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 “
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
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
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
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.
1 comment:
ING Vysya seems to be more responsive to your querries than Federal Bank. This may be my opinion only.
For accessing ING Vysya account online, use INTERNET EXPLORER ONLY.
I think it allows transfer of funds to accounts in other banks as well
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