Hi
I would appreciate if anybody would tell me the best way to transfer money from my german postbank account to indian ICICI NRE account. The time it takes to transfer is not a big matter for me, but i want to save cost like commission etc.

Thanks & Regards
Rajeev

You can save a lot by cancelling the ICICI account and go for any other bank.

Use OUR-Zahlung in postbank and i find the commision from postbank is ok. ICICI have the worst rate and also money comes few days later.

Re: Transfer Money to India

You can save a lot by cancelling the ICICI account and go for any other bank.

Use OUR-Zahlung in postbank and i find the commision from postbank is ok. ICICI have the worst rate and also money comes few days later.

Hi Raj,
I am not able to see OUR-Zahlung on postbank internet banking menus/portal. Please tell me in some more detail, i am very new to germany.

Regards
Rajeev

i checked out both exchange Indian rupee rates in website , both are offering same ..

@ Rajeev

Use Money2India from ICICI Bank. Here is the link.

https://m2inet.icicibank.co.in/m2iNet/m2iNetLoginForm.jsp

Hi Raj,

Is there any issue you are facing with us? Anything we can do to help you retain your confidence in ICICI Bank? For any concerns, please write to us with your contact details at care@icicibank.com with subject "IBGUID: 1056988" and we will be glad to assist you.

Warm regards,
ICICI Bank Customer Service Team.

Hi Rajeev,

ICICI Bank's Money2India services offers the best and convenient way to transfer money using your local internet banking account. By using Money2India, Net express transfer, No charges for more than 800 EUR and for less than or equal to 800 EUR, 2 EUR will be charged.Currency conversion charges INR 25 will be applicable. For more information and other options, kindly click on the link, http://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/money_transfer/money_transfer_europe.html

Regards,
ICICI Bank Customer Service Team.

Guys,

Dont get into the smooth talking of ICICI. In the very beginning I used ICICI and stopped because of the bad rates.

Then I switched to HDFC Quickremit and was quite happy. A nice talking exec. from ICICI called me on my German number and talked to me for several minutes saying that I should switch to ICICI because they offer more competitive rates and to compare I should transfer using both services at same time and see for myself who offers better rate. And that a lot had changed at ICICI and its quality.

I did transfer using both services and ICICI was slower and offered less exchange rate. With big ammounts like 20K euros a difference of 40p makes about 130-150 Euros.

Havent tried postbank but can recommend HDFC.

A little bit of advice of using ICICI bank. I am not sure of difference of exch rates, as in the past i always used it. But i have burnt my fingers when i was a NRI. Lost a quite a lot of money by getting into sweet talks of ICICI bank employees (Barkha Kabra-Andheri, mum). ICICI bank employees are dalals who lure NRIs to invest and as NRIs do not have the time to go behind them or they do not bother, ICICI nicely cheats them.

I would not comment on M2I but dont keep your money in ICICI banks. They are number one cheats.

I have closed all my ICICI bank accts and also all my employees in india are advised to not to use ICICI bank.

All you get sweet talks when youare out, but once you are in, you are just a hen that lays golden eggs.

@icicibankcare

Thanks for your offer. I am still a customer of ICICI but use only as a backup.

If you can access the Ticket system and look into 'ICICICARE=039-314-034', you will understand why i cannot trust ICICI anymore to be professional.

Try Targo bank (ex citi bank), if you have a citi NRI account.

I know that the exchange rate is not that good. But i don't know how bad is this when compared to other means.

After all bad experiences with icici (Savings/NRO and Money2India i would just say big NO for them!
HDFC QuickRemit always works for me and offers competitive rates For transfers > 5000 Euros at once or in part doesnt work with one QuickRemit ID so had to create several ids ;)

Hello bmilan ---thanks for the info.
Coud you tell from ur transactions, approx. what amt is paid per 1000 E ( till 4999 E ) and also when the transfer is > 5000 E?? Does it make a change in the rate ? How is the charge calculated ?

Thanks,
Laxmi

http://www.hdfcbank.com/nri_banking/money_transfer/Europe/QuickRemit_Europe.htm

whether we have to give IBAN number for doing transaction @HDFC.
Is this number we have to get from receiver end bank in India

I beg to differ with all those against ICICI.
I am using the money2india.com site for my transfers to ICICI accounts in India and it works flawless. The exchange rates provided by ICICI are far better than HDFC or citibank which is citied by the others in this thread. (If you dont believe it, please check the todays exchange rates in each of the sites of ICICI and HDFC respectively).
Regarding the transfer time, PowerTransfer from ICICI takes less than 24 hrs(!!) .
So based on my personal experience, I will suggest you to transfer your money using the Money2India site from ICICI themselves.

Cheers

Could anyone please confirm that ICICI and HDFC gives the exchange rate on the day which the money is credited to their account or on the day that they are executing the transaction to India.

In case of Citibank you get what is on that specific time of the day that you are executing the transaction! But of course the exchange rate is approx 1.5 to 2 Rs less than what is shown on Yahoo at that time.

http://www.de-orient.com/index.php/General/Money2India.html

Anybody have experience with transfermate.com?