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GaramChai.com
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Finance
>> Remit
Money to India
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Money
Exchange Service Providers
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Citibank,
N.A The
Citibank Rupee Checking Account allows you transfer your money from
abroad to India. Special features include
a) Checks - You can fund your account by Personal Check/Certified
Check/Cashiers Check or Drafts. b) Wire Transfers/Telegraphic Transfers
- From any local bank in your city to your Citibank Rupee Checking
Account c) Online Transfers - Currently for US Customers only from
any US Bank Account to your Citibank Rupee Checking Account d) Citibank
Global Transfers - From your local Citibank Account to your Citibank
Rupee Checking Account for customers in select regions d) Electronic
Funds Transfer - Rupees from your local India bank to your Citibank
Rupee Checking Account e) 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.
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HSBC : 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.
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Travelers Express/MoneyGram
International: Offers
money order, international money transfer, official check, bill payment,
share draft and gift certificate programs.
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Remit 2 India: A
parallel service offered by the Times of Money.
- SendMoneytoIndia.com
- Send money to India online - Cheapest way to Transfer money to Indian
Cities and Villages online and Sending Money Abroad.
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Times of Money: Service
offered by the Times of India Group.
- Western
Union: 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.
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Service
from Indian and Nationalized Banks including:
- Most
common FAQ on Money Exchange: Can you compare the plans?
There are several comparison sites online including the
following The caveat is that most of
the comparison offered by web portals of service providers are one-sided
and may be either biased towards their 'low fees' or 'the least amount
of time' As the old adage goes: there is nothing like a free lunch;
just as there is nothing like a free money transfer!
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Money
Transfer: What to Watch out for
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Refunds:
Some
online service providers will not give a refund in case of error,
claiming inability to reconvert from rupees or other converted currency.
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Customer
Service Issues: Not all service providers have the same level
of efficiency when it comes to customer service.
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Exchange
rate risk: Exchange Rates provided by service providers can vary.
A Rs.5. difference in exchange rate would result in a Rs 500 difference
for a Transfer of every US $ 1,000 ! (example Rs 44, 300 instead of
Rs 44, 800).
- Transaction
limit : There may be limits on maximum amount that can be transferred
. the limits could be per transaction per day, per week etc. so this
service are not suitable for transfer amount more than $10,000.
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Articles
of Interest
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- Immigrants
send billions abroad each year. Now, banks want a piece of the action
: About 10 people each week stop by Gustavo Garza’s Mac Newsstand in
McAllen to wire between $100 and $150 home to their relatives south
of the Rio Grande. "That’s a lot of money in Mexico," the
60-year-old shop owner said. It’s a scene repeated at grocery stores,
gas stations, check-cashing establishments and money exchange businesses
throughout the Rio Grande Valley as residents with relatives in Mexico
seek to help their families back home pay bills, buy food and establish
savings. Immigrants sending remittances traditionally have shunned established
financial institutions, preferring money transfers offered by companies
like Western Union and its subsidiary Orlandi Valuta or MoneyGram, which
charge fees for their services.
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Incorporation
of Business Entity: A foreign company planning to set
up business operations in India has the following options to set up
a business entity:- 1 As an incorporated entity under the Companies
Act 1956 through JVs or wholly owned subsidiaries 2 As an unincorporated
entity through liaison office/representative office or project office
or branch office of a foreign company. Such offices can undertake
activities permitted under the Foreign Exchange Management (establishment
in India of branch office of other place of business) Regulations
2000. Further Details on Indian
Embassy website
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Returnee-speak:
Mohan Babu [Silicon India]
: After spending nearly six years in the U.S. , most of it
in pristine Colorado , I recently packed my
bags and decided to head back to Bangalore . As is to be expected,
the move was wrought with trepidation and involved some bit of soul-searching.
I was giving up a “nice” job with Compuware, a mid-sized
S&P 500 company, where I had spent over five years working with
some great people, and was heading back to Bangalore where I had begun
my whirlwind career in IT nearly a decade ago.
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Rooster's
Call: Intersting Article on NRIs coming back home
: For reasons ranging from bad (the dotcom fallout
and the still-hurting knock-on effects) to good (the engineer/mba
path is still a safe career bet, and if you're into anything radical,
India's never been a better place to set up shop), NRIs have been
returning to India in huge numbers. In Bangalore alone, something
like 35,000 ex-NRIs have 'returned' over the past five years. This
may dwarf the number in other metros, but the total for India over
this period is at least 50,000.
- Other
Articles on Return
to India Section of GaramChai.com
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Interesting
offers
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Citibank's
unique Dial-to-Transfer+ facility - The Citibank Rupee Checking
Account now lets you transfer money from the comfort of your home, to
your loved ones in India. Just pick up the phone to transfer from any
bank account in the US to your Rupee Checking Account in India. You can
call our toll-free number 1800-CITI-NRI for more details
DON
Damaka Contest - Answer the questions and craft catchy slogan
to WIN exciting prizes.
Citibank
NRI Home loans - Citibank brings you home loan solutions that
guide you through the process of taking a NRI home loan from application,
to disbursement of the entire amount.
Citibank
India Deposits - Citibank India Deposits offers Foreign Currency
Non Resident Deposits (FCNR) and Rupee Deposits at attractive interest
rates.
NRI Services
and Wealth Management for the Global Indian from Citibank
NRI business
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