manner (look at our desi consulting and offshore companies).
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  #6 (permalink)  
Old 11-14-2008, 12:08 PM
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Default

I have used SBI..i will trust SBI anyday over toilet paper of india's money service.

http://www.onlinesbi.com/glsus/

and no fee for transfer of funds above 100$..

The tranfer rates are clearly listed.... the day the transaction is initiated...they pay the rate that is on their website..
so its equal risk for both the bank and customer..

Last edited by pointlesswait; 11-14-2008 at 12:11 PM.
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  #7 (permalink)  
Old 11-14-2008, 12:08 PM
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Default

Quote:
Originally Posted by sac-r-ten View Post
Me and most of the people i know use ICICI. I guess all banks do the same. They keep the money for few days and transfer for the lowest exchange rate.

The money from US bank is gone next day but is been wired after 5 days to ICICI account in india. Plus since last 1 yr ICICI take $2 for amount less than $1000 for single transaction.

They all suck. They all want to make money.
In this gang, ICICI is the worst bank. They take your money as much as possible and only worst bank in applying lowest exchange rate. Also keeping your hard earned money in ICICI bank is not that safe.

I recently switched to SBI after hearing good things about this bank.
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  #8 (permalink)  
Old 11-14-2008, 12:16 PM
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Default

Quote:
Originally Posted by pointlesswait View Post
I have used SBI..i will trust SBI anyday over toilet paper of india's money service.

http://www.onlinesbi.com/glsus/

and no fee for transfer of funds above 100$..

The tranfer rates are clearly listed.... the day the transaction is initiated...they pay the rate that is on their website..
so its equal risk for both the bank and customer..
Isn't SBI also saying the same thing. Read the disclaimer on the exchange popup
"Normally your remittances get converted into INR after 4 - 5 days of the transaction request. The exchange
rate applied for the conversion will be the exchange rate on the date of conversion."
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  #9 (permalink)  
Old 11-14-2008, 12:22 PM
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Default

Ok SBI seems to be the lesser evil (at least from what I have heard).

I would like to know -

1) Is there a fool proof way of transferring money at good rates?
2) Is there a way I could take Remit2India to courts?
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  #10 (permalink)  
Old 11-14-2008, 12:29 PM
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Default

Quote:
Originally Posted by Aah_GC View Post
Ok SBI seems to be the lesser evil (at least from what I have heard).

I would like to know -

1) Is there a fool proof way of transferring money at good rates?
2) Is there a way I could take Remit2India to courts?
-- With some addtl charge, use Western Union or Moneygram. They are giving decent rates these days.
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  #11 (permalink)  
Old 11-14-2008, 12:37 PM
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Post statebank.com is reliable about rate

I use statebank.com. The rates are absolutely reliable.
Problem is these ppl are still stuck in paper work.
So u may have to send a remit form along with check.
If u want to make sure that u get the rate on a particular
day send a cashier's check to any of their offices located at
NY, Chicago, LA and DC. If it reaches b4 2pm they remit it on
same day and u will get the rate given in link below.

http://www.statebank.com/RemittanceServiceIndMaster.asp

FYI statebank.com is different than onlinesbi.com

Pros:
1) Rates are reliable
2) If cashier check is sent amount is remitted in your account in India in 5 days.
3) Remittance free above $2500

Cons
1) Paper Work (Register sending paper form... Remit sending paper form.. maybe u can fax it)
2) Cashier check costs $$. BoA customers with $10K+ balance can change the status of a/c to get free Cashier check
3) Unfriendly Customer Service
4) OOS checks sent to SBI takes 5 days extra.
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Last edited by lost_in_migration; 11-14-2008 at 12:47 PM.
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  #12 (permalink)  
Old 11-14-2008, 12:48 PM
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Default

Actually i had a good experience with SBI http://www.onlinesbi.com/glsus/,They actually gave me a better rate then what was published When i intitiated the transfer . For e.g when i inititiated the transfer the rate was 48.5 something , And money got transferred 5 days later , On the day of transfer the rate was 49.5..So they gave me 49.5. So i guess it works both ways, If the rate fell down when they do the actual transfer, you may be screwed... But the other way around you may get lucky too.. So in short i feel they are atleast being FAIR. I tried them after many of my friends recommended them , And i have been happy so far
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  #13 (permalink)  
Old 11-14-2008, 12:54 PM
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Post

In forex market Rates fluctuate date by date so you can wait and remit when u think the rates are most favorable to you. Hence the crux of matter is to make sure that you can get your remittance done on the date you actually want to.

Quote:
Originally Posted by suavesandeep View Post
Actually i had a good experience with SBI http://www.onlinesbi.com/glsus/,They actually gave me a better rate then what was published When i intitiated the transfer . For e.g when i inititiated the transfer the rate was 48.5 something , And money got transferred 5 days later , On the day of transfer the rate was 49.5..So they gave me 49.5. So i guess it works both ways, If the rate fell down when they do the actual transfer, you may be screwed... But the other way around you may get lucky too.. So in short i feel they are atleast being FAIR. I tried them after many of my friends recommended them , And i have been happy so far
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  #14 (permalink)  
Old 11-14-2008, 12:57 PM
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Default

Both remit2india.com and ICICI's are equally bad in terms of exchange rate and holding period. But money2india.com has higher upper limits to xfer money.
One alternate way is to go to State Bank of India San Jose branch personally with cashier's check. Then, they will wire money/ ACH transfer within 2 days

I once called ICICI customer service center-They have default message-"based on current call volume- your wait time is 4-5 minutes" . They don't have any queuing model implemented. Then, even if you navigate phone menu-call is not transferred to that and any arbitrary group picks up the phone and then depending on availability, transfers call or not.
And get this- they are not allowed to speak in any other language except English. And , of course, call center is located in India.
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Old 11-14-2008, 12:59 PM
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Default my exp

I recently used remit2india to transfer 11K to a bank in a small town. It took me almost 15 days to get the money deposited into my bank in india. they told me that since it's my first time, they have to verify the bank in india. I was quite frustrated with the long delay. I called quite a few times, and they kept saying the same thing. However they finally transferred the money, and also I got a very good rate. hope the next time I use remit2india they'll do it faster 'coz they have my bank verified. they did not charge me any transfer fees, but took some commission on the transfer rate. and also I think they earn interest when holding our money during the transfer.

all business exists for making money...however next time I won't transfer such huge amounts in a single transaction.
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