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Review of various international money transfer options to India Updated information on money transfer
Though India is the largest recipient of foreign currency remittances , there is little information available on the various methods to send money to India. We have received money through various money transfer options and we review the charges, ease of use , reliability and service of these companies below . This is based on our personal experience. We have spent a lot of time checking the various options and we hope it will help visitors to take an informed decision
Moneybookers Senders in select EU countries may pay thru their local bank transfer/cheque using Moneybookers and senders from other countries can pay through credit/debit card . The transfer charges are low but to convert the money to Indian rupees they charge a flat fee of about Rs 200/Euro 3.5 irrespective of the amount. Queries to customer support are usually answered within a day. Recipient receives money after 3-4 weeks
Western Union - is one of oldest money transfer services but their charges are quite high (approx. US$18 for US$100 ). Many countries do not allow sending money through Western Union. In India, you can receive money through Western Union only 12 times in a calendar year. Though the money is transferred is available to a recipient within 15 minutes, we have had to wait for 2.5 hours to receive the money ,due to problems in the agents office. Most of the agents are concentrated in South Mumbai and there very few agents in suburbs of Mumbai with large populations. Service varies from agent to agent, and one particular agent wanted to deduct all their office expenses from the amount received by us, after asking us sign a receipt for the total amount . The best service is given by agents who actually have a Western Union terminal and should take only 2 minutes
Wire/SWIFT/Telegraphic Transfer (TT) is a secure money transfer method from bank to bank. Depending on the country in which the sender is located the bank charges vary . Telegraphic transfer charges can be as high as US$45 for sending US$50. (from Indonesia to India). The charges are usually lower if the transfer if the transfer is directly from USA to India. Normally the amount is transferred to our account within 3 days. Kindly note that Standard Chartered bank in India charges US$14 for all foreign currency transactions in addition to TT charges of your bank. The sender should send a copy of the Telegraphic transfer receipt from senders bank to recipient, since banks require proof of transfer. At times the TT can be reversed by your bank.
Draft/cashiers check in any major currency (US Dollar, Japanese Yen, Euro, Pound Sterling) sent by registered post is the cheapest option for senders in most countries. Nationalized banks in India charge a commission of 0.25% + postal charges for encashing the draft (take 3-4 weeks) . Private banks charges Rs 300 - Rs 500 flat fee
Indian Rupee Drafts Exchange houses in the Middle East countries charge as little as US$2 for preparing drafts in Indian Rupees since they have low overheads
There are various other money transfer options available , but since we have not used any of them, we are are unable to give any feedback. If you have any query , feedback or suggestion, kindly let us know by email