Hi friends,

can somebody suggest me a website where i can find the currency conversion rate information(probably euro-rupee) for the last two weeks.

Regards
Deepak

Universal Currency Converter :-

http://www.xe.com/ucc/

Check: http://www.rbi.org.in/
Here you will find a link "Reference Rate Archieve..." under the grafic in the center.

But more realistic rates are shown in the ICICI site:
https://money2india.icicibank.co.in/m2i/CustomerInterface/NRI_Forexcalc.jsp

-Fred

But more realistic rates are shown in the ICICI site:
https://money2india.icicibank.co..../CustomerInterface/NRI_Forexcalc.jsp

-Fred
************************

The realistic prices depends on the bank you are banking on.. I have talked to several banks before deciding through whom i send money. ICICI charges almost 50 to 60 paise per Euro in conversion. It could go upto 1 Rs when you are using CITI bank. I am using Vysya bank and they give me the closest of TT buying price of RBI. less than 10 Paise. But again, the forex rates are so fluctuating, there can be an intra day variation. So we cannot be 100% sure about the market price and the conversion value the bank quotes.

Yeah, all in all rbi.org.in will give you a base price and from there you can judge your bank..

Cheers,
cmreddy

@cmreddy:

hey, that was really shocking !!

Eventhough ICICI claims that the money2India transfer is "free", i know that they are not doing any social service and will be compensating on the exchange value!

You mean that Citibank deducts more than ICICI? I think its better to rely on Stae Banks or the like!!! If only the online-banking facilities of govt banks were so developed as ICICI !!

-Fred (from TN, India)

ICICI gives the best rates among the banks (correct me if i am wrong) and ICICI is also quite good.

Asian

Hi All,

Small Tip... If you want to transfer some amount from Your German bank to your Bank in your country(like India), just ask ur German bank not to deduct the transfer rate.. tell them Beneficiary will pay the transfer rate... so you can save some money. As I did many types or transfer from last couple of years. and recently I found the above procedure is good.. for example if u transfer 4000 Euro and here banks will charge atleast 31 to 50 Euros as transfer charge and if u say beneficiary will pay.. they will transfer full amount and in India they will deduct only 12 Euro or less.. it happened for me... so just try this way

Srikanth

Thats correct VSK !

Earlier when I transferred 1000 Eu through my Volksbank account, they charged 23 Eu for the transfer. But if you send a cheque (Verrechnungs scheck) per Post to your parents or someone else, the transfer charges in India come only around 6-8 Eu.

ICICI has the advantage that the money reaches faster. I mean, you just have to transfer the amount to be sent to India to a particular Deutsche Bank account in Frankfurt. The next day when the money is credited there, our account in India will be credited with the equivalent amount in rupees. And they claim "no transfer charges". Of course only hidden charges in the form of bad exchange rates as cmreddy pointed out ;-)

Now someone tell us a good way to send money to india if not ICICI bank or RemitTOIndia service. I have bank accounts in netbank (a complete online bank ) and citibank. Any proposaly would be great.

regards
Jani.

Money2India or Remit2India or something else is same.. just ask transfer rates... Citibank to Citibank is free they r telling but transfer rate is very poor at citibank.. so just think about it.. ICICI bank is far better than other banks..

VSK

Have patience janardhanaa....

The analysis is going on. In the meantime you can share your experiences with citibank and the netbank if you like.

-Fred

HI All,

NetBank:
Its a very good bank, if you dont like any maintenance costs and minimum deposits, they also give good interest to the money you have in their accounts(not in the sense of interest given in Indian banks), all queries are awnsered via mail or phone and they dont have any office in many cities, but u can draw money without any charge in Sparda bank ATM's. I like this bank becoz they dont charge me anything for maintaining the bank account (a joint account for me and my wife, 2 EC cards, 2 credit cards first year kosten los) and they also give credit online .

CitiBank : No positives at all, i just opened this account for an urgent purpose while going to india, I liked the option of drawing the money via EC card in the indian Citi bank ATM's, but tis not worth as u can even transfer money staying in India with the onlinebanking using ICICI bamk transfers. I have 2500 EUR deposit in this bank only for not charging the maintenance cost.


Money transfers: used Dresdner bank transfer, directly to an Andhr a Bank account some three years back, some 40 Marks charge and poor exchange rate

Next i used ICICI bank transfer, the local bank charged me 15 EUR for transfering the amount to ICICI bank, deutsche bank account, and the exchange rate was better.

Used direct withdrawls from citibank Atm's again poor exchange rate. So nothing much to say, in every procedure there is a disadvantage is the summary..

regards
Jani.

Hi fred,

=> Have patience janardhanaa....

By the way prolonging my name in the end, u suddenly reminded me my grandfather, he used to call me like that ...but neverthless i am not criticizing you , just mentioning u how small things make big difference to others, some sweet remebrances liek this and some hot

isn't it

regards

Sometimes the banks here try to charge a fee for transferring money to ICICI bank account in DB Frankfurt. But actually no cost involved. Last time DB in my area wanted to charge me to transfer money to ICICI bank account in DB Frankfurt..I just ignored them and did an online transfer, which went well..

Hello janardhan, hope I havent hit the wrong cord. Take it on the lighter side! btw, am from the southernmost tip of India, Kanyakumari and can understand what you mean.

okay......reg the money transfer to DB A/c in Frankfurt, i´ve always done it online. No one complained till now.

I think I will send Cheques (Verrechnungs schecks) by Post, so that my Dad can give it for collection in the Indian Bank, thereby getting better rates than ICICI and saving on transfer charges.

-Fred

Hi all,

I have used POST Bank, and MLP Bank for wire transfers. It typically works like this.. You have an Indian Bank which will have some kind of special account with the Overseas banks like Deutsche Bank or Commerzbank or ABN Amro Bank etc. And when you wire the money to this bank with instructions as to where this money should go. This money goes from your bank and sits in the Commerzbank account of ICICI Bank (as an example). The intructions will tell the ICICI bank, what to do with that money.

So though it looks hi fi with respect to Money to INdia and other stuff. Its simple Wire transfer. I have an account in Vysya bank, where they keep their books in books and old fashioned guy answers the phone. They charge 100 rs for every wire transfer i make. Post bank charges 1.5 Euro for one wiretransfer and the correspondance bank (Commerzbank) charges 10 Euros. I always say to divide the charges which has proved to me cheaper. Indain side pays indian charges and german side pays german charges.

With respect to vysya bank, I give my account number and the branch name where the money has to be routed instead of the cryptic number which is generated on money to india or similar service. I had an account in ICICI, but later closed it down for their poor response and opened one in Vysya. So far so good. A month ago the money i trasferred reached with in 3 working days. Thats the fastest. And believe me, this works with any bank in india. You dont need any online banking for this. This system has been in place even before NET has come into existance.

Even a small branch in remote place india can have this facility. Just ask them about the wire transfer details for that bank. Thats it. And you can always trace the money if its delayed..

Cheers,
Cmreddy

Its ok CMR,

But how do you trace your money? Is there any tracking number for your transaction?
VSK

It is very important to consider the exchange rates than the charges you have to pay for the money transfer when you send atleast €1000. Foreign banks decide what are the buy and sell rates when they get your money. Believe me depending on your estimation how long it takes for your money to reach India you could hardly guess the rates you are levied. From past 4 years I transferred money atleast 2 times a year and I always depend on the rates from this site http://www.oanda.com/convert/classic and got similar rates when my parents recieve the money. Try it out!