Monday, June 16, 2008

U.S. Dollar to Indian Rupee Exchange Rate

The obvious question for all the NRI folks who send money to India is which bank gives the best conversion rate or exchange rate ? I tried to address this problem by having a web page that displays the latest and up-to-date conversion rates from three competing banks ICICI, SBI and Times's Remit2India.

Check it at http://dollar2rupee.net.

This page fetches the rates from the respective site of the bank and is up-to-date.

If you have any feature suggestions or issues, please send me a mail or add a comment for this post.
Posted by Madhukar Reddy Gurram at 1:29 PM
Labels: , , , , , , ,

60 comments:

  1. Hi neha,

    I'm NOT manually updating the google spreadsheet. I'm fetching the values from the respective bank sites directly using some features in google spreadsheets.

    Sometimes the values appear old due to caching.

    -- Madhukar.
    ReplyDelete
  2. Hi Madhukar,
    This one is quite useful. Thanks.
    Could you add the exchange rate of HDFC quick remittance as well?
    Here is the link:

    http://www.timesofmoney.com/remittance/jsp/remitExchangeRate.jsp?partnerId=HDFC&uiId=HDFC

    I guess it is assumed that the site displays the rate for the current day but it would be nice if we can see the date of update in the spreadsheet. I got this thought after reading the previous comment.

    saisree
    ReplyDelete
  3. Hi Saisree,

    Thanks for providing the link and suggesting to add the last updated date. I will add HDFC rates and the last fetch date to spreadsheet soon.

    -- Madhukar.
    ReplyDelete
  4. hi madhukar,

    i want to know, from oct. 2007 till date what was the lowest rate of dollar to india rupees, what was at that time and what is the rate today. please help me.
    i have talk to the bank and my company for the compensation.
    thanx
    samir
    answer me to sameervthu@yahoo.com
    ReplyDelete
  5. Hi Madhukar,
    The comment
    "All values are auto-updated from the respective websites every five minutes." is very apt and helpful.

    cheers,
    Sai Sree.
    ReplyDelete
  6. Madhukar - this is a great resource & would like to see this survive on the net. In the past, many good resources get lost, once the owner gets busy, loses interest, life gets busy.

    That said - here are 2 suggested improvements -
    1. Can you add HSBC? I recently got a better rate from DCU to Indian Bank (Via HSBC).
    2. Each bank (ICICI, SBI, Remit2India) may update their rates at different points in time during the day. Is there a way to know or track that from your google docs?

    Thanks
    Vijay
    ReplyDelete
  7. Hi Vijay,

    I will try to add HSBC soon (if I can find a page on their website with the rates).

    There is no way to know which bank will update the rate at which time. But the important thing here is that as the rates are fetched every 5 minutes from the bank sites, it is almost always up-to-date.

    -- Madhukar.
    ReplyDelete
  8. Hi Madhukar,

    Can you add exchange rates for ICICI bank. If somebody know the link please post it here.

    Thanks
    ReplyDelete
  9. please add for CITI Bank ..
    ReplyDelete
  10. Some people requested me to add HSBC and CITI bank exchange rates. But I could not find the exchange rates specified on their websites which I can use. So, if you find a link where you can see the exchange rates for HSBC or CITI, please pass it on to me and I will add them to the list.
    ReplyDelete
  11. nice work...
    keep it up..

    may I know how you did this?
    ReplyDelete
  12. Madhukar,
    How abt HSBS NRE account? Hows the exchange rate? They keep saying that they offer better exchange rate.. Also they told me that i can directly transfer the money from my US checking account (W/o
    M2I or remit to india etc..)
    -breneshsf@yahoo.com
    ReplyDelete
  13. Madhukar:
    Very nice utility. Many thanks for taking the effort to do this. As you might be aware, it takes a couple of days to transfer money to India. It would be nice to see the history of the rates over the last one week or so. This way we would know if the banks are screwing us (& by how much).

    Cheers,
    Suresh
    ReplyDelete
  14. Kiran, if you want to know how this works, please send your mail ID to my email listed under feedback section.

