Posted on: 28-02-06 14:48:20
I received some money from India as wire transfer. The bank here deducted $20 as some charges. I called them and the explanation given to me was that the bank in India sent to to a bank in Nova Scotia who charged $10 and they in turn transferred to us and we charged $ 10. Are these charges standard? And would I have saved them had I asked for a draft to be sent to me?
Hi,
Yes most of the banks charge for receiving and sending money by wire.
Some do send for free.
Banks make huge amount of money in currency conversion and money transfer business.
State bank of India once duped me for around US$1000 when converted USD to INR(They gave me very bad exchange rate) so be careful with banks.
Ram
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Desi Lion
Iceberg,
Are you talking about mony transfer through ICICI Bank ? Please clarify.
Ayaskant.
Quote:
Originally posted by ramrao
Hi,
Yes most of the banks charge for receiving and sending money by wire.
Some do send for free.
Banks make huge amount of money in currency conversion and money transfer business.
State bank of India once duped me for around US$1000 when converted USD to INR(They gave me very bad exchange rate) so be careful with banks.
Ram
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Success
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To win the respect of intelligent people and the affection of children;
To earn the appreciation of honest critics and endure the betrayal of false friends;
To appreciate beauty, to find the best in others;
To leave the world a bit better, whether by a healthy child, a garden patch or a redeemed social condition;
To know even one life has breathed easier because you have lived.
This is to have succeeded. Bessie Stanley
No. this was through HDFC bank. ICICI has a branch here so there are no charges on the wire transfer. Though I would advise you to be careful about ICICI bank because my experience with them has not been good.
Quote:
Originally posted by ayaskant
Iceberg,
Are you talking about mony transfer through ICICI Bank ? Please clarify.
Ayaskant.
Quote:
Originally posted by Iceberg
I received some money from India as wire transfer. The bank here deducted $20 as some charges. I called them and the explanation given to me was that the bank in India sent to to a bank in Nova Scotia who charged $10 and they in turn transferred to us and we charged $ 10. Are these charges standard? And would I have saved them had I asked for a draft to be sent to me?
My bank charges me 37$/wire transfer regardles of the amount I send...TD.
Have no experience of transfer in the other direction.
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Iceberg,
Thanks for the clarification. I was working with ICICI Bank for one and a half years in Bangalore. I appreciate your advise. 
Cheers,
Ayaskant.
Quote:
Originally posted by Iceberg
No. this was through HDFC bank. ICICI has a branch here so there are no charges on the wire transfer. Though I would advise you to be careful about ICICI bank because my experience with them has not been good.
Quote:
Originally posted by ayaskant
Iceberg,
Are you talking about mony transfer through ICICI Bank ? Please clarify.
Ayaskant.
-----------------------------------------------------------------
Success
To laugh often and much;
To win the respect of intelligent people and the affection of children;
To earn the appreciation of honest critics and endure the betrayal of false friends;
To appreciate beauty, to find the best in others;
To leave the world a bit better, whether by a healthy child, a garden patch or a redeemed social condition;
To know even one life has breathed easier because you have lived.
This is to have succeeded. Bessie Stanley
Hi !
I find one another good way of sending money to India . Citi Bank offers time to time to open an account w/o having min balance . Once you open the account you can send a draft to any part of India free of charge . All you might lose is lettle money in conversion from CAD to INR.
Cheers
Ashwani
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