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Victim of Remittance from a provider - August 2013
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.
All Replies (1)
Helpful sites
I use Xoom and Indusfastremit to send money to India.
All Replies (0)
Using wellsfargo
I have opened a new wf account.they too have locked in exchange room just like xoom.But on some of the days rates are better than of xoom fr transactions exceeding 4000$ and you can get it remitted to icici nre account with 9% interest rate
All Replies (0)
I use my bank for transfer
I got a checking account in Wells Fargo.
The bank has a tie up with ICICI bank.
The first transfer has to be done in the branch in person and takes 5 business days to reflect in ICICI bank.
The subsequent transfers are done in hours and you get a good rate for amounts exceeding 4K USD
All Replies (3)
Xoom is the fastest way of sending money to India
I was using SBI remitt to India service for a long time. Once it got suspended, I tried to find various alternative to send money to India and I think Xoom is the fastest and easiest way to send money to India. I never though sending money is so easy using Xoom. They also offers competitive Exchange rate for No fee (for amount > 1000).
They also have referral program, which can give 15$ Gift card. Here is the link http://refer.xoom.com/a/clk/CwjsF
All Replies (1)
Indus Fast Remit asks for SSN
Hi,

After going through the forum i decided to enroll with indusind fastremit.

During the registration they ask for my SSN and bank account details.

I have used xoom before for money transfer and i dont remember them asking for my ssn.

Is it safe to provide ssn and bank details?

If anyone is using this site please advice.

Thanks,

Alok
All Replies (1)
XOOM is the worst ever
I have used Remit to India and Xoom both. Xoom doesnt fulfill what it promises. They said they will give me a referral bonus which I have not received yet despite of complaining them several times. All they do is just assign a case number (like the Indian Govt.) and one fucker mails you saying that the issue will be resolved soon.
 I suggest use some other service. XOOM SUCKS BIGTIME and I hope they read this.
All Replies (0)
Xoom seems to be perfect - no problem since 2 years
Xoom seems to be good for me. i have been using it for 2 years. its as simple as that of tranfer within ur accounts. no late deposits.. no rate differences. yes i agree it pays around 20-30 paise less than other service providers. but the fixed exchange rate is too good. i tried with remit2india but lost around 80 paise per dollar when the rate went down by the time remit2india deposited to my India account. simply i can say. with 20 paise risk.. u r sure about what is the amount you are going to get. If some one has more good websites please post and help us :)
All Replies (0)
Dont go with Remit2India
Booked remittence on 11/19... today is 12/03 - no responce ...

Added to this I get their marketing calls at 2.00 am that they have an offer... BS

I stopped using this service last year and I forgot about it...and used it again.... i had to post it know... Where is my money?......shear disrespect for coustomers..... for gods sake....close your business and stop fooling people.
All Replies (0)
I have used XOOM s far. Totally risk free service but the exchange rate less than any one else who's in this business. I think if we get a chance to go with SBI(not available for some states in US), we can go for it. There is a diffrence of almost 50 paisa between XOOM and SBI.

I am willing to stick on to Indusfastremit. I heard they have got better exchange rate and it's a fixed one! Yet to explore on this. Any thoughts!!?

Couple of concerns:
1. Banks with indicative rates take more than 5 days settle the money. Heard that they would wait and do this at the time when it is exchange rate is less. It's pathetic if it's true.

2. Websites of most of the banks makes me feel that they are not secure. They should build simple but powerfull web application. However XOOM and Indus look good.
All Replies (0)

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