HIC_NAA Posted November 4, 2014 Posted November 4, 2014 Which money transfer methods do you guys use (if anyone really does that). I used to use Western Union but just checked today and they are levying charges of 4.90 on transactions. Would be great if you can let me know some secure methods.
moniker Posted November 5, 2014 Posted November 5, 2014 I use this to find the best rates: http://www.compareremit.com/todays-best-dollar-to-rupee-exchange-rate/ Western Union doesn't charge you if you use a debit card.
HIC_NAA Posted November 5, 2014 Author Posted November 5, 2014 I use this to find the best rates: http://www.compareremit.com/todays-best-dollar-to-rupee-exchange-rate/ Western Union doesn't charge you if you use a debit card. I use a debit card only but yesterday saw this extra charge for first time. They already reduced/remit the rate and on top of that were asking for this 4.90 charge.
Desi Cartman Posted November 5, 2014 Posted November 5, 2014 I use xoom, they charge a small fee but its worth the super phaast transfer
Guest PrancingHorse Posted November 5, 2014 Posted November 5, 2014 I use xoom' date=' they charge a small fee but its worth the super phaast transfer[/quote'] I use xoom too .. though I rarely transfer money but whenever i do i use xoom only.
HIC_NAA Posted November 5, 2014 Author Posted November 5, 2014 anyone from UK as not sure all do transfer from UK
Nash Posted November 5, 2014 Posted November 5, 2014 It depends on what are your criteria. SBI remite gave the best rate on the day it actually transferred the money. It might take 3 to 4 days so when you are transferring, you wont know the exact rate. Best amount to transfer is 4020 $ :D If less than 2000$ cash transfer , I use UAE exchange. :D There are others like Zoom, Times of india's remite to india. My personal experience with both are not good.
Nash Posted November 5, 2014 Posted November 5, 2014 I used to use moneytoindia from ICICI. They rate suck. One time i transfer 2000$ from SBI, ICIC and RemiteToIndia (TOI). SBI won all hands down. Faster, good rate. Surprisingly the rate different was more than 20 paisa per dollar. it is big if you ask me.
HIC_NAA Posted November 5, 2014 Author Posted November 5, 2014 SBI Remit. Do i need SBI account in UK or in India for it to use?
dial_100 Posted November 5, 2014 Posted November 5, 2014 Yup SBI. That's the best way to have an account here in US/UK and the other in India. Now they charge $10 per transfer for certain amount. I did transfers for free for almost 5-6 years. Now I don't transfer money anymore. But the rates were best.
Nash Posted November 7, 2014 Posted November 7, 2014 Yup SBI. That's the best way to have an account here in US/UK and the other in India. Now they charge $10 per transfer for certain amount. I did transfers for free for almost 5-6 years. Now I don't transfer money anymore. But the rates were best. there is no charge like 10$. it is 250RP. plus other taxes. See this written Given below is present charges structure for all the remittances sent using our SBI Express Remit Services offered on this site. Type of Charges Amount 1 Remittance Charges Nil 2 Foreign Currency Conversion charges Rs250 /- 3 Interbank Money Transfer Charges (Money transfer through NEFT to accounts in banks other than SBI & associate banks) Nil 4 Service Tax See Note below The above charges structure is subject to change. Note: Service Tax for conversion of Foreign Currency to Indian Currency or Vice-versa is payable to the Government of India, Ministry of Finance. The service tax rates with effect from 1st Day of April, 2012 are as follows: Service Tax is calculated as below: * 0.12% of the gross amount of currency exchanged for an amount of Rs1,00,000, subject to minimum of Rs30/- ; and * Rs 120 and 0.06% of the gross amount of currency exchanged for an amount of rupees exceeding 1,00,000 and up to 10,00,000; and * Rs 660 and 0.012% of the gross amount of currency exchanged for an amount of rupees exceeding 10,00,000; subject to a maximum amount of Rs6,000 Education Cess @ 3% on service tax is also applicable for every transaction. so the charge total will be charge1 = 250 +0.06% of RP(after conversation) Total charge = charge1 + 3% of Charge 1. You can fill the equations with your amount. Only 250RP is the charge. Rest of the money, you have to pay whenever you transfer money back to india. So in that scenario, SBI is the least charge ( less than 5$) + it gives you the best rates.
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