Economic cash transfer from Doha to India
Hi
Which is the economic way to transfer funds to Indian banks.
My situation is like this - i work with XXX Bank and get salary which i transfer to my a/c in India Bangalore - YYY Bank.
Now when i transfered 200 QARs which is approx 2500 INR, YYY credited only 2420 Rs to my account where INR 80 they say is their charges for foreign transfer.
But XXX Bank converts the 200 QARs to INR and then transfers to YYY. so YYY shd not charge anything becuase they are receiving only incoming funds in INR.
I wish to avoid this huge amount of charge taken by the funds receiving bank in the name of FX transfer.
It works out to nearly 4000 INR per lakh.
Please help me on the most economic way to transfer funds to India. If there are good banks which are accepting NRI transfers free of charge i can open a/c with them.
Seniors in Doha pls guide me
Best
Harish
If YYY is not correspondent bank of XXX bank, then there is a intermediary bank involved. The charge is for the intermediary bank to transfer the fund to YYY bank. The charge is mostly flat irrespective of the amount. ie whether you send thousand rupees or one lakh rupees the charge is the same.
Otherwise try to send it through the bank/exchange where intermediary bank is not involved as suggested by Salammk.
Hope you have selected exchanges to remit the money which is not directly sending exchange.for e.g u r sending money from trust to canara bank, they take their commission, their agent will be delivered the cheques to india bank. for canara directly connection with eastern exchange, trust for sbt & sbi. National exchange for Federal,ICICI.
from bank u r doing, cbq - hdfc, icici
qnb - hdfc
ibq- hdfc
db-union bank, now most of the banks without commission