Sending Money to India

Hi,

I had a very worst experience with AxisRemit. I hope my experience will benefit people who think about choosing AxisRemit.

AxisRemit has partnered with TimesofMoney who have very low morale. Whenever you ask about the transmit gaurentee, you should be listening from them or anyone as such we cant guarantee the price. THats true on how they are variable.

But how you will get cheated by them.

On Friday ie Aug 16 2013 and also Aug 20 2013 if you check their sites,
Closing rates according to the moneycontrol.com on those days are
61.69 and 64.30 on the exchange board.

AxisRemit as displayed their prices above 1 lac and above 1 million as 61.51 and 61.60 per dollar. on Aug 16 2013.
as the closing rates are 61.69

AxisRemit as displayed their prices above 1 lac and above 1 milion as 63.50 and 63.60 per dollar on Aug 20, 2013.
and peak price of exchange is per dollar 64.30 in the news

Their competitor Remit2India is offer price is 61.21 and 63.67 per dollar on Aug 16 2013 and Aug 20, 2013 resp

These prices are almost very close to the price of closing rates on the exchange board.

But if you observe the exchange rates of AxisRemit on Aug 19,2013, their rate was 62.01 and 62.10 for 'greater than 1 lac usd' and 'greater than i million usd'.

On AUg 19, 2013 if the closing price on moneycontrol.com was 63.13 per dollar.

Please think about yourself and answer:
1. Why on Friday and Tuesday ie aug 16 and aug 20 their prices are very close to closing prices?
2. If you observe on Tuesday, ie aug 20, their prices are above the closing prices.
3. when you compare with remit2india closing prices, their prices are above by 30 paise on aug 16 and aug 20, 2013.
     Why suddenly their prices are short by Re. 1.49 on Monday ie aug 19, 2013.

If you observe very closely they are wrongly luring the customers and once the money is received in their hands you are the scape goat. I myself was the scape goap on Aug 19, 2013 and i lost Re.1.49 per dollar on that day.

A very painful thing of how AxisRemit is luring the customers and think of every $1000 you send you will lose by re. 1490/-

I hope this will help you make a good decision to whom you can go with.

My Experience is go with Xoom, it is clear on how much they give.
Go with SBI, they too will be make you clear atleast how much they can commit.

I had a bad experience with ICICI Money2India where have paid base thousands of rupees in one of my earlier transactions.

I dont expect free transfer from anybody. But total fraudulent activities like above example from AxisRemit team is not acceptable.

My remittance was executed on Aug 19, 2013. CUstomer service representative told they will execute the remittance to beneficiary account on Tuesday ie aug 20, 2013. i have lost so much of money.

Ask to yourself based on the above rates that were displayed,
1. why the exchange rates on AUg 19, 2013 is Re 1.49 less than closing price,
2. Why the exchange rate on Aug 20, 2013, it is more than closing rate ie 63.30( peak is 64.30) and Aug 16, 2013 exchange rates are very close to the closing rates ie 61.69 (and they were offering 61.51 and 61.60 for above 1 lac and 1 million)

Hope you make a proper decision of choosing a right remittance provider.