Best Bank To Do Wire Transfer??????

[cooltoad]

Guys i want to know which is the most reliable and fast processing bank in india to do wire transfer and how much they will charge and what is the procedure???????????????

 

[soberdeepak]

ICICI is great ! there are two types of charges, fixed 1000-1200 per transaction and there is a commission ! lets say today CAD is 51 Rupees so the bank will sell u at 51.80 ! so the 80 paise per CAD is commission !!! You can also pay by Credit Cards but thats lil Costly !!! if u dont have ICICI u can use Axis & HDFC they also offer great services !!!!

Jus to add, not all ICICI branches do FOREX, there are specific branches in a city FOREX BRANCHES which do these transactions !!! u can find out at their website !!!

http://www.icicibank.com/Personal-Banking/investments/forex-service/forex-branch-locator.html

 

[enfield]

ICICI is great ! there are two types of charges, fixed 1000-1200 per transaction and there is a commission ! lets say today CAD is 51 Rupees so the bank will sell u at 51.80 ! so the 80 paise per CAD is commission !!! You can also pay by Credit Cards but thats lil Costly !!! if u dont have ICICI u can use Axis & HDFC they also offer great services !!!!

Jus to add, not all ICICI branches do FOREX, there are specific branches in a city FOREX BRANCHES which do these transactions !!! u can find out at their website !!!

http://www.icicibank.com/Personal-Banking/investments/forex-service/forex-branch-locator.html

Hi,

Just to add;

1. ICICI provides expensive Forex exchange deals. Much better if you get it from any nationalized bank.
2. In order to avail of Forex facilities at ICICI, you have to open an account with the bank and maintain minimum balance of Rs. 10,000. You can avail the same facility at any nationalized bank by maintaining just a balance of Rs. 250 to 1500.

 

[cooltoad]

can i go with SBI and how much time they will take for transfer and whether they will issue some acknowledgment or any receipt?

 

[cooltoad]

can i go with SBI and how much time they will take for transfer and whether they will issue some acknowledgment or any receipt?

 

[enfield]

can i go with SBI and how much time they will take for transfer and whether they will issue some acknowledgment or any receipt?

Hi,

1. You can go with SBI. In fact, SBI is the only Indian bank with Forex/wire transfer facilities in smaller Indian cities.
2. Usually, it takes 5 to 6 working days to transfer funds. Yes, you will get acknowledgement right on the spot. Your school might take upto 10 working days to confirm the receipt.
3. Some paper work is involved like proof/reason for wire transfer, KYC (Know Your Customer) norms, swift code, a/c details etc.

 

[cooltoad]

thanx a lot enfield.............one more thing i need to bring cash to the bank or amount in my fathers saving account will work?

 

[enfield]

thanx a lot enfield.............one more thing i need to bring cash to the bank or amount in my fathers saving account will work?

Hi,

1. It's impossible to do wire transfer based on cash. It's against KYC norms. You (or your parent's) need an account with the bank

 

[soberdeepak]

Enfield it is not impossible to do wire without bank account, its jus that u have to fill KYC forms and if u hold an account ur KYC is already done so no additional forms to fill !! thats the only difference !

Abt wire transfers, I work with bank of america and i understand this business ! in India only 3-4 banks have their own Nostro account, that means all others use correspondet bank accounts to remit money ! that means additional commission !! only Indian Bank with their own Nostro is SBI and others include Stan Chartered, Citi in India !! so SBI is the best option if from a small place and it only takes 1-2 days and not 5-6 dayz for transfer !! if in City I would suggest Axis, HDFC and ICICI or Citi !!!

One more thing to add Private Banks always provide good rates and not Nationalized coz ppl hardly use their services !!!!

Cheers !!

 

[deep22]

Which bank from SBI, SBP, OBC provide wire transfer abroad except HDFC, ICICI, CITY, AXIS?
How can we pay fee from loan if bank does not provide wire transfer facility?
thanks.

 

[enfield]

Enfield it is not impossible to do wire without bank account, its jus that u have to fill KYC forms and if u hold an account ur KYC is already done so no additional forms to fill !! thats the only difference !

