Best Remittance to transfer USD to India

[GC4ALL]

I use to send money to india from US using SBI GLS Remit services, but once after they suspend the services from 23-JAN-2013, got really confused to select a good remittance bank. Seems like Bank of Baroda/IndusInd Exchange Rates are nice, but not sure about their Service and Reliability, Please suggest your ideas...

http://www.entryindia.com/exchange_rates

Also suggest whether it is a good idea to open SBI Checking Account (In US Branches New york or Chicago or SFO)? Read in some forums that they dont have any online facility and we need to send personal checks or wire transfer from our US Bank to SBI US branch everytime...is that true?

Please share your experience currently who are using the US SBI bank remittance service or any other banks

Thanks

[qesehmk]

I have always used money2india. The experience is very very good. The money lost in conversion is about 0.5% which I believe is very competitive.

I haven't used others so not sure. However only once when I tried axis / timesofmoney; the experience was terrible. Will never use again and won't advise anyone to use it.

I have never banked with Indian banks in US. So don't have any experience there.

I use to send money to india from US using SBI GLS Remit services, but once after they suspend the services from 23-JAN-2013, got really confused to select a good remittance bank. Seems like Bank of Baroda/IndusInd Exchange Rates are nice, but not sure about their Service and Reliability, Please suggest your ideas...

http://www.entryindia.com/exchange_rates

Also suggest whether it is a good idea to open SBI Checking Account (In US Branches New york or Chicago or SFO)? Read in some forums that they dont have any online facility and we need to send personal checks or wire transfer from our US Bank to SBI US branch everytime...is that true?

Please share your experience currently who are using the US SBI bank remittance service or any other banks

Thanks

[sssbpgmgc]

+1 on Money2India, very reliable, eTransfer takes 5 business days and wire transfer takes 1 business day.

Sorry for thread jacking, but can someone suggest the best (legal) way of transferring money from India to US? Amount is about 25K.

[gc0907]

Money2India: Is good when you can wait for few days and it's not urgent.
With Banks in US:
Rate: Chicago/NY is good compared to California branches.
Transfer time: If you have an account with them, it's an easy same day transfer. So you know what rate you are getting.
Online account access: NY don't have. Chicago has but limited to viewing your balance. California has online access where they let you initiate remittance online.
But mostly if you are not local, you will be faxing the remittance form.

Customer service isn't really great though and should expect desi govt. employee attitude.

Check some of the posts here: Different Money Transfer Options

[SmileBaba]

Xoom.com is good and transfers your money within 24 hours without going to any bank to initiate a wire transfer etc. They provide fixed exchange rate and give you the rate at the time of booking remittance.

[bvsamrat]

Excellent references and I agree with all

I have tried Remit2 India a few times and did not have problems
If you select in Rupees , you can check exchange rate at the same time

I did not know about SBI exch. and I will try as I have SBI ac in India

But I did not hear good about Xoom.

But Remit to India and Xoom will have access to local US account and be careful if receipient address or account number is wrong ,then you will have tough time in re-routing the money back.

I had some issues with Remit2 India with wrong address But all worked out well in 1-2 weeks.

Money2India: Is good when you can wait for few days and it's not urgent.
With Banks in US:
Rate: Chicago/NY is good compared to California branches.
Transfer time: If you have an account with them, it's an easy same day transfer. So you know what rate you are getting.
Online account access: NY don't have. Chicago has but limited to viewing your balance. California has online access where they let you initiate remittance online.
But mostly if you are not local, you will be faxing the remittance form.

Customer service isn't really great though and should expect desi govt. employee attitude.

Check some of the posts here: Different Money Transfer Options

[qesehmk]

gc0907 - never noticed you already got your card! Belated congrats! And great to see you contribute even after you have your own GC.

Money2India: Is good when you can wait for few days and it's not urgent.
..

[gc0907]

Thanks Q. I am one of those Jan-Feb2012 approval batch

gc0907 - never noticed you already got your card! Belated congrats! And great to see you contribute even after you have your own GC.

[gcq]

Options I have tried:
1. Wire transfer, a bit expensive but fast(same day). Most Indian banks have a US correspondent bank where they have an account for the bank. You transfer from your bank to US bank where the Indian bank has an account. It is a domestic transfer. For my US credit union, they allow me to initiate wire transfer online. So no phone calls, no faxes. My favorite option when I want to transfer money quickly and don't mind spending $15 on domestic wire transfer fee.

2. Money2India: Good option when there is no urgency. Also can be used to schedule automatic payments.

3. Xoom: Completely online, very fast, but has limits on the amount you can transfer over a period of time.

4. Western union. Instantaneous but expensive.

[gc0907]

Yeah with Money2India and others the daily/weekly limit is an issue.
With a big amount, US SBI branch is a good in terms of exchange rate as well. But again customer service does kill the monetary benefits.

Today's experience...@SBI Chicago.
First call, person answers nice and confirmed the rate. Called again saying I faxed the remittance form. Second person answered(sounded stressed out) said they received the fax but asked me if I sent them my proof of income for this year, which is a new requirement I never heard of. I said No and before I ask something further, she hung up. And then no luck reaching them. So I faxed them my income proof.
Got hold of someone in other department after 45 mins but she took my number saying remittance department will call me back.

This hasn't happen last two transfers but once in a while there is one or two stressed-out employees, who passes their stress on to the customers.

Options I have tried:
1. Wire transfer, a bit expensive but fast(same day). Most Indian banks have a US correspondent bank where they have an account for the bank. You transfer from your bank to US bank where the Indian bank has an account. It is a domestic transfer. For my US credit union, they allow me to initiate wire transfer online. So no phone calls, no faxes. My favorite option when I want to transfer money quickly and don't mind spending $15 on domestic wire transfer fee.

2. Money2India: Good option when there is no urgency. Also can be used to schedule automatic payments.

3. Xoom: Completely online, very fast, but has limits on the amount you can transfer over a period of time.

4. Western union. Instantaneous but expensive.