Money 2 India

Below are the few ways to send money to India:

1. ICICI – Money 2 India (www.money2india.com)
2. State Bank of India (www.onlinesbi.com/glsus)
3. Remit 2 India (www.remit2india.com)
4. CITI Bank (www.online.citibank.co.in)
5. Western Union (www.westernunion.com)
6. Wellsfergo 2 ICICI (www.wellsfargo.com)

How to make use the above services: After you decide which service to use to send the money to India, you need to give the personal details and register in the corresponding website. While you are registering you need to give the remittance account (remittance account is nothing but account from which you are planning to send money to India) To get the confirmation from corresponding bank on registration process it may take 1-3 days, confirmation and will comes by mail (which you have provided during registration).

Service Bank (for example ICICI's money2india) will deposit multiple deposits and withdrawals in remittance account (sum of deposits will be 1$ and sum of with drawls will be equals to 1$). Once you see the above transactions in your remittance account you need to enter those amounts in the service bank corresponding website by using the user id & password (Which you have given while registering). Once you enter the correct amounts in the service bank website you will get the complete approval to do transactions to India. Then you can add the destination account details to send the money to India. For each transaction it will take 5-7 working days.

Advantages:

• If you want to send more than $1000 to India then no service charge will be there.
• Conversion rate is acceptable

Disadvantages:

• If you want to send less than $1000 to India there will be $2 service charge.
• Its not possible to have a clear idea on conversion rate since it will take 5-7 working days to complete the whole process.

Western Union Process: This is some what different process than above process, through Western Union we can send the money with in 10 minutes to India but we need to pay the service charge more than the above process. As per my knowledge $10 service charge for first $500, after that $1 service charge for each $100. Through this process, in India we can take the money not only from banks we can take through Western Union Agents too. In U.S you can find Western Union money transfer facility at lot of places such as malls, Shops, Travel agency and Banks to send money to India.

How to receive money In India: Who ever is going to take money in India that person details we need to give in the form provided while transferring money, Once you paid the money in U.S at Western money transfer counter, then we will get a receipt, in that you could see the receiver information, code & money details with exact amount in INR too for the USD of deposited amount. We need to give all these details to the receiver. The same receiver should go to take the money with any of his identifications such as passport / Indian voter card / Driving License in India to get the money from Western Union Bank or Agent. If the amount it more than 50000 INR then its not possible to take the money directly from the Western Union or agents, in that case we will get a cheque / D.D.

Advantages of Western Union Money Transfer:

• In India you can take the money immediately
• We will be sure with the Conversion before receiver receives the money in India.
• Since there will be lot of Western Union agents, banks in India, it will be more convenient for the receiver.

Disadvantages of Western Union Money Transfer:

• Comparatively service charge will be more for Western Union service.
• Conversion rate also will be less than the other services.

All the above mentioned details are based on my personal experience only, those may not be correct all the time.

Some important information from ‘Teluguvadini’ on Wellsfargo Serice:

One needs to open the Wellsfargo International account and need to attach the receiver account details.

• Every day up to $3000 we can send the money to India, service charge will the $5.
• Through this service we can send the money with in 24 hours.

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