** Available from US, UK and Singapore **
** http://www.hdfcbank.com/NRI/send_money_india_quickremitfaqs_gen.htm
**************************************************************************************
Online money transfer: Here's Quick Remit
Shanthi Venkataraman
FOR Non-Resident Indians, who are miles away from their near and dear, one
thing they can draw comfort from is that they can send money whenever
their friends or family members need it. And it helps when they can ensure
money transfers quickly and conveniently. For these reasons, online
transfers are becoming the preferred mode for remitting money.
HDFC Bank, in association with Times Online Money Ltd (of the Times of
India group), has now introduced a product `Quick Remit', which, as the
name denotes, remits funds in just three working days via the Net.
Features
The facility can be utilised by residents of the US (UK and Singapore).
The beneficiary (individual/organisation) of the sender must have an
account with HDFC Bank.
After a simple online registration process at the HDFC Bank Web site, the
sender can send on-line funds (in foreign currency), which gets credited
in rupees to the beneficiary's account.
It takes three business days following the date of request for the funds
to be credited to the beneficiary's account.
The currency is converted into rupees on the basis of the exchange rate
prevailing at the time the funds are credited. The amount that can be
remitted per transaction is limited to $5,000.
The number of transactions is restricted to 10 per week and 30 per year,
while the amount that can be remitted is limited to $10,000 per week and
$25,000 a year.
The beneficiary does not bear any charges. The sender and the beneficiary
can track the status of the fund transfer online.
Suitability
While it may not be as fast as a telegraphic transfer, where funds are
remitted in 24-48 hours, `Quick Remit' appears a cheaper option. This may
be particularly useful for those who remit smaller amounts of money to
meet family maintenance expenses, rent and so on.
While the charges for a telegraphic transfer is $20-30 in the US, it can
be as low as $3 (depending on the amount) with Quick Remit.
It also appears to be score over Western Union's money transfer or Thomas
Cook's Moneygram. For one, money can be remitted to an NRE account, which
one cannot with Moneygram.
Moreover, the beneficiary does not have to go personally to the agency
location to collect money.
Quick Remit is comparable to remit2India, which is already being offered
by Times of Money in collaboration with UTI Bank. You can log on to the
Times of Money Web site for details. Also, e-Transfer and Power Transfer,
offered by ICICI Bank are worth considering.
In the case of e-Transfer, there are no charges for transferring money to
the beneficiary's account with ICICI Bank. Moreover, the bank offers
direct credit facilities to non-ICICI Bank accountholders.
However, the money can be transferred only within five working days. In
this respect, the Quick Remit appears faster.
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