When you remit money to Indian Banks

Hi,

I have been wondering whether any of u here have the probs. we have with banks in India. When we send drafts (USD) to our bank in India, it takes a month or month for it to clear and get deposited in our account. This time its taking more than 1. 5 mths.! Sounds weird, sicne the money has been debited in our US account. I am wondering whether the banks in India are playing a game, since Indian rupee is on the downswing against USD, and they will have to shell out more? Any inputs would be welcome!

If you have a NRI account do a wire transfer in that case the funds will be available on the same day.Other option is if you have a wells fargo bank they have tie-up with ICICI bank and you can create a remittance account for account in India and transfer money within 2 business days.I think if your taking then it will take couple of months to get cleared.One more option is you can get DD for India Rupees at State Bank at any of USA branch.In that case the DD can be cashed at any of Indian branches.But I'm not sure about the timeline for that.
Thanks
Mangai

Thanks mangaii! Really appreciate!

Hi Ank,

You can use a lot of the service providers who assist in transferring money to India by wire. As mangai said, you can use the services of your bank in US to transfer funds to any Indian Bank. Alternatively you can use remit2india and similar sites who will do the transfer on your behalf for a small fee and the time taken for the credit to happen is 3 business days.

Do pls explore the possibilities.

Drafts would definitely take more time, cos the drafts have to go through the collection process.

Hope this info helps.

Anu

Hi ANk,

Saw u r post. Just wanted to share my info as well. The way we remit funds to India is via wire transfer. I live in San Jose, California and there is a SBI branch here. Also, we have a SBI NRE account in Mumbai. We were informed by the bank officials that if we maintain a quarterly balance of $3000, then the wire transfer charges are waived. Most importantly, our funds get remitted on the next working day. But what is great is we get the exchange rate of the previous day. So when we wish to remit money, we call the branch to get a quote and then we decide whether we wish to transfer at that rate. It is really very convenient. Hope this helps.

I have Citi NRI account thru which I can send money to any indian bank account.
I transfer funds from my US bank account to my NRI account and from their transfer it to any account I want in India for free. Its hassle free and cost for me.

You can use SBI REmit at www.onlineSBI.com/gls
Its like money2india by ICICI.

It takes exactly 5 business days to get the money deposited in bank. THe exchange rates are higher than what we get from other private banks.

I have never faced any problem so far. I would recommend it for others.