online remittance

For those of you who want to transfer funds from US/UK to India, the following information might be useful:

My preliminary research suggests that HDFC QuickRemit offers best rates for remittance from US to India.

The exchange rates are as of 16 Jun, 2008.

HDFC QuickRemit

http://www.timesofmoney.com/remittance/jsp/remitExchangeRate.jsp?partnerId=HDFC&uiId=HDFC

USD	INR	GBP	INR	Euroland Euro	INR
11 – 1000	42.50	50 – 700	82.69	50 – 1000	65.72
1001 – 3500	42.59	701 – 3500	82.79	1001 – 3500	65.83
3501 – 5000	42.64	3501 – 5000	82.84	3501 – 5000	65.89

MSN India

http://www.timesofmoney.com/remittance/jsp/remitExchangeRate.jsp?uiId=MSN 

USD	INR	GBP	INR	Euroland Euro	INR
50 – 1000	42.34	50 – 700	82.69	50 – 1000	65.38
1001 – 5000	42.46	701 – 3500	82.84	1001 – 5000	65.5
5001 – 10000	42.55	3501 – 5000	82.91	5001 – 7500	65.58
10001 – 25000	42.55	5001 – 10000	82.91	7501 – 200000	65.73
25001 – 200000	42.64	10001 – 200000	83.13
		10001 – 400001	83.13

Remit2India

http://www.timesofmoney.com/remittance/jsp/r2i_exchangeRate_india_US.jsp?tab=US&sendercountry=US&sendercurrency=USD&uiId=TOML&partnerId=TOML

USD	INR	GBP	INR	Euroland Euro	INR
50 – 1000	42.34	50 – 700	82.69	50 – 1000	65.38
1001 – 5000	42.46	701 – 3500	82.84	1001 – 5000	65.5
5001 – 10000	42.55	3501 – 5000	82.91	5001 – 7500	65.58
10001 – 25000	42.55	5001 – 10000	82.91	7501 & Above	65.73
25001 & Above	42.64	10001 & Above	83.13

 SBI

https://www.onlinesbi.com/glsus/exchangerateusheader.htm

https://www.onlinesbi.com/glsuk/exchangerateusheader.htm

Currency	INR	GBP	INR
50 – 1000	42.47	£50 – £900	Rs.82.91
1001 – 2000	42.52	£901 – £2000	Rs.83.01
2001 – 4000	42.57	£2001 – £3500	Rs.83.06
4001 – 5000	42.62	£3501 – £5000	Rs.83.16
5001 – 10000	42.62*	£5001 – £10000	Rs.83.16 *

Update

On July 01, 2008, I found that
ICICI provides an exchange rate of Rs.42.79339/USD  as against Rs.42.55 of HDFC Quick Remit, for $1000. However ICICI imposes additional $2 service charges. However for $2000, ICICI doesn’t impose the service charges.

Following table should clarify the picture.

Service	USD	Forex Rate	Service Charge INR	Remittance Fees INR	INR
hdfc	1000	42.55	0.00	25.00	42,525.00
icici	1000	42.79	85.59	25.00	42,682.80
hdfc	2000	42.64	0.00	25.00	85,255.00
icici	2000	42.88865	0.00	25.00	85,752.30

 Sources:

http://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/m2i.htm and http://www.timesofmoney.com/remittance/jsp/hdfc_remithome.jsp#null