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?
Friday, March 28, 2008
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