Money transfer methods to India

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mycp2005
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Money transfer methods to India

Post by mycp2005 » Mon Jan 07, 2008 9:33 am

Hi,

Whoever has transferred money to India, could you please let me know which portal or site did you use and what were the bank charges of Nordea for it?



Money transfer methods to India

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raamv
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Re: Money transfer methods to India

Post by raamv » Mon Jan 07, 2008 10:56 am

Your best bet is to open an NRI account in ICICI or CITIBANk and use the EU address for the transfer.
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mycp2005
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Re: Money transfer methods to India

Post by mycp2005 » Mon Jan 07, 2008 12:02 pm

Hi raamv,

Thanks for the reply.

I do have a NRI account with SBI and when I tried doing an online transfer to Nordea, they charge as much as 26 euros for 1200 euros.

Hence I wanted to find out if there are any other channels of doing it. Or is this the amount generally people pay to transfer money everytime?

debonaire
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Re: Money transfer methods to India

Post by debonaire » Mon Jan 07, 2008 1:26 pm

Hi mycp,
I also have an NRI bank account with HSBS and another Indian bank...I have done online transfer to my Indian bank accounts using Nordea,in order to pay up my education loan...ITs pretty easy...and you wouldn,t need to pay 26€ everytime you make an online transfer through Nordea...Simply pay only for your own expenses and it comes out to be approx. 6€...I have done this a couple of times and the exchange rate i got in return was pretty much the prevailing market rate...
If you transferring less than 1500€,I think its more economical to just pay only your expenses....even if your correspondent bank in India deducts some charge as fees for the transaction,it would still be chaeper than paying 26€

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neil
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Re: Money transfer methods to India

Post by neil » Mon Jan 07, 2008 2:26 pm

PayPal or Xe.com also offer the good rates. And with XE's money transfer system you can follow the currency markets (in real-time) and choose when to make the transfer. Alternatively, you can say 'transfer money when exchange rate hits X value'.
Neil

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raamv
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Re: Money transfer methods to India

Post by raamv » Mon Jan 07, 2008 3:55 pm

Ask SBI whether they have a EU transfer account intermediary then the there are no fees as transfer within EU is free..
Thats how ICICI and Citibank are able to offer Free money transfers from EU ( and across the world)
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Hank W.
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Re: Money transfer methods to India

Post by Hank W. » Mon Jan 07, 2008 4:05 pm

And remember that when you do the "EU transfer" you have to do it *exactly* as it is said in the rules. Otherwise you pay a stupidity surcharge.
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jay.233
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Money2india method

Post by jay.233 » Mon Jan 07, 2008 5:07 pm

I have heard of another method which is free. havent tried it yet. hwoever my friends have tried it.

This is if u have an a/c with icici. Normal account not even NRI account.

U first have to register with money2india on icici's site. then transfer using powertransfer. there is a procedure of sending to some icici intermediatery in germany to avoid charges and u transfer from ur nordea account to that. from germany it goes to ur indian account for free at the prevailing market rates. (Will confirm this and also it should be above 1000€ to be free).

Will post the exact procedure once i do it myself.

regards
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raamv
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Re: Money transfer methods to India

Post by raamv » Tue Jan 08, 2008 9:17 am

Jay is also right. I ve done it many times using money2India as well as using normal transfer to EU intermediary.
BTW, you can open an ICICI account online.
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ivn490
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Re: Money transfer methods to India

Post by ivn490 » Fri Oct 19, 2012 12:00 pm

Sorry for replying back to this very old post.

The only transfer method i see with money2india is the power transfer. Does that mean a wire transfer for Nordea bank? Because wire transfers would cost money apart from the charges that money2india levies.

Any thoughts?

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Pursuivant
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Re: Money transfer methods to India

Post by Pursuivant » Fri Oct 19, 2012 1:31 pm

I think the idea in that "powertransfer" is the payment goes as EU transfer to Germany?
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fonduekid
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Re: Money transfer methods to India

Post by fonduekid » Mon Oct 22, 2012 8:46 am

"Power Transfer" is simply web based wire transfer, that many banks say it will assure transfer of money in less than 48 hours.. as usual, IBAN or SWIFT/BIC codes needed.

The best way is to open a NRI account (as someone else has mentioned above) in some Indian banks like ICICI or SBI.

With an NRI account, you simply transfer money from your online bank here in Helsinki to the NRI account. That's it. It's quick, relatively cheap.

lucksheme
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Re: Money transfer methods to India

Post by lucksheme » Sat Oct 27, 2012 1:41 pm

Hi,
Its very simple.
Just create an account here http://www.money2india.eu/
then you can send money to any one/any bank

Lakshmi
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sharatmath
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Re: Money transfer methods to India

Post by sharatmath » Thu Jun 06, 2013 10:13 am

Hi Lakshmi

Can you please tell how much service tax does ICICI charge?
or is it what ever they show on the website is the same amount of INR they transfer to bank in India?

Regards
Sharat

deepupkn
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Re: Money transfer methods to India

Post by deepupkn » Fri Jun 07, 2013 2:32 pm

Hello Guys,

Last week I tried to send money to Union Bank of India to kerala, South India via Nordea Bank. I think they charged me around 20 Euros. Could you guys please tell me the time period (transfer time) required for the money to be in our bank account in India? I have one more question - Can we use Western Union MT online transfer (using your Nordea bank debit card) to transfer? When I checked their site it was something like 3 Euros that they were charging. Can anyone confirm if this is a safe and viable option?

Thank you all in advance for your valuable suggestions.


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