    Brenesh, as I have previously said, I could not find a way to fetch rates from HSBC. If you have the link, send it across.

    Suresh, Thanks for the idea. I will work on it and post about it on this blog when I make some progress.
    ReplyDelete
  15. Hi Madhukar,
    Very useful Utility. Can you also provide with a similar utility for UAE Dirhams or Qatari Riyals. It will go a long way in checking the rates with local exchange houses.

    Thanks
    A Suresh
    ReplyDelete
  16. Madhukar,
    Great job creating this website; I am sure this is going to help many people;
    May I also know how you did this?
    my email ID is milindanaik@gmail.com
    ReplyDelete
  17. Hi Madhukar,

    This is a really useful service you are providing. After reading some comments, I got a few suggestions. Why don't you release this as an open source project? This way, people can keep adding features as they like and you wont be burdened with having to add them yourself. For example, if it is PHP, I could add quite a bit too. Just give it a thought.

    That said, this is truly awesome what you have got here.

    Thanks and regards,
    Aravind Prasad
    ReplyDelete
  18. Hi Aravind,

    The exchange rates comparison page is done using Google Spreadsheets and there is no coding involved. Coming to historical data page, it is done using Python on Google App Engine. I will take steps to share this python code and take the help of people to improve it.

    The idea is to develop on my own when I have time and if I get too busy to keep the application live or add new features, transfer it to somebody who can keep it live.

    -- Madhukar.
    ReplyDelete
  19. Hi Madhukar,
    Very useful blog. I could see the three banks exchange rate. I tried Icici. I think the rate they give us is comparatively lower than the other two banks. Please help and give your comment on this. Which bank rate you think is good for money transfer to India? SBI? HDFC? or ICICI?
    ReplyDelete
  20. Hi Madhukar,
    Thanks for the details. Very useful blog. You have included three banks in your blog. Can you please suggest which one is the best to transfer money to India? That will be still more useful. Please clarify this doubt.
    ReplyDelete
  21. I have tried ICICI Money2India and SBI Express Remit so far and felt that SBI gives a better rate overall.

    As someone said above, many times I felt that ICICI gave a lower rate than the one that they show on their website. And, one good thing with SBI is that they will give you a tentative rate immediately when you transfer.

    -- Madhukar
    ReplyDelete
  22. Hi Madhukar,

    This is an excellent one. Thanks. I have a suggestion ;
    1. Can you show the exact time of the update.
    2. Also is there any way to the US Dollar Demand Draft rate in real time. As you know the DD rate will be always 0.5 to 1 ruppee higher than cash.
    I really appreciate this endeavour...thanks a lot ...
    ReplyDelete
  23. I see the rates from 4 sources, when I called ICICI they told me it was indicative rate and were not willing to commit to the rate posted on web-site. Does anyone know for sure that if you make a transaction these banks will give you the posted rates, if anyone has personal experience, please tell me which bank gives best rate.

    Thanks
    ReplyDelete
  24. Awesome utility!!

    Thanks much,
    -Shubhyant
    Austin, TX
    ReplyDelete
  25. This is very nice & helpful.

    Queries:
    May I know how u related these chart – Live charts?
    Are u able to subscribe the rates from different banks?

    Suggestion:
    Can we also include FX rates here?
    ReplyDelete
  26. The headings should be hyperlinks.
    Example: Remit2India should be a hyperlink that goes to remit2india.com etc..
    ReplyDelete
  27. Amazing stuff dude. Everything under an umbrella. Great work for we NRIs. thanks
    ReplyDelete
  28. Great site with historical data!!!
    ReplyDelete
  29. Good work.......!!!!!!
    A nice place to look all the exchange rates in a single click.
    ReplyDelete
  30. I check this more often, and found it useful. Great to see you here, and good work :-)
    Regards
    Sudheer
    ReplyDelete
  31. Great website!! I will suggest you to capture Fee structure for each transfer channel will help to make wise decision on which channel to use for money transfer.
    ReplyDelete
  32. thanks a lot for a nice tool! i have a question regarding citibank transfer. are you referring to citinri.com and transfer of funds thru nre account from USD to INR? or is there another way of transferring funds to India thru citi that I am not aware of?

