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| Money2India |
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 Best ways to transfer Money to INDIA.
Here are the best ways to transfer money to india. From the vast experiences of people the following are ways are ordered as best according to their usage, best exchange rate, easiness.
HDFC -- Remit 2 India This is the latest buzz in money transfers as its giving 50paise more than the ICICI exchange rate and the best is that one can set a exchange rate and trigger the transfer when it reaches that figure and this one lacks in ICICI scheme where it gives exchage rate based on the day. More to come about this soon............. This is the best way of all the ways one can transfer money to India. It is not that we are biased or advertising for ICICI but because of its flexibility , promptness and after all the best exchange rate which is always the top compared to some banks like Citibank, SBI etc. {mosgoogle} Why? One need to register on the ICICI portal money2india.com and follow the instructions. Money can be transfered to any ICICI branch in India for free as well as to a big list of other banks in cities electronically. Apart from this they will send a DD to any bank in India where you got an account ( can be a bank in your village or town. 2 euros of postage and DD fee is charged for amounts transfered to other banks as DDs) How? Once you register on the website you are ready to transfer the money. From germany , the standard way is you have to click on POWER TRANSFER or NET EXPRESS on the left menu. Enter the details of the recipient in india who has got ICICI account ( it can even be your own ICICI account) or to a bank you want to. Enter the amount of money you want to send and after making everything , a special TRACKING NUMBER is generated which looks something like "M2X324242" and this code is the real identifier for your transaction. With this TRACKING NUMBER you will be provided the details of the bank inside Germany where ICICI holds an account making your life easier to transfer money with no costs. If you chose , you will see the local bank information as Account Holder Name: ICICI Bank Ltd. Bank Address IBAN No. DE91501108006231605988 From the above address one need to transfer the money which was stated on the money2india portal with the TRACKING NUMBER in the transfer's subject line. The IBAN number given is for transfers outside Germany , ie, for EU region and if you are inside Germany you have to split it to fit to BLZ(bank clearing code) and Konto nummer ( account number). IBAN No. DE91501108006231605988 is COUNTRY CODE + BLZ + Konto ==> DE91 / 50110800 / 6231605988 The details for transfer are Konto: ICICI Bank Ltd BLZ : 50110800 Konto Nummer: 6231605988 with the transaction string as M2X...... ( TRACKING NUMBER generated)
Summary: ICICI has an account in a local bank (JP Morgen chase bank) in Germany and you need to send money to that account from your bank account with the TRACKING number and thats how they know when the money is there in their account, thereby comparing the details for that TRACKING number and will deposit the money to india in your recipient's account. The key factor is the TRACKING NUMBER from which the details of transaction are processed. Tips: If you have an account in JP Morgen Chanse bank , literally the money transfered reaches ICICI's account in Germany on a mouse click, but if your are having a different account like Sparkasse, Deutsche Bank or other german banks , it might take 2 working days to reach this JP Morgen and then once the money is there it will be depostied to the account in India. The maximum optimal time is 3rd working day and your money is in INDIA and the exchange rate is calculated according to the time when the money is being deposited to Indian account. NET EXPRESS. With this option its more local , like for Germany , Singapore..country specific. According to your address registered on the portal , the destination account will be a local bank near to your place. For example: If you live in Munich or assume if you give your address as Munich while registration on the portal, the destination bank account would be Landesbank München and NOT the JP Morgen Chase. This feature is only country specific and a guy from sweden cannot use this. TIP: The exchange rate is always higher compared to Citibank and SBI. One can verify this by visiting the ICICI link here , on the citibank website (www.citibank.de, if you have account only) or by calling SBI, Frankfurt. We bet you will find that ICICI is high always as we have proved it many times in many groups out there. ICICI gives you more exchange rate if your money is at some thresholds. eg: 100 euros to 1000 euros it gives one rate, 1001 till 10000 gives a bit higher rate . You can do that on the exchange rate calculation link https://m2inet.icicibank.co.in/m2iNet/calculateCharges.misc. Many people might argue that SBI or its subsidiaries like SBH, SBT give good exchange rate but he/she might be sending money as a fixed depositor or with some special account status. However that is still less than the exchange rate, and other way with no extra FEES levied as our traditional Indian banks love to make some money or delay the transfer to gain some interest on your money. Pros:
Cons:
Citibank Online Transfer People with citibank account in Deutschland can transfer to any citibank account around the world. Pros:
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STATE BANK OF INDIA One can call and know the exchange rate. Pros:
Cons:
Transfer from your bank This is something like you walk in to your bank with the details of bank in INDIA , SWIFT code, etc. Pros:
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You can discuss this on forums at http://www.de-orient.com/component/option,com_smf/Itemid,78/topic,4.0 All the information is assumed to be correct and drawn from several sources. We are not responsible for any mistakes or totally false information. We try our best to give you as much information as possible. Please use this as a your reference but not for any official purpose , if you are looking for official stuff, visit or goto the respective sites / offices. |
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| Last Updated ( Donnerstag, 08 Januar 2009 ) | |||
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