Best way to remit money online from Singapore to India ?

Question

I have a POSB account in Singapore and an NRE account with Axis bank in India..... what is the best possible way to remit money to the Indian accout in Sing $'s

Answer 1

The originating bank will do an electronic transfer for you, it's the safest way and probably the least expensive.  All you need do is call your bank and see what transfer and routing numbers you will need for the account that is going to receive the money.  You will need at least four.  1) Country, 2) Bank 3) Branch, 4) Account.

Don't forget to check out the law with the receiving bank, it will be on the country's official website under travel information.   Also knowing Singapore as I do, I wouldn't be surprised if your Singapore bank knows the amounts and has the forms. Most countries have laws that you have to report transfers over a certain amount and that holds true no matter the method of transfer.  You just have to give your name and the amount, it's to discourage drug dealers.  Most countries in the world are now signatories of a treaty that allows for the free transfere of funds.  For example you can bring as much money into the U.S. from Canada and from Canada to the U.S as you want.  If it's less than $10,000 you don't have to do anything.  But If it's over $10,000, you have to report it, just your name and the amount, no muss no fuss, it takes 30 seconds.  Again it's just to discourage drug dealers and they can't use the information for any other purpose  But if you don't report it the money can be confiscated.  

Millions of people do it this way every day because it is the safest and most efficient.  You can't be robbed, there is a trace in case something goes wrong, but I've never know that to happen, so it's absolutely safe.

ps, the receiving bank takes the money as is.  If you send Singapore dollars they won't convert it unless you ask for the funds to be converted to the other currency.  So for the purposes of the transfer the receiving bank, if you want to keep the money in Singapore dollars, you'll have to set up a temporary account in the India bank that is in Singapore dollars. .  

You can do this very easily over the net or with a fax.  If you want the funds converted to India's currency and deposited into your existing account, you have to ask for a transfer and a conversion at the same time, otherwise they will assume it's a simple transfer as that is what most people want.

The reason why is that it is usually cheaper to convert the money in India.  The receiving country always gives you the better exchange rate.  But if it's a small amount and you don't care about the small difference, the Singapore bank will convert it into India's currency at a slightley higher rate of exchange than you would get in India and then place it in your or someone elses India bank account.

pps, all banks will give you their routing numbers over the phone or over e-mail.  If you have a chequing account, the numbers may even be on your cheques.  

Some banks do so many transfers they just need a cheque.  You write "Void" in the middle of the cheque and draw a line across the cheque, corner to corner.  They will even set up the temporary account at your India bank for you denominated in Singapore dollars.  You sign a form, give them a voided cheque, that's it.