Raj Posted November 12, 2006 Share Posted November 12, 2006 I need to transfer a fairly significant sum of money (UK) to India. I have not done this before, so from your experience what is the safest and cheapest way to do this? Would use my folks, but they are not going until Feb next year and i need to send this sooner rather than later! Cheers Link to comment Share on other sites More sharing options...
Dhondy Posted November 12, 2006 Share Posted November 12, 2006 Re: Transferring money to India Raj, I've used 2 ways. The first is to go in to my bank, Natwest, and fill out a transfer form. Takes around ?17, but can be a slow process- could take up to 10 days. The best way is through the ICCI Bank website. If the recepient has an account with ICICI in India, he can receive the money within a day or two. You fill in his bank details online, your money is transferred out to ICICI's UK partner, Lloyd's TSB, and thence to India. You don't have to visit your bank. And it's free! Even if your recepient doesn't have an account with ICICI, you can still do it. He can get it in his account directly, or be mailed a demand draft by registered post. This option is not free, but shouldn't cost much...maybe upto ?15. Visit the ICICI website. Link to comment Share on other sites More sharing options...
gullu Posted November 12, 2006 Share Posted November 12, 2006 Re: Transferring money to India Raj: Aisi koi problem nahi. Mein UK aa jata hoon, aap se cash hi le loonga :-) Link to comment Share on other sites More sharing options...
Bumper Posted November 12, 2006 Share Posted November 12, 2006 Re: Transferring money to India Both ICICI & Citibank have similar features. ICICI's e-transfer is free ($5000 limit per week)-- takes one week. ICICI's power transfer is also free (no limit), but your bank may charge for the wire transfer -- takes 1 day. The key factor to consider, while transferring large amt of money is the conversion rate. ICICI has been very good for dollar conversions. Pls research the best banks for pound conversion. Link to comment Share on other sites More sharing options...
Mandrake Posted November 12, 2006 Share Posted November 12, 2006 Re: Transferring money to India ICICI Bank's Money2India is very reliable and secure.You can track your remittance online.I have used it to send funds to a non-icici acct back home and it takes abt a week to show up there.Overall I find it pretty convenient.As other folks have mentioned you might want to check out the conversion rates to see if it would work out for the amount you plan to send. Link to comment Share on other sites More sharing options...
Raj Posted November 12, 2006 Author Share Posted November 12, 2006 Re: Transferring money to India Awesome, thanks for your input gents. :lmao: @Gullu Good point about the conversion rate Bumps. The best way is through the ICCI Bank website. If the recepient has an account with ICICI in India, he can receive the money within a day or two. You fill in his bank details online, your money is transferred out to ICICI's UK partner, Lloyd's TSB, and thence to India. You don't have to visit your bank. And it's free! Even if your recepient doesn't have an account with ICICI, you can still do it. He can get it in his account directly, or be mailed a demand draft by registered post. This option is not free, but shouldn't cost much...maybe upto ?15. I have an ICICI account and was hoping that someone had used them before. You don't have an exact URL Dhondy? I was trying to find the online service earlier without any joy. many thanks! Link to comment Share on other sites More sharing options...
Dhondy Posted November 12, 2006 Share Posted November 12, 2006 Re: Transferring money to India http://www.icicinri.net/money2india/netExpressIndex.asp?rfr=GOO_Net_express_ICICI_TA Don't worry about the exchange rates. They are one of the best around. I've used it recently. Link to comment Share on other sites More sharing options...
Raj Posted November 13, 2006 Author Share Posted November 13, 2006 Re: Transferring money to India Hmm i don't know whether to go for the "NetExpress" or "PowerTransfer" options? The PowerTransfer has an online tracking facility, i guess that would be useful. What do you think? Link to comment Share on other sites More sharing options...
talksport Posted November 13, 2006 Share Posted November 13, 2006 Re: Transferring money to India Last two years I am using money2india icici bank netexpress from UK... which is free if transfering to another icici bank and takes around 3-5 working days and never more than that. The exchange rate calculated is on the day of transfer. I can do it with few clicks of mouse. I also used power transfer some times which is instant ( 1day) which involves CHAPS transfer from your bank( The fee is ?10 -12? depedning on your bank) Both have online tracking Link to comment Share on other sites More sharing options...
Raj Posted November 13, 2006 Author Share Posted November 13, 2006 Re: Transferring money to India Thanks for the info talksport. Link to comment Share on other sites More sharing options...
talksport Posted November 13, 2006 Share Posted November 13, 2006 Re: Transferring money to India The exchange rate calculated is on the day of transfer. I can do it with few clicks of mouse. Should have read the exchange rate is applied when ICICI Bank of UK receives pounds in their account with your ref no. Also another option is, if are living in London or Midlands area ( Birmi or Leivester) and can spend a half working day, you can take a Demand Draft / Bankers Draft at one of Indian Banks like ( SBI / Bank of Baroda etc) , you get a slightly higher exchange rate. Link to comment Share on other sites More sharing options...
Raj Posted November 13, 2006 Author Share Posted November 13, 2006 Re: Transferring money to India Excellent thanks. Link to comment Share on other sites More sharing options...
Recommended Posts