Sending Money to Calcutta, India from Abroad!

Sending Money to Calcutta, India from Abroad!

Hi all,
I am just trying to write this article not just for you but for myself too! I have used few different services to send money to India, Kolkata but I am not sure if I have been wise in my decisions. Here are few things that I find really useful to look before you chose any service to send money home from abroad.

Things to do:
1. Check most recent convertion rate:

Different money transfer provider may give you different conversion value for a dollar. Check multiple service before you make your decision.
2. Service charge:
Different money transfer companies will charge you differently. But for any service, faster you want want your money to be sent home, higher will be the charge of transaction. So, make a plan, have some time and send money early to avoid extra service charges.
3. Checking account/ Credit Card/ Debit Card/ Paypal:
These days you can use your personal checking account, credit cards, debit cards or even paypal accounts to send money home. Recommended way will be using your checking account or writing an E-check. It will take some extra time to clear your check but there won’t be any hidden charges. If you send money via credit card, the credit card company might charge you for “cash advance”. So, if you must use your credit card, do consult with your credit card company. Paypal also has become very popular and you can use it. I love paypal and use it for most of my online transactions. Only bad things about cards is: you have to pay higher service charge.
4. Ask your friends:
Never feel bad about asking your friend for little guidance. It is quite possible that your friends have sent money to India via several different services. They can tell you lot more about the nature of the service such as how fast you expect the money to be transferred, hoe good be the conversion rate and so on.

Xoom : The Smarter way to transfer money!
What is Xoom?
Xoom Corporation is an online-to-offline international money transfer service.

Well, for the last four months I have been using xoom to transfer money. It has been most wonderful experience for me so far. No service charge over 700 USD if you are sending money through your bank account. Last time I sent money, it took only 3 days to go to India. Using their service you can actually deposit to any of the following banks listed below. We recommend direct money transfer to Indian Bank Account. You can also choose for “Pick Up” at 4340 locations all over India (Your recipient can pick up the money in minutes at Punjab National Bank, IndusInd Bank, Union Bank of India, Muthoot Finance Pvt Ltd. and many others.) In addition you can also request for “Home Delivery” (Door-to-door delivery at no additional cost to anywhere in India.)

They have a great tracking system and it keep sending email updates about the transaction. You can also log on to their website and monitor the transfer. You can transfer up to 2500 USD at a time.

I have used them, they are very trustworthy. I even talked to their customer service. The people on the customer service are very nice to talk to. Feel free to contact them for any further information you may need.

CONTACT XOOM

Xoom Corporation
301 Brannan Street
5th Floor
San Francisco CA 94107
USA
415-777-4800 (phone)
415-777-8690 (fax)

