Comparing India Money Transfer Services

 

Transferring money to India used to be straightforward, with many using Paypal’s transfer service. Today however the picture is more complicated, as Paypal have suspended transfers to India, ostensibly for security reasons. Now, a new breed of Indian bank backed transfer services has begun to change the market. Transfers by NRI – non resident Indians amount to billions of dollars annually, and new services specifically for the Indian market have profilerated. For convenience the costs etc. in the table below are in rupees as this is the currency favoured by recipients.

About Indian Money Transfer Services

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Click2Remit is a safe and secure money transfer service by Kotak Mahindra Bank. It allows NRI’s based in USA, UK, Euroland, Canada, Switzerland, Australia, Singapore, Japan and UAE to remit money to India through modes like Direct Transfer, Bank Transfer, Wire Transfer and Cheque Transfer. You can send money to both Kotak Mahindra Bank accounts and other Indian Bank account through NEFT transfers or by requesting a Demand Draft. ICICI Bank is India’s second-largest bank with total assets of Rs. 4,736.47 billion (US$ 93 billion) at March 31, 2012 and profit after tax Rs. 64.65 billion (US$ 1,271 million) for the year ended March 31, 2012. The Bank has a network of 2,900 branches and 10,021 ATMs in India, and has a presence in 19 countries, including India.
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Remit2India – Money Remittance to India at an affordable price. Remit2India is a secure online money transfer service for NRIs to send money to India from United States, United Kingdom, Australia, Singapore, Canada, U.A.E., Hong Kong, Germany, Spain & other Euro Countries. The service allows NRIs to send money safely using check transfers, wire transfer, ACH/Direct Debit etc. The money can be received in India through demand drafts, account credits etc. You can send money directly to any account with any bank in India including SBI, ICICI Bank, HDFC Bank etc.

 

 

Indian Money Transfer Services Comparison

Click 2 Remit ICICI Remit 2 India
How can I fund my account?
Bank Transfer
Credit/Debit Card
Check/Money Order
How can I withdraw funds?
Demand Draft
Bank Account
Credit/Debit Cards
Prepaid Credit Card
Check
What’s the cost of sending US dollars?
Add Funds Fees
None Listed None Listed None Listed
Foreign Exchange Fees
None Listed None Listed None Listed
Transfer Fees
$50 to $500 – $3$501 to $1000 – $5$1001 to $10,000 – $9

$10,001 to $25,000 – $15

$25,001 to $50,000 – $20

$50,001 and above – $25

Subject to quotation. Up to $999 – $3$1000+ – $5
Withdrawl Fees
$50 to $500 – 35 Rs$501 to $1000 – 45 Rs$1001 to $5000 -75 Rs

$5000 and above – 125 Rs

$2 for credit/debit card.$2 for bank transfer.$5 for cash. None listed.
What are the key facts?
Add Funds Times Instant Instant 1 working day
Transfer Times Instant Instant Instant
Withdrawl Times Wire/Online – 1 working dayBank – 1 working day+Demand Draft – 3 by courier to 15 working days by post. 48-72 hours. Check – 5 working days.ACH – 4 working days.Wire – 1+ working days.

Online – 1+ working days.

Reliability Rating High Low High
Transfer Limits $3,000 for Direct Transfer (ACH) and $20,000 for Wire Transfer. 1 Lakh (rupees) per day. No stated limits.
Locations 6,000 75,000 62,388
Countries 23 15 23
Number Of Currencies Supported 9 10 9

India Money Transfer Services Notes

Costs above relate to US dollar transfer to Indian locations. Some cost elements are in Indian Rupees as well as US dollars. Rates for other currencies and country combinations vary, these figures are intended as a guide only.

Fees, limits and other transaction criteria will vary according to your personal circumstances, country and transaction history. Providers can be flexible, especially when you are able to verify your identity and build up an account history.

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