Beside lending and depositing money, banks also
carry money from one corner of the globe to another. This act of banks
is known as transfer of money. This activity is termed as remittance
business. Banks generally issue Demand Drafts, Banker's Cheques, Money
Orders or other such instruments for transferring the money. This is a
type of Telegraphic Transfer or Tele Cash Orders.
It has been only a couple of years that banks have jumped into the
money transfer businessess in India. The international money transfer
market grew 9.3% from 2003 to 2004 i.e. from US$213 bn. to US$233 bn. in
2004. Economists say that the market of money transfer will further grow
at a cumulative 10.1% average growth rate through 2008.
With the use of high technology and varieties of product it seems that "Free"
money transfers will become commonplace. We will see more bundling of
tailored money services by banks and non-traditional entrants that will
include "free" money transfers. Many banks will even use money
transfer services as loss-leaders inorder to generate account openings
and cross-sell opportunities. The price evolution of money transfer
products for banks will be similar to that of consumer bill pay-the
product is worth giving away as an account acquisition tool to win
overall market share and establish banking relationships.
ATM money transfer card products have had terrible bank adoption rates
since being introduced in the last three to four years. Remittees who
are highly educated and have been already been exposed to ATM technology
in receiving countries tend to have an interest in this product. Money
transfer to India is one of the most important part played by the banks.
This service provide peace of mind to either the NRIs or to the visitors
to India. Many Indian banks have ATM'S (automatic teller machine),
enable to draw foreign currency in India.
By 2007, we will see a good percent of all foreign-born households
doing some level of online banking. First-mover banks will start having
a window of opportunity to include online transfer functionality within
the next couple of years, which currently frequents traditional money
transmitters such as Western Union. There is a terrific opportunity for
banks and non-banks to offer more robust global inter-institutional
funds transfer services online. More than half of Western Union's
customers today are already banked, and most do not have an alternative
product marketed by their bank that is painless, quick, and
cost-effective. That will change as banks offer transfer services
through their online channel.
The following are the details of few banks to check for transferring
money to India
| Name |
Address |
Tel |
Fax |
Email |
Web Site |
| Allahabad Bank |
|
|
|
delib@allahabadbank.co.in |
www.allahabadbank.com |
| ABN Amro Bank |
Hansalaya Building, 15,Barakhamba Road, New
Delhi 110001 |
|
9111-2375-5470 |
|
www.abnamroindia.com |
| BANK OF INDIA |
C - 5, "G" Block, Bandra Kurla
Complex, Bandra (East), Mumbai 400 051 |
9122-5668-4444 |
|
hofbd@bankofindia.co.in |
www.bankofindia.com |
| Bank of America (Asia) Ltd. |
|
|
|
|
www.bankofamerica.com |
| Central Bank of India |
P.B.No.7007, Link House,Press Area, B.Z. Road
New Delhi 110002 |
9111-331-9268 |
9111-371-2677 |
cbi.del.net.in@bol.net.in |
www.centralbankofindia.com |
| HSBC |
25, Barakhamba Road, New Delhi 110 011 |
|
|
|
www.in.hsbc.com |
| Development Credit Bank |
Shree Amba Shanti Chambers Opp. Leela
Galleria Andheri-Kurla Road, Andheri - E Mumbai 400059 |
9122-2823-5725 |
|
customercare@dcbl.com |
www.dcbl.com |
| Export-Import Bank of India |
Centre One Building, Floor 21, World Trade
Centre Complex, Cuffe Parade, Mumbai 400 005 |
9122-2218-527 |
9122-2218-2572 |
eximcord@vsnl.com |
www.eximbankindia.com |
| THE FEDERAL BANK |
Federal Towers, Aluva - 683 101, Kerala |
91-484-2623620 |
91-484-2622672 |
fbl@federalbank.co.in |
www.federal-bank.com |
| Indian Overseas Bank |
|
|
|
roplan@delsco.iobnet.co.in |
www.iob.com |
| Punjab National Bank |
7,Bhikaiji Cama Place New Delhi -110066 |
9111-2617-6297 |
|
pnbibd@ndf.vsnl.net.in |
www.pnbindia.com |
| Reserve Bank of India |
Main Building, P.O.Box 901, Shahid Bhagat
Singh Road, Mumbai-400 001 |
9122-2266-0500 |
|
rdmumbai@rbi.org.in |
www.rbi.org.in |
| State Bank of India |
|
|
|
|
www.sbi.co.in |
| UCO Bank |
D.N. Road, Mumbai |
|
|
ro.mumbai@ucobank.co.in |
www.ucobank.com |
Money Transfer to India
Apart from banks few financial institutions and online portals gives
services of money transfer to India. Some of them are as under:
- Western Union Money Transfer
- Union Money Transfer
- IKobo Money Transfer
- Cash2india.com
- Remit2india
- Samachar Money Transfer
- Timesofmoney.com
- Wells Fergo International Money Transfer
- Travellers Express
- Money Gram International
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