Payments, Money Transfer Etc...

[linuxguy 0]

Hi, I would like to know what are the options of sending money abroad and receiving money in India. For example, I can buy something online using my credit card. But what about when someone wants to send me money? I dont want to use PayPal as I understand it involves some cost to maintain the account.

Do banks like SBI, ICICI etc... offer overseas money transfers? How much does it cost for someone to send me money? I know ICICI doesn't charge anything for transfering money to any of its branches across India through its NetBanking facility. What about International transfers? Are they allowed? To which banks? What are the costs involved for the sender and receiver?

Thanks

[IC£MAN 0]

Ok Linuxguy will try to explain to you in whatever little way i can.

There is a service that some banks provide which is called Swift ( its ellectronic transfer of money ).

Charges are based on the kind of account you are holding, if you are a high priority a/c holder they dont even charge you. Its like how some accounts are not charged if they wanna make a dd or a bankers cheque.

You could even use the facilities of Western Union.

Your CA could suggest you better.

Ps : If you bringing in foriegn exchange, there are ways of making the money tax free no matter how big the amount is ( hope you know about 80io )

[hfilvja 0]

There's another way offered by ICICI Bank named money 2 india service and the details can be had from this link

http://icicibank.com/pfsuser/icicibank/iba...version/m2i.htm

and the charges are based on the service and they are also offering a no charge service also. Please proceed the link for further details.

[linuxguy 0]

No, I don't know about 80io. Can you explain me?

[Arun 795]

PayPal doesn't cost you anything to maintain an account with them, though you need to have minimum US$150 to be withdrawn in India. The charge for this facility is US$5 + 3% of the exchange rate. It will take about a month for the cheque to reach you after you request to withdraw though.

[Shiva Bandaru 0]

look at Remit2india.com. It is part of TOI Group

[ashoksoft 83]

gud option mate! checking it out ...

Cheers

Ashok

[linuxguy 0]

Cant I just transfer money using my bank's internet banking facility? BTW Paypal, how does it verify the personal details? And Will I be charged that $5 + 3.3% everytime I withdraw $150 or more?

[abhay 0]

i dont think netbanking allows international transfers!

paypal charges u for the first time and send some code with the bill u have to reply with the code in the bill and get the refund <-- something like that, read it on their website some time back

[linuxguy 0]

thanks. i'll check out paypal.

[Arun 795]

abhay, thats not the withdrawl procedure, but thats the verification procedure after you add your credit card to your PayPal account.

Even if you withdraw US$ 150 or US$ 500, you will be charged US$5 + 3% , and it is per transaction.

[abhay 0]

BTW Paypal, how does it verify the personal details?

48765[/snapback]

yup as "mr HIGHLY HETROSEXUAL" asked about the verification this was the answer!

i dont know about withdrawl procedure

Edited December 1, 2005 by abhay

[MVP 3]

To receive money from abroad checkout cash2india.com . The sender pays them money,they take a DD of Punjab National Bank and sends it to you which you can get credited at your local bank.

[linuxguy 0]

Thanks guys, I will check it out