Here, two advertisements are taken from ICICI Bank Customer Education Series, regarding “On line Money Transfer to India” and its “Exchange rates for online money transfer to India”. You can see the details by clicking on the advertisement.
This online system is quick, economical and convenient. Its status can be checked at every step.
There are other ways to send money to India, but here we will discuss online money transfer to India by some other banks and private non-banking organizations or companies.
“Citi Online Remit” from CITI Bank:
Citibank NRI Business provides – Citi Online Remit for US Residents only. It provides a secure online remittance option to transfer money from any US Account/Credit Card to any account in India.
In other benefits, you have to make one-time registration. Here, no account is needed. Citi bank can issue and deliver demand drafts to anyone in India, at no charge. You can track your transfer online.
“Quickremit” from HDFC Bank:
You can remit funds online from the US, UK, Singapore & Europe. Money is credited to a beneficiary's HDFC Bank account or DD can be issued to over 1650 locations across India.
It provides direct credit of remittances to your or your beneficiary's accounts of other banks with more than 20,800 branches of over 90 banks in India. This service is provided through the RTGS / NEFT Platform setup by the Reserve Bank of India. HDFC Bank can only dispatch the funds through RTGS / NEFT platform and does not guarantee the delivery times for credit to such accounts.
SBI Bank:
SBI offers various ways of online money transfer to India through SBI Online GLS or Global Link Service.
SBI Express to India:
SBI Express enables NRIs to send rupee remittances from a host of countries. The resident Indian beneficiary in India can receive the remittance through any one of the following options:
Ø Credit to the beneficiaries account held in any Core Banking Branch within 24 hours.
Ø Draft within 24 hours to the beneficiary, or to the beneficiary's branch, if the beneficiary holds an SBI account with a non-core banking branch.
Ø Draft within 24 hours if the beneficiary holds an account in any other bank in India.
Instant Transfer is a real time rupee remittance facility from SBI branches in 18 countries across the world to your / beneficiary’s account maintained with SBI in India at any of the over 9000 Core Banking Branches. Also available to over 4500 branches of Associate Banks through NEFT. It offers attractive exchange rates and low remittance charges. This Facility is also available to non-account holders (of SBI’s foreign branches) at certain centres. Charges for ‘Instant Transfer’ vary at different branches. Branches in some countries may offer the facility at concessional rates to their account holders.
SBI-Direct Debit
No need to visit your banks to transfer money to your loved ones in India. Just register for SBI’s services under direct debit facility to send money right from the comfort of your home. Money is transferred from your bank account through your country of residence’s clearing mechanism (like ACH mechanism in USA) and deposited to your beneficiary’s bank account in India. Presently, this facility (ACH) is available for USA residents only.
“FastCLICK” from HSBC:
With FastCLICK, NRIs can send money to India from USA. No transfer fee will be levied by HSBC India for such transfers. This facility is available only for customers holding account with HSBC Bank USA N.A and a NR Account with HSBC India.To avail of this facility you need to be registered for Internet Banking on your USD account with HSBC Bank USA N.A. and enrolled for the 'International Transfers' feature available on Internet Banking. For details on registration and bank charges pertaining to your account with HSBC Bank USA N.A., please contact HSBC Bank USA N.A. representative.
Key features:
- Send money from your USD account at HSBC Bank USA, N.A. to your NRE / NRO Savings / Current account with HSBC India. You may also send money to FCNR Term Deposit in USD if you already hold a NRE/ NRO savings/ current account with HSBC India. Moreover your money gets credited into your HSBC NR account in India in just 3 working days (days that are bank working days in both USA and India).
- You may transfer up to USD 10,000 per transaction. (No restrictions on the number of transactions).
- HSBC offers very competitive exchange rates, so get more out of your money. Current exchange rates may be viewed by logging in to Internet banking.
Transfer funds to other bank accounts in India, for free (Conditions apply), through Internet Banking once funds are credited into your NR account.
Non-banking organizations or private companies:
There are private non-banking organizations or private companies which transfer money online particularly to any bank, any country, and any account instantly, like Remit2India, Xoom, PayPal, Wester Unionon, epay, eMoneyTran , etc.
Remit2India:
Remit2India is an Independent online money transfer service for NRIs of 23 countries. NRIs of US, UK, Australia, Singapore, Canada , UAE, Hong Kong, Germany, Spain & Other Euro Countries. It has 24x7 phone and online transfer tracking. You can remit from your bank, wire or check. You can send money to 60,000 branches of 90 banks. You can send money directly to any account with any bank in India including SBI, ICICI, HDFC Bank etc. Remit2India is part of the Times Group and Citigroup.
PayPal:
The service allows anyone to pay in any way they prefer, including through credit cards, bank accounts, buyer credit or account balances, without sharing financial information.PayPal has quickly become a global leader in online payment solutions with more than 153 million accounts worldwide. Available in 190 markets and 24 currencies around the world, PayPal enables global ecommerce by making payments possible across different locations, currencies, and languages.
With the Xoom.com money transfer service you can send money worldwide from any Internet-enabled computer to friends, family and businesses in more than 46 countries.
You can use PayPal, major credit cards, or have funds withdrawn directly from your U.S. bank account to fund the money transfer. Your recipient can receive cash in local currency or US dollars or in many countries can have the money deposited to their bank account or have it delivered to their home or business Xoom.com has relationships with banks and money transfer payout partners to provide a secure and fast means of sending customer's money. With these bank and money transfer payout partners, Xoom.com customers can send money to thousands of cash pickup locations around the world.
Western Union:
With Western Union, you can send money around the world. Western Union has been operating for over 150 years. There are over 350,000 Agent locations worldwide in over 200 countries and territories. Send Money from an Agent location and your receivers can pick up the money right away (depending on the hours their Agent location is open).
iKobo:
With iKobo you can send money to any country anytime day or night and money can be picked up using the iKobo prepaid Visa card at over 1 million ATMs worldwide. You can send money from your credit or debit card (Visa/Master Card) or bank account. Receiver can withdraw money from any Visa ATM or make purchases at millions of locations where Visa® Prepaid Cards are accepted.
Useful websites:
www.epay.com
http://remit.onlinesbi.com
www.citibank.co.in
www.hdfcbank.com
www.hsbc.co.in/1/2/personal/nri-services/usa/usa-fastclick
www.online.citibank.co.in/citi-nri/online-remit.htm
www.indiahousing.com/sbi-bank/sbi-online-money-transfer.html
www.onlinesbi.com
www.timesofmoney.com/remittance
www.remit2india.net.in
www.remit2india.com
www.xoom.com
www.moneygram.com
www.paypal.com
www.aboutus.org/EMoneyTran.com
www.ikobo.com
www.westernunion.com
Update1 [02.12.10]: Addition of an advertisement
