r2i forum

riteshbafna;408066What is the best way to transfer $65k to India? Which bank/service will give me the best exchange rate?

Thanks,
RB

Rather than fishing around for pennies might make sense to send the "big amount" as a series of smaller transactions (in a sense dollar cost averaging).

Check out this site

http://www.dollar2rupee.net/

It gives the rates offered by some of the leading Indian banks.

Another R2I member had posted info on this site a few days back and I found it to be very useful.

I have found that SBI typically gives competitive rates. If you are sending around $65K, you can also try negotiating with the bank to give you a better rate - you lose nothing by asking.

riteshbafna;408081Thanks oasis138.

However, I want to send all the money within 1 week. I do not have the time for a series of small transactions. A difference of 50 paisa on $65k will make a difference of $700 which is quite substantial.

That I do not disagree with....every 50 paisa on that kind of amount makes a decent difference. However imagine transferring at 45 and then it goes to 47... 2 weeks later...that would be worse...but again if you dont have time to average then makes sense to shop for best rates.

With Bank of America, you can send any big amount directly to any bank in India. If you have account with them it will be very easy. Money will be deposited to your destination account with 2 to 3 business days.

Actually BoA will transfter the money to HSBC, NY branch and from there, it will go to respective banks in India.

okemos;408663With Bank of America, you can send any big amount directly to any bank in India. If you have account with them it will be very easy. Money will be deposited to your destination account with 2 to 3 business days.

Actually BoA will transfter the money to HSBC, NY branch and from there, it will go to respective banks in India.

humm..it is a bit hard to imagine banks like BoA or citizens bank giving competive rates. I do not have facts at hand (except a bad experience with a check deposit in a big bank where they gave 18% cut on market rate).

kumar

pskum;408666humm..it is a bit hard to imagine banks like BoA or citizens bank giving competive rates. I do not have facts at hand (except a bad experience with a check deposit in a big bank where they gave 18% cut on market rate).

kumar

BoA doesn't convert the $, they just send it to HSBC bank and they are the one who convert the $ into rupee.


In my case, I transfered money thru BoA and destination bank was Indian Bank. It was Indian Bank that converted the $ into rupees. Usually you get much much better conversion rate compared to directly sending money thur SBIOnlin or ICICI Bank.

In my opinion, ICICI is the worst of the worst bank to transfer money to India. ICICI bank is the biggest cheaters of all banks.

By the way, BoA do charge $45 as transfer fee. If you are a long time BoA customer, they may waive part of it.

okemos;408679BoA doesn't convert the $, they just send it to HSBC bank and they are the one who convert the $ into rupee.


In my case, I transfered money thru BoA and destination bank was Indian Bank. It was Indian Bank that converted the $ into rupees. Usually you get much much better conversion rate compared to directly sending money thur SBIOnlin or ICICI Bank.

In my opinion, ICICI is the worst of the worst bank to transfer money to India. ICICI bank is the biggest cheaters of all banks.

By the way, BoA do charge $45 as transfer fee. If you are a long time BoA customer, they may waive part of it.

Samething with my case... Whenever I wire the money thru' BOA, I get better rate than money2india