[fine69]

Does anyone have any experience with transferring money using an IBAN number.

For a studio apartment I booked in Switzerland, the owner has sent the IBAN no. which is like an International Account Number and should be sufficient to make the payment. However, the banks need a whole lot of details like Owner Name, Address, Bank Name, Bank Address, Account No. (besides this IBAN no.).

Any fast way of transferring money to the apartment owner in Switzerland?

[wantarangerover]

Originally Posted by fine69

Does anyone have any experience with transferring money using an IBAN number.

For a studio apartment I booked in Switzerland, the owner has sent the IBAN no. which is like an International Account Number and should be sufficient to make the payment. However, the banks need a whole lot of details like Owner Name, Address, Bank Name, Bank Address, Account No. (besides this IBAN no.).

Any fast way of transferring money to the apartment owner in Switzerland?

I am not an expert, but you could try calling your bank cc in India and ask them how to make an international wire transfer, and what details you need.

[fine69]

Originally Posted by wantarangerover

I am not an expert, but you could try calling your bank cc in India and ask them how to make an international wire transfer, and what details you need.

I did that and the bank needs all the details that I listed. However, Western Union website states that only IBAN with Name, Bank Name details should suffice. But then no single Western Union Agent is able to give me a proper answer about wiring money using IBAN. Weird, aren't they supposed to wire money day in day out!

[wantarangerover]

Originally Posted by fine69

I did that and the bank needs all the details that I listed. However, Western Union website states that only IBAN with Name, Bank Name details should suffice. But then no single Western Union Agent is able to give me a proper answer about wiring money using IBAN. Weird, aren't they supposed to wire money day in day out!

I am guessing you are in India currently, otherwise you wouldn't be asking this question. Western Union page says you need theseinfo to make a wire transfer internationally.

If you are in SWZ already, you could make a transfer from your local bank or an ATM.

[nareshov]

@fine69: SBI's netbanking can do that. I've wired money that way previously to a non-IBAN a/c number. It accepts IBAN also as per the screenshot.

[manduvindupondu]

Did anyone try money2world service by ICICI Bank? The charges seems to be flat 750 plus taxes. They offer 16 currencies. Please share your experiences.

[sindabad.sailor]

Last post on this thread is from 2016 and hence thought of checking if there are any new avenues/options available recently.

I am in need of effecting an inward remittance from my overseas account to indian account.

Apart from xoom and icici services that have been discussed here, I have found findstoindia by Kotak.Any feedback on it.

I need some guidance on the process since I would be doing it for the first time.
Are there any charges that my overseas bank would levy in addition to those by remittance company?

Rgds.

[Turbanator]

I am in need of effecting an inward remittance from my overseas account to indian account.

You will have to do SWIFT from overseas bank to your Indian bank. The remitting bank normally charges 25-40 $ or Euros and a similar amount is lost normally at the time of receipt due to intermediary / receiving bank charges. More than charges you should be concerned with the Exchange rate that Indian bank will give. If the amount is large get in touch with your Bank and ask them to freeze rates for you for a day or so, they may hold some funds in your account to cover any variance in case they don't get.

[silversteed]

Originally Posted by sindabad.sailor

Last post on this thread is from 2016 and hence thought of checking if there are any new avenues/options available recently.

I am in need of effecting an inward remittance from my overseas account to indian account.

Apart from xoom and icici services that have been discussed here, I have found findstoindia by Kotak.Any feedback on it.

I need some guidance on the process since I would be doing it for the first time.
Are there any charges that my overseas bank would levy in addition to those by remittance company?

Rgds.

If it's not too late, you can try Transferwise. The rates are usually better than what banks offer and the conversion charges are also on the lower side.

[shipnil]

Bumping up the thread.

Guys, currently what is the best method to transfer money from India to USA? This would be gift from parents to the daughter. Please guide in terms of charges to pay as well as exchange rates.

[ValarMorghulis]

I've always used Wise (previously Trasnferwise.com) to transfer money. Much better deal than banks. However, this was from Europe to India and vice versa.

[goandude]

Originally Posted by ValarMorghulis

I've always used Wise (previously Trasnferwise.com) to transfer money. Much better deal than banks. However, this was from Europe to India and vice versa.

Went to their website to transfer some money to my sister's bank account in Australia and their fees were just 3.28% of the INR amount.

How does this compare with Western union or bank (SBI is my bank) transfers?

[GutsyGibbon]

Originally Posted by goandude

Went to their website to transfer some money to my sister's bank account in Australia and their fees were just 3.28% of the INR amount.
How does this compare with Western union or bank (SBI is my bank) transfers?

I have found Wire transfers from my US bank to offer the best exchange rate, for a flat wire transfer fee. Not %age. If you are transferring a lot of money to fund a large purchase like an apartment, better to Wire for a flat fee. Also, if you do an ACH transfer from your own foreign account to your NRO/NRE account you may not get the best exchange rate, and attracts fees.

Originally Posted by shipnil

Bumping up the thread.
Guys, currently what is the best method to transfer money from India to USA? This would be gift from parents to the daughter. Please guide in terms of charges to pay as well as exchange rates.

You would need to go to the Branch of the bank that does Forex transactions and ask about RBI's Liberalized Remittance Scheme. There would be a bunch of paperwork to make sure taxes are paid on the money, and you would have to meet the documentation needs. Usual PAN, Aadhar etc. The money would be then directly wired to the US bank account. My father went to SBI and did a wire to my US bank account. The limit is $250k per year, per individual.

There is a new rule about TCS (Tax collection at source) for LRS, that you need to check on.

[goandude]

This was my first experience of transferring money abroad. I used Wise and it was pretty seamless. Money transferred from India to Australia.

Set up my account on 24/4, transferred money to Wise on 25/4, then some emails back and forth between me and Wise as my name on my bank wasn't exactly as I had stated while setting up my account. This got sorted after I sent them a pdf of my statement showing my name and the transfer amount. Money received by recipient on 27/4.

Their fee was 2.3% of the amount (though they did not specify this percent in their invoice) and the exchange rate was almost the same as that on XE app.

[GutsyGibbon]

Originally Posted by goandude

Their fee was 2.3% of the amount (though they did not specify this percent in their invoice) and the exchange rate was almost the same as that on XE app.

Irrespective of the exchange rate, that is a steep fee! 23k to send 10L is a lot to simply transfer money between accounts electronically. I wish there were options with flat fees instead of this percentage, or bad exchange rates. Its not like they need to do more work to transfer more money, like carrying a hawala suitcase.
<rant>
This inefficient pipe is the reason the biggest buildings in every city is a bank/financial institution.
<\rant>