One of my colleague has Citi Bank's NRI account (www.citinri.com) and uses it to send money to India. He was talking to me about pathetic rates he was getting from Citi bank. I asked him to try ICICI Money2India. He wanted to compare both services so he sent 1000$ from each service on the same day to his account in India.
A week later he told me he is never using Citi Bank again for the following reasons:
1) He got Rs 39.20 rate from Citi Bank and Rs 40 from ICICI bank. That is 80 paisa more for each dollar from ICICI bank. This is huge if you are sending big chunk of money.
2) ICICI money reached 1 day earlier than Citi bank.
3) ICICI has online tracking facility so you can check the status of your transaction. Citi bank has no such option.
Now I wonder who is using Citi Bank for transferring money to India and why?
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I believe http://www.onlinesbi.com/glsus/ SBI is the best, it's simple to use and gives good rate.
have you used this?
No I haven't used it. But I also heard good things about it.
http://www.timesofmoney.com/remittance/jsp/remit_welcome.jsp?creative=DollarPlus
has anyone seen this? used this? what is this 20 paisa better rate. no where they seem to tell what the rate is.
Hello,
I used Icici money2India today and I got the rate of 38.74 for $1000 CAD. I have been monitoring the rates for quite a while now. I think whenever the Indian stock market falls there is general increase in the $ rate. I am just waiting for a big fall in the Indian market ...I have transfer some big amount of money.
Gladiator, I also transferred 10K+ money around the same time as you using ICICI bank. And I got the rate of 39.75. That is more than one rupee difference.
May be I got better rate because larger amound was involved but still seems like lot of difference. Did you use PowerTransfer service?
Hitesh,
I transferred Canadian dollers..Canadian is generally aroung 1 rupee less than USD..seems u transferred USD..
for 10,000 Canadian I would have got the rate of 39 approx.
Keep in mind HDFC is powered by timesofmoney which is powered by Citi transactions. So HDFC=timesofmoney=Citi as far as rates. SBI offers the best rate but not sure how the service is.
CITIBANK Really Sucks. I just sent 500 USD to india using CITINRI ACH Transfer. I got 43.50 Exchange Rate and ICICI is giving 44.02 Exchange Rate. That is 50 Paisa More. So I will never use CITIBANK again. I recommend to USE ICICI. THis transaction took 10 Business days for fucking CITI BANK
To add to the forum -
- Times of Money is nothing but a Technology service provider with no approvals or license to remit/transfer money. It needs the bank tie-ups for doing so.
- Therefore, it is the banks who are actually transmitting your money.
- So, the FX is controlled by the bank and not Times of money. And hence, the rate difference from bank to bank who have a tie-up with Times.
Folks
I agree Citibank sucks!!!
We got to start a campaign against Citibank and inform more people and save them from falling in this trap.
The exchange rate Citibank is offering for money transfer is more than a rupee less than ICICI rate. I just transferred $1500 and the rate Citibank gave me was Rs.47.84 whereas on the same day, I got Rs.49.28 from ICICI. Now ICICI charges a $2.00 fee and Rs.25 fee but that is still better than Citibank.
We need to stop this loot and warn more and more people.
I fully agree citibank sucks. I transfered 10k thru citinri when the finance.yahoo.com was showing the rate 49+ I got money in my bank after a week @46.13.Now I am looking at other options even though I have citinri account. This time I will try remit2india which I heard from one of my friend is better than citi
I think you could try www.barclays.in to send GBP, its good if you compare the rates and the credit is in a single day.
Cheers,
Jatin
ICICI is the worst service. It is a black hole where your money goes, you never know. I have used Xoom and remit2India once.Both are ok.remit gave slightly better rate.
Transfermate.com are worth trying out. They generally help companies however they are very fast and offer good rates to India also
Compare the rates at http://d2r.madhukar4e.com
You can see which bank gives the best rate.
i found this site www.sendmoneyonlinetoindia.com i must say is it a good informative site and gives quick comparison about various options...check this out
Looking at the current exchange rates, I am just wondering where all this negative talk about citibank is coming from?
http://www.dollar2rupee.net/
Citi rates are atleast as good as as ICICI (in fact a notch better in some ranges).
[Looking at the current exchange rates, I am just wondering where all this negative talk about citibank is coming from?
http://www.dollar2rupee.net/
Citi rates are atleast as good as as ICICI (in fact a notch better in some ranges).
September 12, 2009 12:20 PM
].
the issues seems to be with actual vs published rates.
I feel in comparison to CitiNRI ICICI is better. But I have an NRE account at SBI and transfer money thorugh the local SBI here in CA. It is of less headache and money is available to my dad for use in India any time. I found http://sendmoneyindia.org/ recommending the same to transfer money to India. If you are in a great dilemma check it out.
If you check the rates at http://www.xrlive.biz
The SBI (/www.onlinesbi.com/glsus) provides much better rates than any one else. The remit2India have good advertised rates but generally we don't get those rates
oh Yes! SBI is best forgive good service...
I recently did some comparison (not sure how accurate it was) below is the listing in the order of best rates that I got (comparison was done only once or twice by initiating a transaction at same time)
1) Citi Remit website us.citionlineremit.in (Different from citi-NRI remittance done through your NRI account..think earlier it was payquick or something like that) kind of gave better rates. However just found yesterday that they are shutting down this site and service.
2) SBI remittance (didnt find issue with its service, everything is online). There might be limits to how much one can transfer. 5K in each transaction however one can do multiple in a day. However total amount across multiple tx may not be more than 25K pm or so...
3) ICICI or CITI NRI account (don't recollect which gave better rates)
I have been mostly using Citi-remit website (now closing down) & SBI and avoided ICICI since based on 1 instance it didnt give better rate (so would suggest doing a comparison yourself once before discarding ICICI and using SBI).
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