| Sending
Money to India |
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Sending money to India
Some tips for sending money to India, some are USA specific, but can be generalised for all
NRI's. You are welcome to send in any suggestions, corrections and additions to us.
1.Bank
2.Citibank Rupee Checking Account :
You need to open the Account with a minimum US $ 1000. The account is held at Citibank
India in equivalent Rupees. To transfer money to your Account, you need to send us your instruction by mail along with a personal US $ check to your nearest Citibank NRI Services Center.
3.Western Union
4. Western Union - AFL
5.MoneyGram (800-926-9400 in US)
Also see Banks
1.Bank Check/Cheque: This is one of the best ways to transfer money to India if you
are not in a hurry. You need to have a NRE/NRI account in India and give your near
and dear ones authorization to operate that account. Usually all banks handle NRI
accounts, if the bank near your house in India does not handle NRI accounts then you are
banking with the wrong bank!
Send a check/cheque (just your regular bank account check/cheque) in your
name
to the authorized person and they will deposit it in your account. They can now withdraw
the money without any hassle. Here are my suggestions on what to write on the check to
avoid any misuse (if your mail is stolen etc.)
1.Cross the check "A/C Payee Only"
2.When you write the date on the check/cheque use the format "Month date, year" i.e.
July 23, 1998. Avoid using 7/23/98 or 23/7/98.
3.Don't just write your name on the favour/favor to line. Instead include your bank
name and account number. For e.g (all data is fictitious)
B.G. Mahesh, NRE A/c 123456, ABCZQ Bank
This way your bank is forced to deposit the money to your account only
(at least
that is what we learnt from the bank).
Pros: Low commission charges (will get you some numbers soon). You are helping the
Government by giving them foreign exchange.
Cons: Takes about 3 weeks for your check to get realized/encashed.
2. Bank Draft: Usually, a $10 service fee (in a US Bank) is involved.
Chase Manhattan Drafts from Bank of Baroda. Fast service. Service charge ??
Citibank Rupee Drafts: Same as SBI Chicago. Service charge is $5. Call
1-800-CITINRI. Immediately encashable in India.
Morgan's Trust/Hanover's Trust Cashiers Check/Demand Draft NRI a/c with BOI San Francisco: You can have a predesignated beneficiary in
India who could draw in Indian Rupees in India while you deposit $ here in the USA.
State Bank Of India: Money Remittance From USA To India
You can transfer money from USA to bank accounts in India through SBI New York
branch at 460 Park Avenue,New York,NY-10022. (Voice: 212 521 3310).
Please send your personal check to NY branch, with instructions to
1. Either send wire transfer to the account in India or 2. Issue bank draft in the
name of the beneficiary.
NY branch clears your check within 2 working days (for check payable within NY)
and 5 working days (for check payable in USA, but outside NY) and issues wire
transfer direct to the account in India. (charges US $30).
Or issues bank draft payable at the centre you specify (charges US$15) and mails
it to you, so that you can mail to your bank or relative.
3.Cable Transfer: Takes about 3-5 working days. Service fee is about $25. SBI Chicago
charges about $16.
4.Wire Transfer: This could be same as cable transfer. Will confirm. A lot of American
Banks like the Nations Bank and Commerce Bank charge only $15 for a wire transfers and
the banks in India do not have any charge for incoming transfers (at least Hong Kong
Bank
does not have). It just takes minutes to do it and the money is in your account in 2 days. A
service charge from the bank in India may apply.
Demand Draft costs a lot more, instead sending by MoneyGram, Western Union may be
cheaper.
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