Abt wire transfers, I work with bank of america and i understand this business ! in India only 3-4 banks have their own Nostro account, that means all others use correspondet bank accounts to remit money ! that means additional commission !! only Indian Bank with their own Nostro is SBI and others include Stan Chartered, Citi in India !! so SBI is the best option if from a small place and it only takes 1-2 days and not 5-6 dayz for transfer !! if in City I would suggest Axis, HDFC and ICICI or Citi !!!

One more thing to add Private Banks always provide good rates and not Nationalized coz ppl hardly use their services !!!!

Cheers !!

Hi,

I agree you know more about wire transfer, still I would rely more on my "personal experience" in;

A) applying for CAD 125 bank draft in favour of one MBA school in Canada @

1. Standard Chartered Bank Mumbai,
2. Bank of India, Main Branch, Mumbai
*(1 & 2 are just next to 'Bank of America' building near fountain, BSE, Churchgate).
3. PNB (International Banking), Mumbai
4. SBI, local branch with wire transfer facility, Nasik Road
5. PNB, no wire transfer facility, Nasik Road
6. PNB, The Mall, Shimla


After running from 1 to 6, I realized the following thing;

1. International bank draft/wire transfer are NOT POSSIBLE on cash basis. You need an account with the bank. And, this what I said in my last post simply after having rejection from the listed 1 to 5 banks.


B) Based on similar experiences, I repeat;

1. At SBI, it takes upto 5 to 7 working days to wire funds from "your account -to- a Canadian bank -to- your beneficiay account".

2. Private banks (at least in my experience ICICI & Standard Chartered Bank) offer expensive forex rates in comparison to SBI and PNB.
After having personal experience of forex exchange of CAD 1800 + US 300 at SBI, I repeat you shall get the best forex rate ONLY AT nationalized bank. I agree lot of paper work + little bit lengthy process involved at nationalized banks, still I recommend it strongly.

 

[soberdeepak]

Check this out, i'm telling it is possible to remit money without having an account

http://www.icicibank.com/Personal-Banking/account-deposit/Outward-Remittance/faqs.html#3

FAQ's for Residents

1) Can non-account holders of ICICI Bank make an outward remittance through ICICI Bank? What are the requirements for making such remittance?
Yes, resident non account holders of ICICI Bank can make an outward remittance through ICICI Bank. Non-account holders are required to provide their identity and residence proof at the time of placing the request for outward remittance. The payment for the remittance may be made by account payee cheque or Demand Draft or by Cash deposit (upto Rs. 50,000/-)
However, non-account holders may not make remittances under the "Liberalised Remittance Scheme of USD 200,000/-". (For details of the scheme, please refer to Q 12 below.
The purposes for which non-account holders may make remittance is restricted to small value remittances upto USD 5,000 (refer to Q. 11 below) and upto USD 100,000 for either of the following:

Employment Abroad
Emigration
Maintenance of close relatives
Education abroad
Medical treatment abroad

NRI's who do not hold an account with ICICI Bank cannot make remittances through ICICI Bank.

I'm tellin u this coz I did it from ICICI bank and I always send money to my bro whoz studyin in London ! it hits his Llyods TSB very next day !!

 

[rohithomas9]

Well, its a very late addition to this topic, still one should check the rates offered by banks and exchange houses at ExTravelMoney[.com]
before making the wire transfer. Might save some money.

 

[J5M]

Hi,

Well, its a very late addition to this topic, still one should check the rates offered by banks and exchange houses at ExTravelMoney[.com]
before making the wire transfer. Might save some money.

In case of tuition, wire is the only option. But if you want to wire funds for personal use, I would recommend American Express TC. Best, safest, easily redeemable with full protection against theft or loss.

 

[DiNaV]

Hello people here,

I am looking for my family to send me some money from India SBI bank to my bank in Canada. Was wondering if that's possible. Does SBI do wire transfer of Canadian dollars?

Please let me know if someone has done this or knows about this.

Thanks.