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

I find Moneygram the best

I find Moneygram the best option. It is conveniently located in almost all Canada Post offices and in India most banks are affiliated with them. So it is convenient to receive the money. Best, you can check the exchange rates online. More info can be found at https://www.moneygram.com/MGI/EN/CA/Market/Market.htm?CC=CA&LC=EN

By Sameer Sen

     
I have used remit2india

 I have used remit2india successfully for many years. I can either send the money (locally in India as a draft for Corporation bank where my parents have account) or direct deposit to their Axis bank accounts.

By Venky Narayanaswamy

     
For me Axis bank has been

For me Axis bank has been really smooth and has given me better rates. I think SBI and Axis bank both offer good rates (according to the comparison of rates among most important Indian banks carried out by about 2 years ago). However, remitting in SBI had given me lot of problems in past.

By Sushrut Arora

     
why dont you try money2anywhere

I think www.Money2Anywhere.com is the best in gving best rates and faster credites with very very nominal fee. i have been using their service for the past 2 and half years and till now there is no issue for me i almost sent to many beneficiaries in india.  my friends also used their service for other countries too..

Veerraj

     
I have tried remit2india and

I have tried remit2india and I am happy with it. Its not a bank though and has all the deficiencies you mentioned. But I believe it gives a very good exchange rate.

http://click2remit.com/home/index.html is a new service launch by Kotak. There rates are better than remit2india but I havent tried them yet.

By Anil Jain

     
As general information, all

As general information, all banks offer higher rates (than board rates) after a certain limit. The limit varies from bank to bank and country to country. This higher rate is usually termed as staff rate or preferential rates.

If the amount is much higher than the limit than you can have a permanent agreement with bank for a fix IBR - X paisa formula for any remittance. For HDFC and HSBC it is used by me but not sure about the other banks.

By Anil Gupta

     
based on my personal

based on my personal experience with different banks, I find Bank of India as the best option. You can always negotiate with them if the amount is on the higher side.

By NK Sharma

     
my personal exp

i would suggest moneydart they are doing wire transfer to India for just $5 using their online portal moneydart.com and money2anyhere.com. uska tho fixed rate dhere.

By Bhavani

     
Here is a website that will

Here is a website that will be useful for your needs - http://www.satworldwide.co.uk/personal/regular_currency_payments/. As a Director of UK Work Study we work with Sat Worldwide i.e. use the services to assist in transfer funds for our clients globally. I would suggest you look at the testimonials of clients and talk to them before you make your decision. Banks are typically expensive as they charge twice in most cases (1) a fixed fee and (2) the exchange spread PLUS it takes days before it gets to the beneficiary.

By George Abraham

     
ONline Money Transfer

Hay,

Try Moneydart they are offering best Exchange rates and confirmed exchange rates try reaching www.Moneydart.com or www.Money2Anywhere.com

Regards,

Vijay

     

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