Money to US

[mbabuster]

Hi Guys ,
What do you think is the best way to transfer money to the US . I have investigated some scenarios but the rates keep coming up pretty bad and with the amount of money involved for MBA ( > 70K $ ) , this is going to be a huge hit ...

1. Travellers cheque ( apprehensive about this method ).
2. Western union ( very expensive charges ).
3. NRE accounts ( not really sure how this works ??? )
4 ......
5.......

If you have options please fill up the above blanks.

[nemo]

Originally Posted by mbabuster

Hi Guys ,
What do you think is the best way to transfer money to the US . I have investigated some scenarios but the rates keep coming up pretty bad and with the amount of money involved for MBA ( > 70K $ ) , this is going to be a huge hit ...

1. Travellers cheque ( apprehensive about this method ).
2. Western union ( very expensive charges ).
3. NRE accounts ( not really sure how this works ??? )
4 ......
5.......

If you have options please fill up the above blanks.

4. Hawala

[mbabuster]

Originally Posted by nemo

4. Hawala

Nice one , but seriously guys what you think is the best way to transfer money ( and provides the best rate of conversion ) to the US ?

[pagalguy]

Bank Transfer - if you have an account there, or you may transfer it to a relative's account & withdraw.

[mbabuster]

Originally Posted by pagalguy

Bank Transfer - if you have an account there, or you may transfer it to a relative's account & withdraw.

But how can we transfer money from a Indian account to a US account ?
PS : I already have a US bank account.

[Neo2000]

Originally Posted by mbabuster

But how can we transfer money from a Indian account to a US account ?
PS : I already have a US bank account.

You get the International Bank code of the bank where you have the account and your bank account number. Go to your Indian bank and tell them you want to transfer money abroad. Fill out the requisite hazaar bank forms, make the required dus-hazaar trips and pray that they transfer safely and the money does not get lost somewhere in between.

Simple no??

[mbabuster]

Thx, I assume this will be wire transfer. But isn't there a limit on the amount of money that can be wire transferred ?

[gaurav09]

credit card

[RedJazzGuy]

Credit cards are never a good option. Please read the fine print in any credit card, since many of them have a high APR (than the actualy stated APR) after a certain limit.

Originally Posted by gaurav09

credit card

[RedJazzGuy]

It is my understanding that as long as you can show some paperwork (acceptance letter/tuition fees), the amount of money that you can transfer is not restricted.

Wire/Bank transfer is the best option.

Originally Posted by mbabuster

Thx, I assume this will be wire transfer. But isn't there a limit on the amount of money that can be wire transferred ?