Comparing options for remitting money to India

Market exchange rates as of 11/08/2003

• money2india

  • Direct deposit to only ICICI bank accounts in India
  • Transaction Charges (in USD) : 0
  • Exchange Rates offered as of 11/08/2003
    >

    Amount in USD	Rupees
    Above 4000	44.93

  • Number of days before the money appears in beneficiary's account : 5

• remit2india

  • Direct deposit to 14 different banks in India, including SBI
  • Transaction Charges in USD
    >

    Amount in USD	Remittance Fees
    11 - 200	3
    201 - 500	6
    501 - 2500	9
    2501 - 7500	15

  • Exchange Rates offered as of 11/08/2003

    Amount in USD	Rupees
    11 - 500	44.35
    501 - 2500	44.49
    > 2500	44.58

  • Number of days before the money appears in beneficiary's account : as fast as 3

• Mailing a bankers check (in USD) to the beneficiary

  • Bankers check fees
  • Postal charges + Delays
  • Draft Clearing Time
  • Good Exchange rate ?

• Mailing a personal check

  • Postal charges + Delays
  • Check clearing time, could take upto 20 days
  • Good Exchange rate ?

• Wiring money to India

  • High wiring charges ? Can any one let me know
  • Exchange rates ?
  • According to the information I have, it takes 4 - 5 days

• Western Union

  • High fees (124 USD charge on 2000 USD)
  • Bad exchange rate = 43.89
  • On the plus side, in 10 minutes the beneficiary can collect money
  • Beneficiary collects the money from the local western union branch after presenting the identification documents.