23. How To Send Money ?

Here are a few ways to send money to India :

• Personal Check (drawn on a US Bank). A lot of letters wrote tome that though there is a delay involved (from deposit to encashability), Indian Banks do NOT charge a service fee.SBI Chicago has a provision wherein they charge you $5.00 as commission and you can get a draft made IN INDIAN RUPEES right here in the US and sent to India. Takes 5-6 days. Their number is 1-800-334-6342.
• Cashier's Check, Certified Check, or Money Order from a Local Bank. May involve service charge and delay in encashability status (in Rupees).
• Bank Draft. Usually, a $10 service fee (in a US Bank) is involved.
• Cable Transfer. Speediest (3-5 working days). However, as I have noted from my local bank, $25 service charge is normally involved.
• American Express Money Orders (I HAVE USED THIS METHOD). You can get these from many stores, including 7-11s, for a service charge of 50 to 99 cents (depending where you are in the US ). Most banks in India will pay U Rupees in minutes. Also, if it gets lost, full money (-$5) is absolutely recoverable. Extremely safe, inexpensive, and fast method.
• Citibank Rupee Drafts. Service charge is $5. 1-800-CITINRI. Immediately encashable in India .
• Open an NRI a/c with Citibank ( Bombay , Cal , etc.). Leave the checkbook with your relatives. Arrange so that your folks in India could write checks and withdraw money. Takes about a week. Also, if you send a personal ($) check to Citibank at NY city, they transfer the money to your Indian a/c by telex (no charge), wherein Rupees are credited (current rate).
• Cable Transfer through SBI Chicago ($16 charge). Takes about 3 days.
• NRI a/c with SBI NY, or BOI San Francisco . You can have a predesignated beneficiary in India who could draw in Indian Rupees in India while U pump $ here in the USA .
• Morgan's Trust/Hanover's Trust Cashiers Check/Demand Draft. You can get these in most US banks.
• Chase Manhattan Drafts from Bank of Baroda . Fast. Service charge present.
• SBI San Francisco Bank Draft. Service Charge $7. #(415) 956-6326.
• Credit Card. Get a VISA card. Get an extra card for your relative in India . They can take cash advance and you can cover the charges from here in the USA .
  

PS : Personal Checks are a Debatable Issue. Some say Indian Banks charge a fee while they mention the opposite. However, DELAY is involved in all cases.

The problem is where is the Money???

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