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LostInGCProcess
08-26-2011, 03:47 PM
Hi there,

I used to send money thru SBI remit online to an SBI account in India, long time ago. Recently I tried to send, but it refused to send via ACH. They created a form for me and asked me to take it to my US bank and do a wire-transfer. It is really surprising to me.
Also the wire transfer rate to India is 45 from the bank (BOA) here.

Is there any other way to send money? Other than ICICI.

Please share your thoughts.

rkg000
08-26-2011, 04:00 PM
Hi there,

I used to send money thru SBI remit online to an SBI account in India, long time ago. Recently I tried to send, but it refused to send via ACH. They created a form for me and asked me to take it to my US bank and do a wire-transfer. It is really surprising to me.
Also the wire transfer rate to India is 45 from the bank (BOA) here.

Is there any other way to send money? Other than ICICI.

Please share your thoughts.

SBI is quite easy after initial setup. They have two ways to transfer, one using ACH, and another called "Rapid Remittance" (used when you want to transfer amount > $3K). Rapid Remittance is where you are required to do wire transfer. Wire-transfer for this remittance is treated as domestic since it is to BOA in NY. I was charged only $10, it may be different for different banks. SBI's website is not that intuitive, so it is not easy to pick proper remittance option.

LostInGCProcess
08-26-2011, 04:16 PM
SBI is quite easy after initial setup. They have two ways to transfer, one using ACH, and another called "Rapid Remittance" (used when you want to transfer amount > $3K). Rapid Remittance is where you are required to do wire transfer. Wire-transfer for this remittance is treated as domestic since it is to BOA in NY. I was charged only $10, it may be different for different banks. SBI's website is not that intuitive, so it is not easy to pick proper remittance option.

As soon as I log in to SBI, I am getting this message:

Due to regulations applicable in your state of residence in USA, we regret that, at present, we are unable to continue offering SBI Express Remit - US (our product using direct debit facility through ACH) till further notice.
We are engaged in meeting the state's current regulatory requirements, and it will be our endeavor to restore to you at the earliest the convenience you have been enjoying. Meanwhile, you may use the aid of Rapid Remittance (Web-assistance for tracking wire transfers) when you use wire transfer from your bank to send funds to your beneficiary accounts in India.
Please mail any of your queries to our customer support team at

Something is wrong. I am in the state of TN.

rkg000
08-26-2011, 04:17 PM
As soon as I log in to SBI, I am getting this message:



Something is wrong. I am in the state of TN.

Yeah, it doesn't work in some states as it says.

pappu
08-26-2011, 04:25 PM
SBI's website is not that intuitive, so it is not easy to pick proper remittance option.

With so much IT boom happening in India, I do not understand why companies do not see value In investing in good usable and designed websites, non buggy web applications and good web services?
why is focus on outsourced projects and earning $$ in IT companies?
poorly created websites by large companies give a negative image of India's IT power.

manchala
08-26-2011, 04:32 PM
As soon as I log in to SBI, I am getting this message:



Something is wrong. I am in the state of TN.

Dont use BOA for wire transfer it sucks. Lot other banks charge very less. Also when you do a wire transfer you need to specify it as domestic not an international wire.

Domestic is around 35 and international is 45 I think.

chikna
08-26-2011, 05:31 PM
My LIC insurance is expiring this year. I would get something like Rs.200,000. Can I transfer that to US? Thanks.

spicy_guy
08-26-2011, 08:45 PM
With so much IT boom happening in India, I do not understand why companies do not see value In investing in good usable and designed websites, non buggy web applications and good web services?
why is focus on outsourced projects and earning $$ in IT companies?
poorly created websites by large companies give a negative image of India's IT power.

I agree. But in India people prefer Money to Quality. We can see this in big Private and Public banks' Websites as well. They suck :)

LostInGCProcess
08-29-2011, 11:34 AM
With so much IT boom happening in India, I do not understand why companies do not see value In investing in good usable and designed websites, non buggy web applications and good web services?
why is focus on outsourced projects and earning $$ in IT companies?
poorly created websites by large companies give a negative image of India's IT power.

I absolutely agree with you. Its a shame that India which boasts of IT talent to the world, has such a crappy web sites be it the government websites or private entities.

Have you ever visited the indian railway web site? It is such a shame that they have that web site. Even a 10th grader would design a better quality web site. And then they have Ads running on the side. And you get pop-up the minute you click any link in that page. That is the state of the government web site. For example, To search a train, the search criteria is "Enter the train number". As if I must know what that is.

This is a quote from Times of India about the Indian Railways profits: India's largest employer that employs 14 lakh people had registered a record profit of Rs 13,431.09 crore in 2007-08.

Shame on them!!!!

spicy_guy
08-29-2011, 12:37 PM
I absolutely agree with you. Its a shame that India which boasts of IT talent to the world, has such a crappy web sites be it the government websites or private entities.

