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Money Transfer to India: For NRI and Global Indians looking to Return To India

GaramChai.com >> Finance >> Remit Money to India

Money Transfer, exchange rate conversion, transfer of savings to loved ones is never far from the minds of expatriate communities around the world. Indian, South Asian and NRI community is no different. In this section of GaramChai.com, we present the trends in money exchange and transfer, savings and repatriating and sending money to your loved ones overseas in the most convinient and cost efficient manner.

Money Exchange Service Providers // Money Transfer: What to Watch out for // Finance for NRIs // Foreign Exchange Rate from Federal Reserve of New York // Articles of Interest // Interesting offers // Complaints against Online Portal
You may also be interested in Return to India Section of GaramChai.com

Money Exchange Service Providers

  • 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"
  • 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.

  • 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.

  • Travelers Express/MoneyGram International:Offers money order, international money transfer, official check, bill payment, share draft and gift certificate programs.

  • 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.
  • 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.

  • 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!†

Money Transfer: What to Watch out for

  • Refunds: Some online service providers will not give a refund in case of error, claiming inability to reconvert from rupees or other converted currency.

  • Customer Service Issues: Not all service providers have the same level of efficiency when it comes to customer service.

  • 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.

Articles of Interest

  • Immigrants send billions abroad each year. Now, banks want a piece of the action : About 10 people each week stop by Gustavo Garzaís Mac Newsstand in McAllen to wire between $100 and $150 home to their relatives south of the Rio Grande. "Thatís a lot of money in Mexico," the 60-year-old shop owner said. Itís 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.
  • 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

  • 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.

  • 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

Interesting offers

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

 

If you are interested in posting your service, please send a note to webmaster@GaramChai.Com.†

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