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Old 14th August 2008, 07:10   #1
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Default Transferring Money into / out of India

Hello,

I have a home loan ECS account with a particular bank in India. I am going onsite now and no salary will get credited to this account. What will be the best way to regularly transfer money to this account from outside the country?

Thanks

Nirmal
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Old 14th August 2008, 09:50   #2
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Get an NRE account with any bank(preferably the same bank as ur hme loan ECS account) in India. Most of them allow free transfer of money to NRE a/c's from countries which they operate in. For eg:- Citibank, ICICI, HSBC etc in US.

From the NRE a/c you should be able to transfer it to the ECS a/c as and when you like. Where are you relocating to? Do you have Indian banks there?
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Old 14th August 2008, 09:53   #3
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Which bank is this? Check whether they have NRE/NRO account offering. Get that a/c opened (its only for Non resident individuals). Then either you can get your ECS to be debited from that a/c, or else, set up a Standing Instruction for a particular amount to be transferred from your NRE/NRO a/c into your home loan a/c every month. Just remember to keep your NRI account funded
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Old 14th August 2008, 09:55   #4
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Thanks Kuttappan.

I am relocating to Germany. My salary account in Germany will not be this NRI account. Would it be possible to transfer money to an NRI account without charges ? Would I be able to transfer from an NRI account to the account where I hold ECS, as you mentioned ?

Nirmal

Last edited by ampere : 14th April 2016 at 12:03. Reason: Fixed language
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Old 14th August 2008, 11:03   #5
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If you inform Bank about change in status (Resident to NRI). You might have to convert your home loan into NRI loan (from resident loan).

Terms and conditions and rates are different for NRIs.

I am not sure about this, basically what is the law and is it actually enforced by banks.

Other then that, check with bank in Germany, you might get a good deal for a recurring transfer to India every month.
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Old 14th August 2008, 11:22   #6
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Couple of years ago, I had used ICICI Bank :: NRI:: Money Transfer to send money from UK to my ICICI bank account in India. However, be warned that this is an ICICI Bank venture. I have been one of the lucky few who never had any problems with ICICI bank service.

There are others like remit2india . But I havent used them.

A question I now have is how do we send money outside India? Are travellers cheque the only way?

Last edited by spadival : 14th August 2008 at 11:27.
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Old 14th August 2008, 13:12   #7
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Quote:
Originally Posted by spadival View Post
Couple of years ago, I had used ICICI Bank :: NRI:: Money Transfer to send money from UK to my ICICI bank account in India. However, be warned that this is an ICICI Bank venture. I have been one of the lucky few who never had any problems with ICICI bank service.

There are others like remit2india . But I havent used them.

A question I now have is how do we send money outside India? Are travellers cheque the only way?
Not sure of the rest but paypal works for me.
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Old 14th August 2008, 13:14   #8
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Nirmal I use money2india of ICICI from Germany without any problems at all. I use it to transfer to an HDFC account without any problems, its done in a matter of 3 working days.


Quote:
Originally Posted by nirmalts View Post
Hello,

I have a home loan ECS account with a particular bank in India. I am going onsite now and no salary will get credited to this account. What will be the best way to regularly transfer money to this account from outside the country?

Thanks

Nirmal
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Old 14th August 2008, 13:24   #9
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I used ICICI's Money2India service to transfer money from my American bank account (Bank of America) to my ICICI account here in India. They take the average or lowest (never checked that) exchange rate and take 4 paise per dollar as commission.

The process takes usually 5 working days and have done it so many time that I have lost count. Never had any issue.

This might be the best option - no complications or any other extra effort; but you need to have a ICICI account (or you can transfer to a friends account and have him move it to your account here in India).
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Old 14th August 2008, 14:09   #10
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Quote:
Originally Posted by nirmalts View Post
... What will be the best way to regularly transfer money to this account from outside the country?...
Quote:
Originally Posted by spadival View Post
...There are others like remit2india . But I havent used them...

I have used remit2india some years back , for transferring money from Europe to India, and worked fine without any issues. They took about 4 working days to credit the money.

.

Last edited by Blue Thunder : 14th August 2008 at 14:11.
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Old 14th August 2008, 14:22   #11
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Quote:
Originally Posted by HappyWheels View Post
I used ICICI's Money2India service to transfer money from my American bank account (Bank of America) to my ICICI account here in India...
And this service I have been using for the last 1.5 years and the last time I used was 3 weeks back (got a whopping 42.4 Rs to the $$$).

Forgot to mention it earlier!
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Old 14th August 2008, 16:07   #12
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You have lot of options to transfer to India. ICICI has tie up with different banks all over the world with fastest credit to the home account. I dont think you need to open an NRE account for a short period (you havent mentioned how long you are going to be away).

Western Union has largest money transfer outlets all over the world. You can transfer money from any german account to ICICI with your SWIFT code and Ac number. Also there are Visa to Visa card transfers allowed by many banks (if you have an ICICI visa card), request for a Visa card from your german bank. Next option is Paypal account or online secure transfers like xe.com or xoom.com.

If none of the above 6 methods work, please PM me for my account number , I will be happy to receive money from your german bank, will make sincere payments to your bank here with a nominal fee as agreed each other cheers: as a true Team-BHP-ian in times of need !!

Last edited by shajufx : 14th August 2008 at 16:10.
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Old 19th November 2009, 17:27   #13
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Default Money Transfer from abroad.

Hello All,

I am not sure if this is appropriate to post here. But i am confused

Which is the best way to transfer money from USA to India online?

I know its wire-transfer, but which banks do you think is worth.

As most banks charge transaction fees, i was wondering if any bank does it for free or minimal charge. Also the transaction flow should be smooth with less hiccups. Not those banks that keep you on edge with our hard earned money. If you know what i mean.

Would really appreciate if members opine.

P.S 1: This question need not be USA specific. Members from other countries can also write their views. Would really help other members.

P.S 2 to mods: If deemed inappropriate, please delete the thread.

Thank You.
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Old 30th March 2010, 11:02   #14
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Default US to India money transfer

I have been a loyal ICICI customer for years now. But i am looking at options. Usually ICICI is fast (5-6 days), but there are times when they have taken upto 15 days! And i am not too happy with the rates on offer.

What is the fastest and cheapest alternatives to get these transfers?

I usually use eTransfer option on money2india to transfer between the US account and the india account. Anyone used the other "PowerTransfer" option? That is supposed to get the transaction done in 2 days! Does it really work that way?

PS - I saw the replies in this thread, but most seem to suggest ICICI which is what I am using right now. I am looking for alternative options.

Last edited by Rehaan : 30th March 2010 at 18:15. Reason: Added a PS
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Old 30th March 2010, 12:03   #15
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You can try Times of Money. I think the website is timesofmoney.com
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