Hi,

Recently I came across with an ad for online money transfer to many countries around the world including India, it is a UK company having its offices in Quebec, can anyone advise if it is safer to send money (around $ 8000) to Indian bank account ?

Thanks

Dude, there are better options other than the above.
People will advise you to transfer through SBI, ICICI etc...
In terms of private money senders, I prefer Western union. Please send in 8 blocks of $ 1000 each to prevent any hassles by CRA / need to provide ID etc...

Peace by Murali

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I am a Gents and not a Ladies.

Thanks for your reply. I live in Moose Jaw city near Regina (Saskatcewan) and holding a chequing account in RBC, I can transfer the whole amount through them but the exchange rate they are offering some 55 INR to 1 $ and transfer fee is $ 45 and I do not find SBI here.

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Originally posted by mmab50

Thanks for your reply. I live in Moose Jaw city near Regina (Saskatcewan) and holding a chequing account in RBC, I can transfer the whole amount through them but the exchange rate they are offering some 55 INR to 1 $ and transfer fee is $ 45 and I do not find SBI here.

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Thanks FH,

Is it safe to send $ 8000 through MoneyGuru to my bank account in India, then I will use this.

There is an organization called FINTRAC, they monitor each and every transaction over $5000. Hence it should be safe to send 4000 bucks first. Also when you send a second amount they stack it on top of the first one and after that your name and address is flagged by them and you are permanently on their list. So, to avoid this see if it could be split into two transactions and could be sent by two separate individuals to two different individuals and two different addresses in India. Please remember, that they have to have IDS that will bear the correct names and correct addresses. It might cost you an additional TEB BUCKS, but the fintrac is off your back.

The above is not for the safety factor. But to inform you how the Governments are monitoring people and their privacy. Frikking snoops watching money laundering.

As regards the operations of these Exchange groups, some are extremely efficient and very helpful, especially when some one is stuck at a bus depot in a foreign country or at an airport at an exchange kiosk, or Cambios in Europe. Money gram is a great help in such locations and the friends are off the very next minute and we also can ask for a confirmation, which they are willing to provide. Some even provide them with a free phone call there.

The BANKS play games and some times they do not tell you the exchange rates that they provide for a transaction and on an occasion they have given the next days rates, which usually are to their advantage.

Rupee per dollar is real swindling, but tha is what they do for a living. Expect that. The Hawalas give you the money at that end FIRST and also a so so rate and after you get the confirmation from the receiving end they will come and haunt you for their money here. A few of them are doing such a business here in Canada and I do not have a link or their location here.

One thing you must remember, if the money is towards a purchase of an IMMOVABLE property there in India, it is very safe to go through the Banks, explore their rates first and whenever you want to reptriate the funds back, you have a CLEAN route to follow as it is done through the regular Banking Channels.

It is impossible to provide a lot of information in one small response, not knowing what the funds are being used for when you are sending it home. It becomes information overload.


FH.

Thanks again FH,

In fact I want to use this amount for renovation of my house in India and the amount which I have in the bank here was actually repatriated from my NRE account, so if I use my bank or ICICI I will not have any problem. Any suggestion?