Have you ever visited the indian railway web site? It is such a shame that they have that web site. Even a 10th grader would design a better quality web site. And then they have Ads running on the side. And you get pop-up the minute you click any link in that page. That is the state of the government web site. For example, To search a train, the search criteria is "Enter the train number". As if I must know what that is.

This is a quote from Times of India about the Indian Railways profits:

Shame on them!!!!

I think everything boils down to corruption. May be?

sam_hoosier
08-30-2011, 02:46 PM
Hi there,

I used to send money thru SBI remit online to an SBI account in India, long time ago. Recently I tried to send, but it refused to send via ACH. They created a form for me and asked me to take it to my US bank and do a wire-transfer. It is really surprising to me.
Also the wire transfer rate to India is 45 from the bank (BOA) here.

Is there any other way to send money? Other than ICICI.

Please share your thoughts.

Try Xoom.com

I have used it a few times over the past 6 months. Works pretty well and its affiliated with PNB (Punjab National Bank).

eastwest
08-31-2011, 03:37 PM
It takes a little to send the forms etc initially to open the account but once the account is setup, it is hassle free.
look for citinri in google.

I use it for a while and do not have any issues.

Thanks

smuggymba
09-26-2011, 10:28 AM
Why does SBI ask for SSN while setting up a remittance account.

I have a remit2india acount since 2005 and last time used it was in 2008 and they never asked for SSN.

Are there any tax implications in sending money to India via SBI? Is there a limit over which I have to declare/pay tax etc?

Thanks as always.

rkg000
09-26-2011, 10:52 AM
Why does SBI ask for SSN while setting up a remittance account.

I have a remit2india acount since 2005 and last time used it was in 2008 and they never asked for SSN.

Are there any tax implications in sending money to India via SBI? Is there a limit over which I have to declare/pay tax etc?

Thanks as always.

All bank transactions need SSN attached to it, be it SBI or any other remittance form. There are tax implications, but mostly it has to do with money sent for investment. Like sending it for family maintenance is not taxable. Your CPA can give you a better idea. It all depends on purpose.

smuggymba
09-26-2011, 10:58 AM
All bank transactions need SSN attached to it, be it SBI or any other remittance form. There are tax implications, but mostly it has to do with money sent for investment. Like sending it for family maintenance is not taxable. Your CPA can give you a better idea. It all depends on purpose.

The purpose is family maintenance but some part of it will be used for paying a down payment for an apartment, hence the question.

If money is sent to family and they use it to pay EMI/downpayment of an apartment - is that taxable. What's the limit on sending money for investment without paying tax? How much is the tax anyway. Thanks a lot.

AnnaRamdev
09-26-2011, 05:51 PM
hello all,
new member, but should be able to help on a lot of matters.
open a account in wells fargo and icici nre a/c
smoothest transfers , and you pay $2.5 for each transaction and if you are premium a/c holder then no transaction fee. you see money in your icici a/c in less then 24 hrs and then you can also transfer to any other bank a/c in india also.
maximum remittance a day$3000.
and of course best exchange rates

abisen
09-26-2011, 11:03 PM
hello all,
new member, but should be able to help on a lot of matters.
open a account in wells fargo and icici nre a/c
smoothest transfers , and you pay $2.5 for each transaction and if you are premium a/c holder then no transaction fee. you see money in your icici a/c in less then 24 hrs and then you can also transfer to any other bank a/c in india also.
maximum remittance a day$3000.
and of course best exchange rates

How competitive are the exchange rates of Money2India (ICICI)

smuggymba
09-27-2011, 08:34 AM
anyone who knows the tax implications of sending money to India? Can a part of money meant for family be used as a down payment on an apartment (pre-launch)..is that taxable?

AnnaRamdev
09-28-2011, 09:14 AM
rates are very competitive,,,actually when you have a wells fargo account remittance are transfered on a different platform you initiate transfer right from your account to icici and sometimes exchange rates are better then what is posted on money 2 india. so basically you make the transfer and you know the exchange rate before making transaction its not indicative rate.

AnnaRamdev
09-28-2011, 09:17 AM
as far as i know nri sending money back home are completely tax free, unless you put them in nro account and then generate some income like intrest then your intrest is taxable, but if money you send is going to spent then its non taxable.

h1techSlave
09-28-2011, 10:17 AM
I usually send a cheque. It is slow, but hassle free.

Hi there,

I used to send money thru SBI remit online to an SBI account in India, long time ago. Recently I tried to send, but it refused to send via ACH. They created a form for me and asked me to take it to my US bank and do a wire-transfer. It is really surprising to me.
Also the wire transfer rate to India is 45 from the bank (BOA) here.

Is there any other way to send money? Other than ICICI.

Please share your thoughts.

spicy_guy
09-29-2011, 01:26 AM
I always use SBI Express remit... yes, it takes 5 days. You have an option to remit to the same day, but you have to walk to your bank to write the amount to their Bank and there is a charge for it. Its usually quick.