Wednesday, June 08, 2011

Sending money from Netherlands to India

Recently I noticed that ICICI Bank Money2India facility was not available from Netherlands. I understand few of my friends are using fake address of Germany to still make the transactions on Money2India. It works fine. But it would be better to simply use some legitimate way to transfer money to India. Such as sending money directly from your Dutch bank account.

I am putting these steps here specially for my friend Shashi (neither Tharoor, nor Kapoor; he is none other than Ranjan).

1) Login to ABN Amro Internet Banking. Choose Betalen à Buitenland overboeken
2) Enter BIC code as per your bank information.
             ICICINBBNRI for ICICI Bank.
             HDFCINBB for HDFC Bank
             SBININBB250 for SBI Jabalpur (others http://www.theswiftcodes.com/india-state-bank-of-india/)
             For other banks, you can find BIC through their customer care. Also the following link may help http://www.swift.com/bsl/



3) Enter
ICICI Bank account number in first field
Address of your own address (not of the bank branch) in the next field (click ‘+’ sign to bring extra rows)
Amount in ‘Bedrag’ field
Choose EUR as the currency code
Put some description in Omschriving field
Select ‘shared’ (gedeeld) as value in the ‘kosten’ dropdown
Click ok

4) Take next steps as usual.

9 comments:

Gaurav said...

what currency conversion rate do you get via this.. is it comparable to the latest currency rate or not ?

Ashutosh Parashar said...

I usually check the currency-rates at XE.com. Whenever you transfer, it takes about 3 days for money to reach my account of ICICI. So already the rates I had checked during transfer is obsolete.
Second, both at least one of ABN and ICICIBank should be converting the currency and taking away their own commission on that.
So in the end, in my experience, I find a difference of upto 50 cents from the rate I had checked during transfer.

Ashutosh Parashar said...

Update. Just now a friend asked me if ABN Amro deducts the amount from account immediately after one submits the transaction?
No, deducting the amount takes some time. So if the amount is immediately not gone from your account, you needn't create another transaction. Just wait for some time, max upto one day.


By the way, I keep referring to ABN Amro here as a number of expants in The Netherlands use ABN due to their English language site. But looking at the safety, social consciousness and in so many other manners, Rabobank remains the bank of my choice and preference.

CitySlicker said...

Hi Ashutosh,

Thanks for this information. I tried following these steps and transfered 100 euros last week. Unfortunately the money got deducted , and has not yet been credited to my HDFC a/c. Not quite sure what happened or what to do now.

thanks
vivek

Rahul K. said...

Hello Ashutosh, I am having the same problem. A friend of mine living in Netherlands sent me money using ABN AMRO to my HDFC account about 2 week ago. However I have not received the amount.

Did your transaction come through? What should I do regarding my amount?

Unknown said...

ABN Amro New transfer (the yellow button) does not have the option to enter Swift code. It just says to enter the bank code and account number in a single field.

How do we do this as we have separate Sift code, Bank code and account number. Any advise.

Ankit said...

HI Ashutosh,

I have been doing transfers using ABN AMRO for quite some years but recently I notice they deducted an extra inter bank transfer fee because the money was sent through Standard Chartered Bank Frankfurt to my account in SBI and the fees was over and above the 5.50 euro deducted by ABN for the foreign transaction.

Have you also seen this ??

Regards
Ankit

Nithin Surendran said...

Hi All,
THey have mentioned about the minimum cost of 5.50 euros for transfer from ABN AMRO to any indian bank account. Its .1% of the total euros you are transferring(of which min is 5.50 euro and max 55.0 euro).

Unknown said...

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