Comparison of Methods of Transfer of Money to India
Remittance is Tax Free in India. Transferring Money to India is easy, like Online shopping. Money transfer through Cheque by ordinary post takes five weeks. The fastest transfer is iKobo VISA Plus ATM card withdraw, where the money is available in 30 seconds. For most services, an Account Registrations is a requirement.
Some of the Money Business Service (MSB) companies that can transfer money to India are
Perils of Money Transfer
- No Refunds: Some of these companies will not give a refund in case of error , claiming inability to reconvert from rupees.
- Exchange rate : Not all services provide the Best Exchange Rate. A Rs1. difference in exchange rate would result in a Rs1000 (US$20) difference for a Transfer of US$1000 ! (ie Rs45,000 instead of Rs46,000).
- 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.
Comparison of Sending Money to India Services in Brief
 Times of India's Remit2India
- www.Remit2India.com Remit2India, a Times Group Company, offers customers an easy means to transfer money to India from 23 countries across the globe including USA, UK, Australia, Canada, Europe, Singapore and many more. Whether it is transferring money for your family’s needs/ buying a property or transferring to your NRE Account or towards donations, Remit2India offers you easy solutions
- Free Money Transfers & Great Exchange Rates
- Estimated Delivery Time-2 to 5 days
- Online Status Tracker to view your Money Transfer Request status
- 24*7 dedicated Customer Service to help you with your queries
- Multiple Transfer Modes-Online ACH, Credit Cards, Checks, Wire Transfers and Money Bookers
- Choose from multiple Delivery options-Direct Credit into any Bank Account in India, Demand Drafts or a Remittance Card. Over 6000 delivery locations including doorstep delivery
Disadvantages:
- Credit or Debit card not accepted.
Western Union
 Method 1: Money Transfer using U.S. bank issued Visa or MasterCard credit or debit card.
- Commission is slightly Higher.
- Convenience: send cash directly over telephone.
- Disadvantage: Credit card company may charge a cash advance fee.
Method 2: Remittance by Money Order.
- Funds available immediately.
iKobo "i-Kard" ATM Card
After Registering for an account, iKobo sends the person receiving the money an i-Kard (ATM card). ATM card delivered in 2 to 3 days. The beneficiary uses the i-Kard at any Visa Plus ATM to withdraw the cash. The i-Kard is re-usable. Once the person has an i-Kard they can receive money from anyone, anywhere in the world - in less than 30 seconds.
Disadvantages:
- ATM machines that display the VISA PLUS sign is required for cash withdrawal.
- One time Courier fee for ATM card delivery.
- New Entrant January 2001.
- Hidden fee: ATM usage charge by the ATM owner.
Cash2India
- Register for an account.
- Provide recipients Information.
- Pay by Credit Card or Debit card or e-check.
- Punjab National Bank cheque delivered by Blue Dart within 48 hours.
- Bank Checks (E-checks) typically take 5 days to clear and then take 48-72 hours to reach the recipient. Transfer fee for E-checks is only $7 for Transfer amount US $2001 to $2500.
Disadvantages
- Person-to-Person transactions only.
- Local Courier service in 1200 large metros and towns, other places by registered mail.
- Since Banks cannot convert from rupees to Dollars, Transactions are non-Refundable.
- Cash advance fee (if any) charged by credit card company.
- Once, a transaction is submited, your money is converted into Rupees by Punjab National Bank. Cash2India do not have permits to reconvert rupees into dollars to refund the amount.
This service is intended solely for Person to Person transactions only. If the check is addressed to a business or charity the check will not be mailed and you will not receive a refund.
ICICI Bank
- Need a ICICI Bank account with minimum account balance of Rs 5,000(INR).
- Free Money transfer to any account with ICICI Bank.
- Offer of Best Exchange rate.
MoneyGram International Money Transfer.
- Need for sender and receiver to visit an authorised agent during office hours.
- Claim of Money being available within 10 minutes.
- Available only in major cities or towns having an authorised service agent.
MoneyBookers.
Funds are first upload to your MoneyBookers account, then withdrawn locally.
- Upload Fees : International bank Transfer is Free, MasterCard/Visa 3%, e-gold is free.
- Withdraw Fee : International Bank Transfer (split option) € 1.80, Cheque Drawn on an Indian Bank will cost € 3.50, e-gold is 3.75%.
|
India Cities
