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Sunday, March 29, 2009

Tip of the Day - Express Dollar to RUPEE transfers to India

Express Dollar to RUPEE transfers to India
With the Dollar reaching over 50Rs / INR ( for those who are interested in Xfer to India)
what are some of the best options to get a SAME day gurantee of rates to "time the transfer"
I evaluated
Money2india
Remit2india
and other SWIFT bank based wire options, i beleive the following is the most guranteed route among the ones available --

STATE BANK OF INDIA
(http://www.statebank.com/rem_faqs.htm#2)
1 - Open a SBI US Checking or Money market account in NewYork branch of SBI
1a - Open a SBI NRO or NRE Savings account in SBI NRI branches in India ( Chennai,Bangalore etc)
2 - Link your current US checking account to SBI checking for intra bank transfers
2a - Link your US Checking account with India SBU NRE or NRO account ( done by SBI for you)
3 - Move money into SBI USA account and park it there for a good transfer rate
4 - When rate is good call SBI or initiate a transfer through a FAX request

YOU GET SAME DAY RATE TRANSFER Guranteed

This by far is the most predictable route i have seen so far
If you have any other options please post now for a discussion ???????????????

3 comments:

  1. Yes, there is another bank, well known - CITIbank also has the same scheme, but you can do it thru CITIBANK ATM in US to citibank account in INDIA.It does within seconds.Only thing to be notice is the exchange rate!!!!!!!!!!!!!

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  2. How about Remitting money from Bank Of America? THey charge $25 flat per transaction, but make sure to use SWIFT CODE, ACCOUNT #, Name & Bank Address in India to do so...

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  3. You can see the latest money transfer rates from ICICI, SBI, HDFC, Citibank and Remit2India and also compare the rates at http://www.dollar2rupee.net/. It is very useful.

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