This post is about transferring our hard earned money home.
As I know, there are various ways in which a Non Resident Indian can take his income home.
1. Carry the US Dollars / other foreign currency in person. But one travels home only on his annual leave. Some less often, some more often. And there are legal limitations. Exchanging dollars in banks is a time-consuming affair. One gets a lower rate than Demand Draft.
2. Money Transfer through “Western Union” or “Moneygram” The commission varies with the situation. From Yemen to India, it is 10/= USD for transferring 2000 USD. As I understand, they don’t transfer to bank accounts. It can only be sent to a person in India.
Link:
3. Telex Transfer: This is fast, but the commission is more. The bank from which you send the telex takes its commission. It sends a telex message to the bank in USA advising to transfer funds to your account. The bank in USA charges a minimum of 25 USD. You loose in two places. As I understand, your bank in India may cut a 100/=Rs per transfer.
4. Demand Draft: The bank making a DD takes its commission. It is 0.5%, with a minimum charge of 10/= USD. (So, you can get a draft $2000/= at a charge of $10/=) But one has to send the Demand Draft to the bank in India. The time taken for it to reach there is one and the time taken to realize the same from the bank in USA is another. Usually one ‘discounts’ at the prevailing rate, suffering an interest of 15% (annual rate) for two weeks.
Link:
5. Internet Transfer: This is new to us. They do it in Yemen Gulf Bank, and repatriate the money in Indian Rupees to your account in your bank in India. It reaches in a day or two. At the prevailing rate. Charge: $6/= for $3000/=
Banks in India:
I am not very sure if our banks in India keep a uniform code in serving non resident Indians. They take their charges as well. It is different for Telex Transfer and Demand Draft. But one gets a better value for Demand Drafts.
The links to various banks are available on this page. You may add the ones you know.
