question on sending money through ICICI/Other banks

Discussion in 'Money Matters' started by ashwini999, Nov 6, 2008.

  1. ashwini999

    ashwini999 Senior IL'ite

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    hi
    i have a question about sending money to india from US, through ICICI money2india.com

    does anyone know how does the conversion work with them...

    do they go with the rate, that is there, at the time we initiate the transfer request, or is it the rate that is there at the time money gets debited to the destintation accout...

    please clarify
     
    Last edited by a moderator: Dec 15, 2009
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  2. Sabitha_K

    Sabitha_K Gold IL'ite

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    Re: question on sending money through ICICI

    Ashwini , I have never transferred money to India from ICICI bank so not sure if there is anything specific to that bank but for most of the other banks it is the rate prevailing at the time of transfer.

    Probably I misunderstood the question but you are trying to transfer from ICICI US[ICICI US account] to ICICI India [Indian account] which is done instantaneously at the click of the button.Perhaps someone with ICICI account can throw more light on this.Sorry can't be of much help.

    -Sabitha
     
  3. mangaii

    mangaii Finest Post Winner

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    Re: question on sending money through ICICI

    If you the account in Wells Fargo you can do it through them where they will immediately tell the amount that will be transfered to ICICI account based on same day rate. ICICI and wells fargo has tie-up.So they do it immediately but the money will be available in destination in 2 business days.As far as money to india is considered there are several steps involved so we don't know when they will clear money from US bank account.I did this 3 years back.I believe the rate will one the day when they transfer to destination account.
    Thanks
    Mangi
     
  4. ashwini999

    ashwini999 Senior IL'ite

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    Re: question on sending money through ICICI

    thanks for ur replies

    actually , i want to transfer some dollars from my bank of america acct in US to icici acct through money2inda.com

    so,my question is, how does the conversion policy works with them...is it the rate on the day i initiate the request or the rate on the day money gets credited to the destination acct......:coffee
     
  5. Shanvy

    Shanvy IL Hall of Fame

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    Re: question on sending money through ICICI

    hi ashwini,

    As far as I understand, It is always the rate at which you buy the rs (the starting point), that is the rate at which the rupees are sold against the dollar, and nothing to do at the destination...If you are getting 49rs against 1 dollar, that is the rate at which it will be credited to your indian nre account.

    icici transfer your account is credited in 2 business days as mangai says though they say immediate transfer (with the promise, that you can see the credit online..nothing happens...Rant).
     
  6. mridusudha

    mridusudha Silver IL'ite

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    Re: question on sending money through ICICI

    Ashwini,
    As far as I know, ICICI will use the rate the date they take out money from your US bank account. This date is usually after 3-5 business days from the point you initiate the request. Say for eg. you initiate the request on Nov 10th and ICICI takes 3 business days to process the request and takes out US dollars from your US bank account on say Nov 13th then the US dollar to rupee rate on nov 13th will be used.
    Atleast this is what my understanding is and my DH agrees with me because we did send money thru' ICICI and this is what happened to us.

    You can always call ICICI customer service and clarify this!
    Hope this helps!
     
  7. surya123

    surya123 Senior IL'ite

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    Re: question on sending money through ICICI

    minw is quite opposite to their replies.......what i know is.......the rate u get for dollar depends on the day its credited in ur account in india.
     
  8. anjalin

    anjalin Senior IL'ite

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    Re: question on sending money through ICICI

    We have an account with ICICI we send money to india every month thru money2india. Exchange rate u get for dollar depends on the day its credited in ur account in india. If your bank in India is in major cities usually it takes about 5 business days if not about 7 business days. hope this is helpful to you
     
  9. reddyinusa

    reddyinusa New IL'ite

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    Trasnfer money to India

    Hi friends,

    I am looking for the best option to transfer money to India. I have some choices, Western union, icici, hdfc, citibank. With your prior experiences, can u please suggest me which one to go for? I am looking for a bank where I would get good conversion rate. I am ok if processing time is 5-7 days. A friend of mine helped me earlier in transferring some bucks using icici bank. They charge 2 dollars per transaction up to 7K$ but their conversion rates are not so clear. When the market was fluctuating between 48 and 49, they gave me a conversion rate of 46. Are there any better options? Please advice

    thanks
    Aps
     
  10. Inimai

    Inimai Senior IL'ite

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    Dual access of bank a/c in india and usa

    Hi Friends,

    I want to open an a/c here in usa and I want to include my parent who is india. I want both of us can access to the a/c and I can access/deposit/withdraw in dollars and my parent can access/deposit/withdraw in rupees. is it possible?

    My parent wants to have their money in my name but I want to have it in joint a/c so that if they are in need of money they can easily access it.

    I think citibank has the option of it. I want your personal suggestions before contacting them.
    what is the pros and cons of this?

    Thanks!
     

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