Wiring out of India

[ranjeetrain]

I got a few question about remiting out of India.

Is it hassle free? Anyone got any horror stories to narrate? How easy or difficult is it to wire 4/5 digit sums in US dollars for an outward remittance? Which banks offer most friendly/hassle free service?

 

[docd]

I got a few question about remiting out of India.

Is it hassle free? Anyone got any horror stories to narrate? How easy or difficult is it to wire 4/5 digit sums in US dollars for an outward remittance? Which banks offer most friendly/hassle free service?

I have used Thomas Cook in the past for remitting to my children studying in USA. Its fast, though their exchange rate is slightly higher than nationalised Banks' rate. Their service charges are slightly lower than the bank so ultimately it evens out. What matters is they are fast. If you a regular with them they will do it even before your cheque is passed by your bank.Otherwise you need to give a draft which may mean extra charges.

 

[ranjeetrain]

I saw some Thomas Cook outlets (mostly at airports). Didn't know they also provide remittance service. Thanks for the info.

They don't take cash?

 

[GeorgeO]

I have used Axis Bank fairly often over the last 8 years and found them to be efficient and reasonably priced. They charge a flat fee ( or do so for their account holders) of around Rs 700 or thereabouts-I don't recall the exact figure. IIRC, remittances exceeding either $5K or 10K get a better conversion rate than for amounts below that.The US banks charge around $20-25 per remittance. In most cases, the funds remitted today( simple paperwork) would be in my sons account in a matter of hours and I would wake up and check my email and see a confirmation from them that the amount was credited.

Cash? How much, a small amount? In these days of TDS, PAN andTAN,I presume you're joking? Currently upto $75K per year can be sent out to relatives etc for personal purposes-the limit upto last week was $200K. For education I think this limit doesnt apply.

 

[ranjeetrain]

The biggest catch in remittance service is conversion rate. Some banks offer remittance at a very low rate but offer a poor conversion rate, thereby making higher profit. Some banks may seem to be charging a higher wiring-fee, but their conversion rate would be more friendly, so in the end they would be cheaper for the user.

My main contention is to find out which bank(s) are the most economical for the user. I googled and found some good info from SBI, ICICI and Axis Bank sites, which seems like a good starting point. Specially it seems ICICI bank has a completely hassle-free service for it's account holders. Just fill a form and you are done.

Am I correct in assuming that no further paperwork is needed so long as you give a cheque/draft? If so, it doesn't seem to be much of a trouble.

 

[docd]

I saw some Thomas Cook outlets (mostly at airports). Didn't know they also provide remittance service. Thanks for the info.

They don't take cash?

They will take cash. Upto 50,000 doesn't need PAN no. Beyond that you need to provide your PAN. I don't know if their airport outlets do remittance. But their regular offices in most cities which do all travel work do remittance as well. They are authorised Forex dealers. George said that Axis Bank charges a fixed fee, so does Thomas Cook. But beware of some bank charges at the other end. In USA most banks will cut around 10-13 dollars so provide for that in your amt.

 

[docd]

The biggest catch in remittance service is conversion rate. Some banks offer remittance at a very low rate but offer a poor conversion rate, thereby making higher profit. Some banks may seem to be charging a higher wiring-fee, but their conversion rate would be more friendly, so in the end they would be cheaper for the user.

My main contention is to find out which bank(s) are the most economical for the user. I googled and found some good info from SBI, ICICI and Axis Bank sites, which seems like a good starting point. Specially it seems ICICI bank has a completely hassle-free service for it's account holders. Just fill a form and you are done.

Am I correct in assuming that no further paperwork is needed so long as you give a cheque/draft? If so, it doesn't seem to be much of a trouble.

I have inquired at ICICI bank since I have an account there. Their conversion rate is quite high. At Thomas Cook you can bargain a bit esp if your amt is considerable. Once you are are a regular they may give you a special rate. Most places except nationalised banks have minimal paper work these days. You do have to fill a form with basic details and provide a a copy of your passport.

 

[GeorgeO]

Ranjeetrain
ICICI Bank that docd suggested as well as Axis are newer technology driven banks that are faster than the nationalized bank which normally have a forex branch-any forex transaction through them has to routed through this branch with attendant delays.

You may want to shop around a bit if the amount justifies it.

 

[ranjeetrain]

Thanks for all the useful info! This is good enough to start with.