This question pops up in the brain of all desis when it comes to remitting money home. Nobody wants to miss out on the best remittance rate. So i have put together a plot of the remittance rate tracked on the few of the most popular websites over the last four months.
While tracking this over the last 4 months, the INR has depreciated significantly thus allowing me to track the flexibility of all these services in adapting to the changing rate.
One thing to note is that these are indicative rates advertised on the website and actual rate may vary.
Few key observations from this are:
SBI seems to be the least reactive to the exchange rate. It is possibly due to their website updates not keeping pace with the INR activity.
ICICI Money 2 India and Axis Bank services seem to be delivering the best exchange rate consistently.
While tracking this over the last 4 months, the INR has depreciated significantly thus allowing me to track the flexibility of all these services in adapting to the changing rate.
One thing to note is that these are indicative rates advertised on the website and actual rate may vary.
Few key observations from this are:
SBI seems to be the least reactive to the exchange rate. It is possibly due to their website updates not keeping pace with the INR activity.
ICICI Money 2 India and Axis Bank services seem to be delivering the best exchange rate consistently.
This is excellent data. We should get a greater analysis done based on few more factors though e.g. the irritating nature of remit2india calls, how they take 5 days to deliver the money etc.
ReplyDeleteWhat about Western Union money transfer?