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
- A.P. Mahesh Co-op. Urban Bank
- Abhyudaya Co-op. Bank
- ABN AMRO
- ACE Co-operative Bank
- Allahabad Bank
- Amanath Co-operative Bank
- Andhra Bank
- Andhra Pradesh State Co-op Bank
- Apna Sahakari Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Bank of Rajasthan
- Bassein Catholic Co-op. Bank
- Bharat Co-op. Bank (Mumbai)
- Bharat Overseas Bank
- Bombay Mercantile Co-op. Bank
- Canara Bank
- Capital Local Area Bank
- Catholic Syrian Bank
- Central Bank of India
- Centurion Bank of Punjab
- Citibank
- Citizen Credit Co-op. Bank
- City Union Bank
- Coastal Local Area Bank
- Corporation Bank
- Cosmos Co-op. Bank
- Deccan Merchants Co-op. Bank
- Dena Bank
- Deutsche Bank
- Development Credit Bank
- Dhanalakshmi Bank
- Dombivli Nagari Sahakari Bank
- Federal Bank Limited
- First Leasing Company of India
- Greater Bombay Co-op. Bank
- Guardian Sahakara Bank Niyamita
- Gujarat Industrial Co-op. Bank
- HDFC Bank
- HSBC
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- Indusind Bank Limited
- ING Vysya Bank
- Jalgaon Janata Sahakari Bank
- Jammu & Kashmir Bank Ltd.
- Janakalyan Sahakari Bank
- Janalaxmi Co-op Bank
- Janata Sahakari Bank
- Kalupur Commercial Co-op. Bank
- Kapol Co-op. Bank
- Karad Urban Co-op. Bank
- Karnataka Bank
- Karnataka State Co-op Apex Bank
- Karur Vysya Bank Limited
- Kotak Mahindra Bank
- Krishna Bhima Samruddhi Bank
- Lakshmi Vilas Bank
- Lord Krishna Bank
- Mahanagar Co-op. Bank
- Maharashtra State Co-op Bank
- Mahesh Sahakari Bank
- Municipal Co-op. Bank
- Nadia Gramin Bank
- Nainital Bank
- New India Co-op Bank
- Nilambur Co-Operative Urban Bank
- North Kanara GSB Co-op. Bank
- Nutan Nagarik Sahakari Bank
- Oriental Bank of Commerce
- Orissa State Co-Op Bank
- Ottapalam Co-Operative Urban Bank
- Punjab & Sind Bank
- Punjab and Maharashtra Co-operative Bank Ltd.
- Punjab National Bank
- Purathur Service Co-Operative Bank
- Rajkot Nagarik Sahakari Bank
- Ratnakar Bank
- Repco Bank Ltd
- Rupee Co-op Bank
- Saraswat Co-op. Bank
- SBI Commercial & International Bank
- Shamrao Vittal Co-op. Bank Ltd.
- South Indian Bank Ltd.
- Standard Chartered
- State Bank of Bikaner and Jaipur
- State Bank of Hyderabad
- State Bank of India
- State Bank of Indore
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Saurashtra
- State Bank of Travancore
- Surat Peoples Co-op. Bank
- Syndicate Bank
- Tamil Nadu State Apex Co-op Bank
- Tamilnad Mercantile Bank
- Thane Janta Sahakari Bank Ltd.
- UCO Bank
- Union Bank of India (UBI)
- United Bank of India
- Urban Co-op. Bank
- UTI Bank
- Vijaya Bank
- Yes Bank
- Zoroastrian Co-operative Bank
Note: When you are transferring money directly to your bank account, please have these things ready:
- Bank Account Number
- Bank Branch Name
- Bank Branch Code (Ask your bank manager)
- 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.

