Parameters we usually look for:
- Exchange Rate
- No of days for transfer
- Service/Transaction Fee
- Refunds
- Security
- Transaction Limit
Now a day’s 5th parameter is not a big problem as almost every transaction is secured over the Internet. 2nd parameter is crucial and depends on you How many days required for transaction and at what time transaction happened.Some of the service providers to transfer money to India: Western Union, ICICI, HDFC, Citibank & Remit2India. There might be many others but which I am not aware.
Current Exchange rates on Forex
1 US Dollar (USD) = 45.9448 Indian Rupee (INR)
Western Union:
1 US Dollar (USD) = 45.2902995 Indian Rupee (INR)
Western Union Fee $10.00 No. of days for transfer: 3 Business Days
Customer Support: Good
It is very quick and fast but the service charges very high and you loose lot of money for transaction charges. The main advantage is we can send money to a small town/village in India within hours of our transaction. Advertises widely and have tied up with Indian Postal Service. They have thousands of location in every corner of the world and the money can be picked up anywhere. The only disadvantage is that it is quite expensive i.e. $39 for upto $3000. Also there is a limit on the maximum amount transferable. Service from Indian and Nationalized Banks
Citibank:
1 US Dollar (USD) = 45.6189 Indian Rupee (INR)
Fees: Varied; No. of days for transfer: Same or 5 Business Days
Customer Support: Good
If you have Citibank account in UK and India and if someone has debit card with them in India, this is faster than WU but there would be a limit to withdraw money using Debit card. Usually Citibank offers Rs 1.30 less than market exchange rate as transfer is done instantly. I found that it offers better exchange rate than WU. The Citibank Rupee Checking Account allows you transfer your money from abroad to India. HSBC India presently offers FREE Remittances through FastCHEQUE and FastCLICK from USA. HSBC India also offers NRI accounts and other NRI services for NRI's around the world. Special features include
1. Checks - You can fund your account by Personal Check/Certified Check/Cashiers Check or Drafts.
2. Wire Transfers/Telegraphic Transfers - From any local bank in your city to your Citibank Rupee Checking Account
3. Online Transfers - Currently for US Customers only from any US Bank Account to your Citibank Rupee Checking Account
4. Citibank Global Transfers - From your local Citibank Account to your Citibank Rupee Checking Account for customers in select regions
5. Electronic Funds Transfer - Rupees from your local India bank to your Citibank Rupee Checking Account
6. Dial-to-Transfer - This unique facility helps you transfer funds electronically from your bank in the United States to your Citibank Rupee Checking Account in India.
ICICI:
1 US Dollar (USD) = 45.4905 Indian Rupee (INR)
Fees: Rs 25; No. of days for transfer: 3 Business Days
Customer Support: Average
Usually ICICI gives lot of offers and say they would give better exchange rate. It might be true but it would take lot of time to credit the money to our Indian account. They say that no service fee but they always charge it !
Remit2India:
1 US Dollar (USD) = 45.45 Indian Rupee (INR)
Fees: $ 3- $ 25; No. of days for transfer: 3 to 5 Business Days
Customer Support: Average
As per the ratings, this is one of the popular and most used service providers currently. This would give better exchange rate, if you were bit clever. Exchange rate is different if we transfer money through NRE and the more we transfer the better the exchange rate. They would inform that we would get Rs.1000 on offer but they won’t credit immediately. We need to mail them and pursue them to do it
HDFC:
1 US Dollar (USD) = 45.56 Indian Rupee (INR)
Fees: Rs 25; Non HDFC Rs 0.75/1000; No. of days for transfer: 1-2 Business Days
Customer Support: Good
This is actually affiliated with Remit2India but offers best service in terms of quick delivery and exchange rate. Might be same exchange rate as Remit2India but faster than them in delivery. The problem with Remit2India and HDFC are that exchange rates are indicative as at transfer date and may vary little bit after the actual transfer. Citibank tells us immediately what is the amount we will receive after the conversion.
Depends on your need, you can decide which service provider to use. Wish you all the best.
SBI:
1 US Dollar (USD) = 45.54 Indian Rupee (INR)
Fees: $15*- $ 30 or No Fees*; No. of days for transfer: 2 to4 Business Days
Customer Support: Good
Offers best service in terms of quick delivery and exchange rate. Might be greater exchange rate as Remit2India but faster than them in delivery.
All INR remittances are free irrespective of amount.
Conversion to foreign currency at a firm rate, displayed on the website.
Instant* Transfer to over 15,000 branches of State Bank Group
Electronic credit facility to accounts in all branches of SBI and associate banks and nearly 33000 branches of 100 other banks in India.
Instant pay by debit or credit card up to $1000 (own account with SBI: $2500).
Send money to account with any bank.
7. Give standing instructions for regular remittances.
IKobo: The safest, fastest and most convenient way to send money online. Provides money transfer services all over the world.
Cash2India: Claims to be "The Oldest and Most Trusted Online Money Transfer Service"
Travelers Express/ MoneyGram International: Offers money order, international money transfer, official check, bill payment, share draft and gift certificate programs.
SendMoneytoIndia.com - Send money to India online - Cheapest way to Transfer money to Indian Cities and Villages online and Sending Money Abroad.
Xoom.com -
Fees: $ 3- $ 15 or No Fees; No. of days for transfer: 1 to 5 Business Days
Customer Support: Poor
Xoom is a San Francisco, USA based company that provides secure and easy money transfer facility to India. The sender should have a bank account or credit/debit card and internet access. The recipient need not have either of these facilities. When the money is sent to India through Xoom, it is made available for recipient to pick up or deposited in a bank account This service is entirely web based service
Tags: Cash2India, Citibank, compare, Exchange Rate, HDFC, ICICI, Ikobo, India, Money Transfer, NRI, Remit2India, SBI, Western Union, Xoom, WellsFargo
