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Thread: Transferring money online to India

  1. #1
    Cricket Web: All-Time Legend Pratters's Avatar
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    Transferring money online to India

    Some one will be sending me some dollars from the US. What are the ways in which I can get it in India? Would there be high transaction costs and what about the safety factor?

    Thanks.

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    Cricket Web: All-Time Legend Matteh's Avatar
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    HSBC have been making a fairly big deal out of their system recently. Guess you could look into them.
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    PY
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    How does PayPal work? I always figured they'd be useful for that kind of stuff.

    Depends how much it is I guess, I'm not an expert because I've never done it.
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    Cricket Web: All-Time Legend Pratters's Avatar
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    Quote Originally Posted by Matteh View Post
    HSBC have been making a fairly big deal out of their system recently. Guess you could look into them.
    I will try to find out more about it. Please keep giving advice people as I am not an expert either.


  5. #5
    Cricket Web: All-Time Legend Pratters's Avatar
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    I am getting the money transferred to a friend's account who is in the US. Will collect it from him when he returns. Saves hassles..

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    OK here is the deal Pratyush, ICICI bank in India allows you to receive international transaction money up to $25000 at a time or so near by it. You would need to contact your bank and find out their shift number for international transactions.

    The shift number allows the person from US to send it to exact branch location and therefore the account transaction can be done smoother.

    I've been doing it for a long time now, never had any hassles so i think this is the way to go. Do find out how long it will take for the transaction to take place, so there is no hassles later on.
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    Cricket Web Content Updater alternative's Avatar
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    You could also try Western Union Credit Union, but they charge a bit more than usual as a transaction, but its a good alternate choice.

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    just send it to me by mail and ill deliver it to you

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    C_C
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    Partyush, it totally depends on how large a sum you want to transfer/receive.
    If you are receiving a few hundred dollars, i'd say western union is the best way to do it.
    However, if you are receiving significantly larger sums (like several thousand dollars),then WU can be too expensive: they could end up charging you several hundred dollars as fees for transferring several thousand dollars though them.

    For wire transfer, you need to find out if the sending bank and receiving banks both offer wire transfer/acceptance service.
    If they are not, then you are bolloxed.
    If they are, the sender needs the following information about the receiver :

    1. his/her name/address as it appears on the bank statements of the receiver
    2. The account number, bank code and branch code of the reciever
    3. A flat rate of 30-40 dollars if the transfer is comming from N.America

    Also, the sender could 'tag' the transfer for an extra 5 bucks and once he/she sends the money, they get a confirmation code. Through this confirmation code, the sender or reciever (or both) could track the money if they called the wiring department of the sending bank.
    Ofcourse, it goes without saying that if you are sending money as wire transfer from a bank to an individual, you must have an acct. with the said bank (ie, say if the dood/doodette wants to send you money from Standard Chartered to your acct. in State Bank of India- well he/she cant unless he/she has an acct. with standard chartered.

    hope this helped.

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    C_C
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    As for other means well these are the options i can think of right now ( assuming he doesnt show up and give you the money personally- beats the purpose of this whole convo):


    1. Wire transfer (as mentioned bove) : Fairly cheap ( charges like a 30-50 dollar flat rate for thousands of dollars) and very reliable as well as tracable/official. But for it to go without a hitch, the sender *must* get all the branch codes, acct. code, bank code, etc. right or else the money might go somewhere else and be a royal pain in the butt to retreive. Even here you can retrieve it but takes a long time (i am talking weeks/months).

    2. Western Union : Fastest ( literally within minutes of sending you can pick it up) and extremely reliable but they dont handle exorbitantly high amounts of cash ( several thousand dollars is okay. Over 10,000 they aint that okay). They are also very pricy for large sums transfer.
    Basically, the idea western union customer is the college dude who wakes up on 1st of the month, realizes he doesnt have enough rent, calls dad and begs for a few hundred bucks *right now*, gets dressed, walks to the WU and collects money.


    3. Money Order : If the person sends you a money order and a registered courier, it is also pretty safe and sound. Assuming it doesnt get lost in post (hence registered courier), its fairly safe : you cant cash a money order unless it was made out to you.
    Problem with money orders is that sending them via mail can lead to them getting lost ( and cancellation of money order takes some time - a couple of weeks here before the money is refunded to your acct.) and they are very slow in processing. By the time the guy posts the money order and you get your money in your account, over a month could've passed.


    I can't think of any more avenues. Though mind you, i am talking all this with the assumption that you arn't expecting millions of dollars or exorbitant amounts of money : the rules and protocols for that kind of money could be different.

  11. #11
    Cricket Web Content Updater alternative's Avatar
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    Western Union has to be the most expensive way i reckon.

    If the time is not an issue, then you could trust the old handy method of geting a Demand Draft(DD) and getting it registered post to your Indian address.

  12. #12
    Cricket Web: All-Time Legend Pratters's Avatar
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    Thank you very much alternative and c_c. As the sum is very small, I have gone via my friend. I will use one of the options from above in the future for large sums.



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