IKS@PSUVM.BITNET (03/12/85)
I am looking for ideas and suggestions from net.nlang.indians who have
experience with "efficiently" sending $$ to relatives/folks in India.
Currently I just write my personal check (off of a checking account)
endorse it Indian style: /Account Payee Only/ across the top left
corner and also endorse it at the back, US style: For Deposit Only at
<somecity, India> and send it by ordinary mail. I have had absolutely
no trouble, and it only costs some Rs. 2.00 or so to cash. However, this
process is slow and often takes upto 2 months to cash.
A friend sent AmEx Money Orders, endorsed, which were lost and illegally
cashed at a saree store in Calcutta, these cost $ 0.85 per $100.00 to buy
and need to be sent Registered which makes it too expensive.
Locally international bank drafts cost $15.00 to have made, which again is
too expensive.
Any one with a quicker, safe and proven technique please post or mail
directly. I shall post a summary if it is worthwhile.
Thanks, and...
Keep Smiling (=::=) --Indra K. Singhal
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>> <<kailar@sunybcs.UUCP (Sudha Kumari Kailar) (03/15/85)
> > I am looking for ideas and suggestions from net.nlang.indians who have > experience with "efficiently" sending $$ to relatives/folks in India. > > Locally international bank drafts cost $15.00 to have made, which again is > too expensive. > > --Indra K. Singhal > >> << I worked in State Bank of India till two years ago before I came to this country. So, most of what follows may not be very accurate today. Nevertheless, you should get some idea as to the process of achieving what you want. (Abbreviation : X_SB : External Savings Bank account.) There are generally three types of bank charges on a collection from foreign account. They are Exchange : 0.35 % Commission : Re.1.00 Postage : Rs.0.50 Recently, with a view to increase the inpour of foreign exchange, banks have not been charging Exchange. (As far as I remember from two years ago, State Bank of India at Main Branches (metropolitan & semi-metropolitan areas) did not charge ANYTHING on collection for credit of X_SB accounts. This facility is available only if the following conditions are satisfied : (1) You open an account - send the following : Your name and address Your passport number and a bank draft in favour of the Bank & Branch a small letter asking them to open a savings (EXTERNAL) account in your name. You will get back a formal account opening form, specimen signature form and a check book. Alternately, you can write for the A/c.opening form first, and send it along with the draft. (I do not remember whether we used to take a personal check to OPEN an account). (2) Thereafter, send draft (locally purchased) or check on your personal account in this country- favouring YOUR X_SB account in India in your bank & branch, directly to the branch where you have your A/c or to your relative to take to the branch and have it credited to YOUR account. This way, you get credit for having remitted $$ money to India and you normally should not be charged any exchange or commission (unless you are in a remote village where they might (but shd.n't) charge commission, but not exchange.) Some branches (like Mangalore main branch where I worked) did not charge anything. Now, your questions are likely to be the following : (A) Is it safe ? As far as I know, YES. You are sending to the branch directly or to trusted relatives, and the money has be credited to your account first. (B) What is the difference between sending a draft and a personal check ? Draft - can be collected at the money market in Bombay and Calcutta - This can be done by Telex if the branch is a main branch as I have defined above. Therefore, collection is decidedly quick. If you want to send money on an emergency basis, you might consider spending some money here and speeden the process there. Check - much cheeper. May be charged for collection. Collection through money market, so will take longer than draft. (C) How do my relatives get money? Alright. You have your money credited to your account in Rupees. Remember you got a check book from the branch after opening the account (read the account-opening procedure again if you forgot). Now, send a check with the amount (in Rs.) favouring whoever you want to give the money to, - to that person (at the same time as sending draft for your own account to your branch.) - to that person's bank a few days (may be 10-12) after sending draft for your account. I am not sure how helpful the above info. is. For one thing, it sure is about two years old but I think all except the exchange, commission and postage rates charged should be the same (they were being charged in small branches only which do not have direct access to a local clearing house). Some Banks collect charges till they are specifically made aware that you know that External accounts should not be charged for exchange. (THIS IS NOT TRUE IF YOU ARE SENDING DRAFT OR CHECK FOR CREDIT OF YOUR RELATIVE'S ACCOUNT.) If your remittance is for people to buy vehicle (I recall that was one of the common remittances), you would have to write check or send draft favouring that person's name so that he gets credit for foreign exchange collection. Please correct me if you know better, post corrections if anything above is definitely wrong and you know so. I hope I was of help. Sudha Kailar