vidhuu_in said:

aashokprabhu (Mar 27 2009, 10:32 AM) said: > original post
You are right to some extent. I accept there is no free lunch. Banks are not doing any social service, its business & everybody runs business for profit. Those are all basic stuffs everybody knows.

But my point is transfering money through ABN Amro or any local dutch banks or other concepts to India costs you more than ICICI money to India.

And regarding the exchange rates, the exact foreign currencies rate with Indian rupee is given in RBI (reserve bank) site and moneytoindia has a exchange rate calculator you can check it , it is always similar to that. ICICI Bank usually buys euros at rates very similar to the RBI fixed buying rates. The profit they make is by selling our euros in selling rate which is higher than their buying price.

Ashok,

I know its an older post. But I just happened to see it ;-)
I looked up in the money2india.com but i don't see an option to choose Netherlands in the list of countries. How do you do that?

And did you ever try transfermate.com? They promos 50% off in their fees. Dint research a lot though. Do lemme know if you have more info on this. Thanks.


Vidhya

Use the new Money2India.EU service...Its a simple process:

1. Register online on  www.money2india.eu

2. register your local bank a/c and your India bank account

3. Make a trasfer request by entering amount you want to transfer to India. Then they will give u a tracking number and will inform you to transfser Euros to ICICI Bank in Frankfurt, Germany. This is free as it goes through SEPA.

4. Go to ABN website and make a Euro Transfer through SEPA (The money goes in Euro from NL to Germany so there should not be any fees).

5. Once ICICI Germany receives the money (in Euro) they will convert it in rupees and credit your India account in rupees

 

 

It takes 1-2 days maximum for the entire process... and now with rates touching 68-70 its is cool... 

sunilshetty said:
Hey Sds, I have been struggling with this too with no success. I'll let u know if i crack it, kindly let me know too if u manage to do so. Thanks, Sunil

 

Its a simple process:

1. Register online on  www.money2india.eu

2. register your local ABN bank a/c and your India bank account...For NL bank account just enter IBAN... this works fine for me in IE8...

3. Make a trasfer request by entering amount you want to transfer to India. Then they will give u a tracking number and will inform you to transfser Euros to ICICI Bank in Frankfurt, Germany. This is free as it goes through SEPA.

4. Go to ABN website and make a Euro Transfer through SEPA (The money goes in Euro from NL to Germany so there should not be any fees).

5. Once ICICI Germany receives the money (in Euro) they will convert it in rupees and credit your India account in rupees

 

 

It takes 1-2 days maximum for the entire process... and now with rates touching 68-70 its is cool... 

morya003 said:
Hi everyone Thank you very much for your help and advice. I am not very clear yet so if you could please help again. 1) ABN transfer should be in Euros to Indian bank and we must select the option "share cost" or "all cost to beneficiary". What are the charges for this - no charges or 5.5 Euros ? 2)money2india.eu is free and what option must we select "shared cost" or "all costs to beneficiary". I read in another post that if we select SEPA then ABN AMRO where the remitting account is held will charge a big fee. Please clarify how it works with money2india.eu. Thank you again in advance.

Its a simple process:

1. Register online on  www.money2india.eu

2. register your local ABN bank a/c and your India bank account

3. Make a trasfer request by entering amount you want to transfer to India. Then they will give u a tracking number and will inform you to transfser Euros to ICICI Bank in Frankfurt, Germany. This is free as it goes through SEPA.

4. Go to ABN website and make a Euro Transfer through SEPA (The money goes in Euro from NL to Germany so there should not be any fees).

5. Once ICICI Germany receives the money (in Euro) they will convert it in rupees and credit your India account in rupees

 

 

It takes 1-2 days maximum for the entire process... and now with rates touching 68-70 its is cool... 

It was very simple for me... just enter only IBAN number (dont need to enter a/c number and remitter clearing code). If you need help call their toll free number... its free of cost...

1. SEPA is free... since money is going from one EU country to another. This is my personal observation and also backed with infomraiton that as per laws banks cannot charge different for SEPA and local transfer see Regulation No 2560/2001 of the European Parliament and of the Council of 19 December 2001 on cross-border payments in euro. So if domestic is free then SEPA is also free... 2. there is no fees at India end whether icici or no icici. This is my personal observation...