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

 

 

 

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2 responses to “online remittance

  1. I would suggest that you look at Barclay online money transfer service. They have no fees and the exchange rate today was much better than the rest (GBP 1 = Rs73.4).

    The service claims a ONE day credit and I’m sure that Barclays can do it considering their network.

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