Connecting Businesses with Opportunities in India
Connecting Businesses with Opportunities in India

I want to send money to India: Which BANK shall I use ? Please recommend.

Submitted by Anonymous on Mon, 12/13/2010 - 10:27am.

I send money to India very often but its almost everytime that the exchanage rate used to convert dollar to rupee in India is less than the exchange rate posted on the day of transfer. And almost everytime it takes 4-5 business days eventhough the dollars have been debited from my account on day 1.

Comments

Money Transfer

Hi Everyone, I have been using Xoom for a couple years now and I would highly recommend it. When I send to Punjab National Bank or my HDFC account, it actually reaches in under a minute which is awesome. I sent over $1,000 last week from my iphone and I didn't have to pay any fees whatsoever. Xoom is definitely the best service I have tried thus far!!

     
i want to send money from sudan to india

dear i want to send money from sudan to india which bank shall i use here, please advice

     
answer this post

A lot of specialists claim that loan help people to live the way they want, because they are able to feel free to buy necessary stuff. Moreover, a lot of banks offer sba loan for young and old people.

     
I would recommend the best

I would recommend the best and the most economical way of money transfer for those guys based in US or Europe, Austalia, Japan and other than Middle East Country. Please explore the Portal Xe.com They offer the best rate one can even dream to get I mean you can expect the rate at the real time appearing in Reuter Screen and can remit money online upon booking the exchange rate online. You need to subsequntly remit the money thru Wire or TT transfer to their Nostro A/C or other bank A/C , as the case may be. Please note depending on your Bank there may be small TT charges which u can expect to get compensated with the Exchange rate they give plus the less time frame what they take. Ultimately it also depend on u what network of Bank u choose for TT as far as remittance speed is concerned. But the Exchange rate at its best is guaranteed. Please also check their credential on their website and best on your judgement and faith use their services rather than just going on my tip. For Middleeast guys, in particular UAE, I would suggest to explore Al Ansari Exchange as they offer the Best Rate and they have correspondent banking relation with most of oir Indian leading bank which ensures credit of your remittance on next day. I am a Banker and believe these tips will be helpful to my NRIs friends.

By Devanand Rajak

     
Entry India | Connecting Businesses with Opportunities

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Use any US Bank that can

Use any US Bank that can instantly send your money once it is debited from your account. Wells Fargo and ICICI have a good partnership which does not charge for transactions less than $ 5,000. Under no circumstances use Remit2India. They are crooks. They will sit on your money for extended period and give you a rate which is far lower than what they tell you. If you check their record with BBB you will find that it is rated the worst possible rating one can get.

By Taheri R.

     
I have done transfers

I have done transfers through SBI and BOI in Singapore. But, now I use BOI due to better rates. The exchange rate is agreed before the remittance and the exact equivalent amount is received in my Indian account on the next business day by TT. Probably our methods are different. You may be doing it online, whereas I do it by visiting the bank branch. If the amount is large, I give them cheque. In this case, exchange rate for the day cheque is cleared, is given which normally is not very much different from the day of visit. BOI charges only S$5 per transaction and they work on non-office hours.

By NK Sharma

     
Thanks Guys....now I am

Thanks Guys....now I am getting into the comfort zone.

But what I have also noticed that the exchange rate on the day of the transfer is not what I ever got when the money reached India. So, as my next question, does any of the institutions recommended above give the same rate (as on the day of transfer and on the day of reciept in India)?

(I AM US BASED)

By Navin

     
Confirmed Exchange Rates

Hi Navin,

www.moneydart.com they give confirmed exchange rates .  Try it.

By Kartik

     
Hey if you are based out of

Hey if you are based out of the US pl check the wells fargo ICICI Bank arrangement. The money reaches in India in lesser time than what you hv stated above. Essentially it is a Customer intiated transaction and hence the redution in the time lag.

By Thyagarajan Krishnamurthy

     

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