A compilation for sending money to India...
Savitha Rajiv
Hi Everyone,
Thank you all for responding to my request for information about sending money to India. SInce a lot of people might need this information, I will post all the replies that I received.
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The easiest way to send money would be through American Express money order.
It is the easiest and the cheapest way though it takes around a month or so
to get the money into the hands of your folks in India.
I suggest you other way of sending but it is a bit costly. You can call
your folks back in India and aske them to find out about their banks
branches in US/ bank's associate in US which will take care of the affaira
of the indian bank in US. For big banks like, SBI, etc., they have locations
here in India. So, you can ask your bank people here to wire into the account
whom you want to send money. They charge $10 if the bank ally is in US or $40
if they need to wire it internationally. This is ofcourse for any amount of
transfer. They generally get in 1-2 days.
Ofcourse the fastest way is Western Union Money transfer which gives the money
in India within 30 mins of you paying them here. but it is costly and depends upon the magnanimousity of your urgency.
Hope this helps,
-Madhu
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a page from SCI FAQ:
http://www.cis.ohio-state.edu/hypertext/faq/usenet/india-faq/faq-doc-3.html
There are three major banks which advertise regularly in India
Abroad. These banks offer wide variety of services including CDs
and money transfer facilities to India. Since the banking poli-
cies change everyday, it is best that you get the latest informa-
tion from the banks themselves. Their toll free numbers are list-
ed as follows.
i) State Bank of India
New York California
1 (800) 634-2572 1 (213) 623-7250 (L.A.)
1 (212) 735-9600 (Park Ave) 1 (213) 865 5009 (Artesia)
1 (718) 445-3900 (Flushing)
Chicago Washington
1 (800) 621-1299 1 (202) 296-4061
1 (312) 621-1200
ii) Citibank India Investments
Call 1 (800) CITI-NRI for NRE,FCNR accounts
iii) American Express
Call 1 (800) 688-5494
The best way I found was to send cheques in advance,
(I actually given 'n' number of cheques there in India.)
Plan in advance and deposit the cheque in any of the Indian
banks a month in advance. No fee charged. The interest is
calculated from the day you dposit the cheque at bank.
You can withdraw only after a month or so.
If you are a trusted customer at the Bank, they will allow
you to withdraw immedietly. (I enjoy this facility ;-)
I have heard of agents who will exchange dollars to rupees
in black. You get a better exchange rate. 1-2 Rs per dollar!
You give the money here in cheque/credit card, the agent
delivers the money at Bangalore at you home, personnaly, cash!
I have no first hand experience about this.
Hope this helps.
later,
--
<> /> _/>/> Half the work done in the world is to make
__/_/ _ / / _ things appear what they are not. - E.R. Beadle
<_/ <_<_><_<_<_|_ _____________________http://www.shore.net/~holla
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There are different ways you can transfer funds...
1. Get a cashier check, and in India the check can be deposited in NRI account
money will be immediately remitted.
Bank may charge fee for the cashiers check.
Take the check on your name (NRI account holder) and provide authorization in India
to whomsoever to handle your NRI transaction account.
Very reliable and quick (mailing time).
2. Electronic transfer, very expensive but immediate transfer.
3. Mailing a check, time consuming to finally receive fund.
4. Verify Travellers check.
Sai.
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Call your nearest SBI branch and they should be
able to initiate a wire transfer for a nominal
charge (< $15).
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Hi,
Jsst send a check and ask someone to deposit it. There is no
charge levied for such transactions. The only problem is, it'll
be atleast a month before you account in india shows the actual
deposit.
Not sure about this one.....if U have an NRI account u
should be able to make a deposit in SBI in US.
-Naveen
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Hi
I send money to India on a regular basis. I have sent my father several
post dated cheques which he encashes there. I do not hava an NRI account
etc. The bank(Canara discounts the check and pays the rupee eqvt for
that day immediately. The whole charge is about Rs 20-30. I guess it is
independent of the amount ( not sure!). I guess it is all right if the
money is available immediately.
The other option is to send Amex travellers chcks. AAA issues the checks
without any commision. But it can be a hassle if these are lost in mail.
That's all. Hope it helps
Srinidhi
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I usually send a check by mail. It takes approximately three
weeks for the check to cash. I have an account with Citibank.
Kapil
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>Open a brokerage account and transfer funds electronically to wherever
in India you want money to be sent. Seek help of brokerage house; it will
cost you nothing. Have fun.
Dr. Spuma Rao
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-The answers to all your questions would be available from New York SBI.
Their number is 1-800-634-2572. On the other hand if you are looking
to avoid the transaction charges and need the money immediately, I have
can arrange the money in Bangalore. I have some excess Rupees that I
have in India, which I had converted last time. You can email me at
v$ide...@raleigh.ibm.com or call me at 919 254 1230
Surendra
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Given all this information, I called SBI is found out that it would cost me $40 to wire transfer any amount to India.
CITINRI said they do not do money transfers anymore.
But I did find a great method of wire transferring money. Since I live in Massachussetts, and have an account in BayBank, Baybank does wire transfers to any bank in the world in about 4-5 business days. And the best part of all is that it costs only $14 for the transaction.
You need to have the branch code and the routing number for the bank in India where you have an account.
I think this is pretty inexpensive and best too.
Hope this helps everyone else looking for the information I was.
Savitha
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Savitha Rajiv Internet: sav...@apollo.hp.com
Chelmsford Systems Software Lab (CSSL) Phone: (508) 436-5743
Hewlett-Packard Company Fax: (508) 436-5140
300 Apollo Drive
Chelmsford MA 01824