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More Beauty Pageants Photos Videos. Picking the right option Deepa Venkatraghvan In an earlier article, we saw how the transfer fees and exchange rates both have an impact on your remittances. Today, we look at the various options available to you. In an earlier article, we saw how the transfer fees and exchange rates both have an impact on your remittances. Today, we look at the various options available to you: In this case, you must necessarily have a bank account with the bank through which you are sending the remittance.
Time taken and cost: These would depend on several factors. If you remit funds from your bank account in US which also has a branch in India, it would take you lesser time, as early as the next working day, and you may get a discount in fee or sometimes even a complete waiver.
If you remit funds from a bank that does not have a branch in India, it could take between 1 to 4 working days. This can also be an expensive affair.
There is a commission for foreign currency conversion. The customer sees the exchange rate, commission and total amount to be received in India before accepting the transfer. It generally takes a couple of days. If the customer requests that the funds arrive in the local currency and therefore Citibank does the conversion , Citibank would charge a commission for foreign currency conversion," says Andrew Brent Senior Vice President, Consumer Public Affairs at Citi.
Banks may offer the fixed rate or actual rate. Each bank may have its own limits. Bank wire transfers might be best suited for high value transfers because other services may have remittance limits. Online money transfer service There are several online money transfer services such as xoom.
The good thing about these service providers is that you can transfer funds from any foreign bank account or even credit card to any bank account in India. The time taken in case of these transfers is relatively short, from a few hours to a couple of days.
For instance, in the case of xoom. Our current transfer time of 4 hours is in fact the lowest among all transfer options. I think that is important in current volatile times when you want to lock into a good rate before it changes. We also try to keep costs as low as possible so that we can deliver maximum value to the customer," explains Ruchika Kohli, Director Marketing at Xoom Global Money Transfer.
While wire transfers and online transfers take less time, between 1 to 2 days depending on the time it is booked, ACH transfers take slightly longer, about days. Exchange rates can vary significantly between providers. Some offer a fixed rate option where the rate is fixed upfront before you initiate a transaction. Others offer an actual rate option.
While it can also go the other way, in recent times most of our customers have benefitted. We also give customers exchange rates based on slabs determined by the amount being sent. However the more they send, the better the rate we are able to provide," Nanda explains. However you will have to provide additional documentation for high value transactions. This can be a quicker and more cost effective way to transfer funds as compared to direct bank wires.
But make sure you compare the exchange rate that you will get on conversion because that can be a hidden cost. Also, make sure you check the exchange conversion rate for the exact dollar amount that you want to send. This too can vary depending on how much you send. Online-Offline Some banks and service providers receive your remittance from overseas and send a physical draft to the beneficiary in India, thus combining an online and offline model. Remit2India also has a service where collection is made online and a draft is delivered to the doorstep of the beneficiary.
The cash will be available for collection at more than , locations in India within days. The third option is to visit an overseas branch in person and hand over the cash. Remit2India sends a draft by courier to the beneficiary. This could take up to 7 days depending on the time taken for courier and Rs draft charges would be deducted.
WU has a fixed rate option, that is, you will know beforehand the rate of exchange on your transaction. You will know how much will be received in India. Remit2India again uses the actual rate model. From around the web. From Around the Web. We have sent you a verification email. To verify, just follow the link in the message. Most Popular Islamic State claims Jakarta attacks, its first strike at Indonesia Islamic State on Thursday officially claimed responsibility for a gun and bomb assault in the centre of Jakarta earlier in the day that killed seven people, five of whom were attackers.
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