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Good Exchange Rates for Money Transfers, Especially to India

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Good Exchange Rates for Money Transfers, Especially to India
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Psoan papdi on 24/01/2012 - 18:04 sbisyd.com.au (803 clicks)

I am a big fan of this service and AFAIK provide the best exchange rate in Australia to transfer money to India. To transfer money to India the procedure is very simple. First fill out the Identity verification form, then wait for your identity details to show up via email. Transferring to India is easy via their e-Remit system. Transfers upto $25,000 cost $10 flat and if you pay them via BPay, then NAB (who holds their savings account) don't take a 0.25% cut. I haven't used this service for their other currencies, so wouldn't know how easy the process is.

The only other service that comes close (in terms of exchange rate) is www.ozforex.com.au but the exchange rates are a bit better with SBI. The exchange rates with the Big 4 banks are an absolute rip-off. I have no affiliation with any service mentioned here.

Financial Asia Forex Trading India SBI

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closed Comments

  • dealhunt on 24/01/2012 - 18:23

    So is this a good deal only for people from India right?

    • soan papdi on 24/01/2012 - 18:27

      Well it's a forex service. I've only used the INR transfer.

  • Elijah on 24/01/2012 - 18:24
    -3

    This is Forum Material, NOT A BARGAIN/OFFER/SPECIAL !

    • soan papdi on 24/01/2012 - 18:26

      I don't see how this is different to the Citibank deal posted a few days earlier. That had no defined end date and was just informing us about an inexpensive bank account.

      If the MODs want to delete this post though, I have no problem.

      • Elijah on 25/01/2012 - 01:07
        -4

        The Citibank deal was a SHOCK to pretty much 99% of us, not comparable !
        This seems more of a forum discussion material than a BARGAIN to me…

  • coolndeep on 24/01/2012 - 18:45
    +18

    I don't understand why this hatred against this community. They r the most hard working & peaceful race I've ever come across, check anything u want from past or present. They haven't done anything bad to anyone that I may know!

    • dealhunt on 24/01/2012 - 19:01

      And why are you even touching the topic??
      This is a bargain web site, if you have any concern regarding RACISM, then you should look elsewhere.

      • michael_123 on 24/01/2012 - 19:07

        I believe he is referring to the ozbargain community…therefore nothing against racism. At least that's the way I took it.

        • Doey21 on 24/01/2012 - 19:24
          +2

          Maybe its lighthearted ozbargain racism against the indian community in regards to getting a bargain (as hilariously highlighted by Russel Peters)

          I don't think its personal (I hope)

        • [Deactivated] on 24/01/2012 - 21:12

          I agree with michael_123…
          I dont think anyone meant to be racist in any sense here!! Hope noone starts any hurtful racism here!!
          In my opinion Australians have been very welcoming and unracist people. Of course there are few people in every community who just love to spread hatred, but I would say generally Australians have been awesome!! Thanks guys!! n yes
          Aussie!! Aussie!! Aussie!!… Oi..Oi..Oi!!!

          PS: I m an Indian, both proud of being an Indian and proud of being a part of Aussie community!!

  • Nezuji on 24/01/2012 - 19:26

    You may want to check out everforex.com; they have a flat $19.80 transfer fee. I don't need international transfer services, but I always change my cash with them for overseas holidays, because their rates are excellent, and I can easily get to their office.

    Also, I'm thinking this isn't really a bargain, and should be moved to the forums.

  • [Deactivated] on 24/01/2012 - 20:16
    +1

    Actually Pennytel (PT) are even better, No Fees & decent exchange rate
    e.g. $a1000
    PT = $IR51759.83 ($1000 * 51.76
    SBI = $IR51381 ($990 * 51.90)

    and PT you get free VOIP credit (150min in the above example)
    They use Westpac as their transfer agent

    • soan papdi on 25/01/2012 - 07:18

      For amounts less than $3500 or so, it does seem a better deal. How long does it take to reach the Indian account?

  • cheapskateasian on 24/01/2012 - 20:54
    -8

    kuchi kuchi hota hai

  • ozshaz on 24/01/2012 - 21:21

    OZforex is 52.74 INR and also the first 2 transaction per account is free !!

  • Cazm on 24/01/2012 - 21:44

    For all other currencies, I find this method to be the cheapest:

    Australian bank (debit) account -> Australian PayPal account -> Foreign PayPal account -> Foreign bank (debit) account

    If there's a cheaper way to transfer money I'd love to know what it is.

    • dealhunt on 24/01/2012 - 21:47
      +1

      Yes = pigeon

    • soan papdi on 24/01/2012 - 22:36

      Paypal isn't listing INR. However it says exchange rate as 0.92 AUD and 75 JPY per USD (spot rates are 0.95 for AUD and 77 for JPY). So seems quite a hefty cut (3-4%). But if it works for you then great.

      • ScaryZombie on 25/01/2012 - 00:47

        Yeah, not exactly sure why, but the help section of PayPal has the following written under their "How do I send a payment in another currency?"

        Note: Unfortunately, we’ve had to stop allowing personal payments to be sent to and from India. If you’re sending money for a personal payment to India, we ask that you find another way to pay until we’re able to restore personal payments to this area.

        Also, it would have been nice if we could use our credit cards to do the conversion rather than using the paypal currency conversions. As you suggested, the conversion rates aren't exactly that enticing. Otherwise, if we could, the 28 Degrees Card would have been very good for that purpose.

  • sjawaji on 24/01/2012 - 22:53

    ICICI Money to India is better than this. They only charge Rs 25 and exchange rate is also better.

    https://m2inet.icicibank.co.in/m2iNet/m2iNetLoginForm.jsp

  • 777 on 25/01/2012 - 04:45

    This is State Bank of India - SBI India 's Largest Bank
    http://en.wikipedia.org/wiki/State_Bank_of_India
    http://en.wikipedia.org/wiki/Big_Four_%28banking%29

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