Participating Indian Banks

1. A.P. Mahesh Co-op. Urban Bank
2. Abhyudaya Co-op. Bank
3. ABN AMRO
4. ACE Co-operative Bank
5. Allahabad Bank
6. Amanath Co-operative Bank
7. Andhra Bank
8. Andhra Pradesh State Co-op Bank
9. Apna Sahakari Bank
10. Bank of Baroda
11. Bank of India
12. Bank of Maharashtra
13. Bank of Rajasthan
14. Bassein Catholic Co-op. Bank
15. Bharat Co-op. Bank (Mumbai)
16. Bharat Overseas Bank
17. Bombay Mercantile Co-op. Bank
18. Canara Bank
19. Capital Local Area Bank
20. Catholic Syrian Bank
21. Central Bank of India
22. Centurion Bank of Punjab
23. Citibank
24. Citizen Credit Co-op. Bank
25. City Union Bank
26. Coastal Local Area Bank
27. Corporation Bank
28. Cosmos Co-op. Bank
29. Deccan Merchants Co-op. Bank
30. Dena Bank
31. Deutsche Bank
32. Development Credit Bank
33. Dhanalakshmi Bank
34. Dombivli Nagari Sahakari Bank
35. Federal Bank Limited
36. First Leasing Company of India
37. Greater Bombay Co-op. Bank
38. Guardian Sahakara Bank Niyamita
39. Gujarat Industrial Co-op. Bank
40. HDFC Bank
41. HSBC
42. ICICI Bank
43. IDBI Bank
44. Indian Bank
45. Indian Overseas Bank
46. Indusind Bank Limited
47. ING Vysya Bank
48. Jalgaon Janata Sahakari Bank
49. Jammu & Kashmir Bank Ltd.
50. Janakalyan Sahakari Bank
51. Janalaxmi Co-op Bank
52. Janata Sahakari Bank
53. Kalupur Commercial Co-op. Bank
54. Kapol Co-op. Bank
55. Karad Urban Co-op. Bank
56. Karnataka Bank
57. Karnataka State Co-op Apex Bank
58. Karur Vysya Bank Limited
59. Kotak Mahindra Bank
60. Krishna Bhima Samruddhi Bank
61. Lakshmi Vilas Bank
62. Lord Krishna Bank
63. Mahanagar Co-op. Bank
64. Maharashtra State Co-op Bank
65. Mahesh Sahakari Bank
66. Municipal Co-op. Bank
67. Nadia Gramin Bank
68. Nainital Bank
69. New India Co-op Bank
70. Nilambur Co-Operative Urban Bank
71. North Kanara GSB Co-op. Bank
72. Nutan Nagarik Sahakari Bank
73. Oriental Bank of Commerce
74. Orissa State Co-Op Bank
75. Ottapalam Co-Operative Urban Bank
76. Punjab & Sind Bank
77. Punjab and Maharashtra Co-operative Bank Ltd.
78. Punjab National Bank
79. Purathur Service Co-Operative Bank
80. Rajkot Nagarik Sahakari Bank
81. Ratnakar Bank
82. Repco Bank Ltd
83. Rupee Co-op Bank
84. Saraswat Co-op. Bank
85. SBI Commercial & International Bank
86. Shamrao Vittal Co-op. Bank Ltd.
87. South Indian Bank Ltd.
88. Standard Chartered
89. State Bank of Bikaner and Jaipur
90. State Bank of Hyderabad
91. State Bank of India
92. State Bank of Indore
93. State Bank of Mysore
94. State Bank of Patiala
95. State Bank of Saurashtra
96. State Bank of Travancore
97. Surat Peoples Co-op. Bank
98. Syndicate Bank
99. Tamil Nadu State Apex Co-op Bank
100. Tamilnad Mercantile Bank
101. Thane Janta Sahakari Bank Ltd.
102. UCO Bank
103. Union Bank of India (UBI)
104. United Bank of India
105. Urban Co-op. Bank
106. UTI Bank
107. Vijaya Bank
108. Yes Bank
109. Zoroastrian Co-operative Bank

Note: When you are transferring money directly to your bank account, please have these things ready:

1. Bank Account Number
2. Bank Branch Name
3. Bank Branch Code (Ask your bank manager)
4. Bank Branch District
   

Few sites to get you started:
a) Samachar Money Transfer
Looks good. No transaction fees up to 7500 USD!
Read FAQ about Samachar Money transfer here.

b) Senswise
“A rupee demand draft delivered to the recipient’s doorstep within three to four working days and can be cashed at any nationalized bank in India - What could be simpler!”.- they say!
Read FAQ about Sendwise

C) Times of Money
Good Service by times of India group. Reasonable transaction fees.

D) Cash2India
I used their service before. These are good at sending money safe home and secure. They will send demand draft sent to your home!
They are pretty check too. Check their RATES for transfer money to India

E) Western Union
Super fast. Transfer over phone using your card. They usually have high transaction fees. Not great for rural pars of India.

F) Moneygram
Similar to Western Union. They also have different Online Money transfer options.

G) Money Brookers:
UK Based company. Good for people living in UK. They have low transaction fees.
Read FAQ about Money Brookers

H) Open NRI bank account with any banks such as HSBC, ICICI, RBS… who offer NRI accounts. Keep one debit card with you and provide another to your family member. Very useful if you just always send money to your family.

I) Icobo
As per their website ” Why Icobo”?

• Quicker: No Agents, No Waiting
• Easier: Send money anytime 24/7
• Safer: Send money from home, withdraw from an ATM
• Great Price: Less expensive than the ‘old money transfer’ method

Check Fees for money transfer at Icobo.

J) HSBC Free Money Transfer via fast Click and Fast Cheque.
With HSBC NRI Services, you can now send money to India using just your fingertips! Moreover your money gets credited into your HSBC NRI account in India in just 3 working days.

There are many other options. This is my first hand guidance before you decide how to send money home!
Tax: You do not need to pay TAX to IRS for sending the money but your recipient should pay “GIFT TAX” in India. Consult a lawyer for details about TAX involved in money transfers.