    the reason i ask is that the exchange rates are off. on ur page it shows that citi's exchange rate is 47.4933 for (>$5000) and when i checked in my citi nre account, its only 46.3 or something for the same amount.

    thanks!
    saradhi
    ReplyDelete
  33. Hi Saradhi,

    There is an exchange rate calculator on the CitiNRI website and I'm using it to populate the values for the Citibank on my website. There are different ways to send money using the Citibank like Rupee Checking Account, Online Remit etc. So, I'm not sure if the rate is different for each type of account.

    Check this site ...

    https://www.online.citibank.co.in/portal/newgen/nri/money/nrmoney_transfers.htm

    Regards,

    Madhukar Reddy Gurram.
    ReplyDelete
  34. Useful tool. Appreciate your efforts.
    ReplyDelete
  35. Good to see the Dollar2Rupee RSS feed. However it has more of industry news. Please consider the option of creating a RSS new feed which will publish the D2R rates once everyday. In this case the users need not log into the website daily .... rather which gets updated once in a day. Ad's could be included into the feed itself .... which makes the necessary business case I feel.

    Regards,

    Aditya
    ReplyDelete
  36. An awesome work out there....Good to have a place to see all the Currency Conversion Rates. I have a small suggestion though, on the Header where you have the Bank Names mentioned, I would create an hyperlink to go to that particular site.

    Thanks.
    ReplyDelete
  37. Can u include RBI (market) rate in graph?
    This will help to analyze.
    ReplyDelete
  38. Hi Sreekanth,

    Bank names are now a hyperlink to the specific bank site. Click on the name to go that bank site.

    -- Madhukar.
    ReplyDelete
  39. Hi Madhukar:

    GREAT info. Very useful. However, most people, including me, would like to know at least approx rate BEFORE conversion takes place NOT after, particularly when latge sum is involved. Does any of these institutions can provide you such info? Thanks

    Kirit Shah
    ReplyDelete
  40. Hi Kirit,

    I think SBI will give you an approximate conversion rate and amount in indian rupee before transfer.

    -- Madhukar.
    ReplyDelete
  41. Hi madhukar,this is some cool stuff to quickly browse over the exchange rates,could you please also include the transfer fees involved for each of these sites and or modes if applicable,that way this can be of very useful.
    ReplyDelete
  42. Please include xoom... the website is www.xoom.com....it offers less rate....but rate is guaranteed at the time of sending money only..............
    ReplyDelete
  43. Xoom seems to have become very popular over the last yearr so.
    ReplyDelete
  44. Thanks Madhukar, I might post the link to your site on my blog as it is very useful.
    Great job.
    ReplyDelete
  45. Dear Madhukar can u please explain me the concept of LIBOR?
    ReplyDelete
  46. Hi,
    I dont know whether this is correct place for the question, but any information is appreciated.
    I sent money through remit2india, and my currency got converted in last week some day. I checked the rates and it does not matches to any day in last week remittance rate provided on the website.
    Is it expected to be like this, or how should it work ?

    Could you please explain.
    Thanks,
    Kshitij
    Kshitij
    ReplyDelete
  47. Hi Madhukar,

    Can you please add the exchange rate from Bank Of India ?

    Thanks
    ReplyDelete
  48. Thanks for a very useful tool!
    ReplyDelete
  49. Some folks indicated that the rate icici gave them was lower than advertised. Could someone share how much lower it was? I need to send 10,000 dollars and am wondering if paying the $25 wire charges for SBI-BOA is preferable than risking ICICI-ACH giving a low rate. That would depend on how much is the difference between what ICICI gives and what they advertise.
    ReplyDelete
  50. Hi Madhukar,

    Could you please add citi bank online.
    https://asia.citi.com/india/money_transfer/default.html?eOfferCode=MC104791&site=Google_MC
    Thanks for sharing such a nice tool.
    ReplyDelete
  51. @Nidhi or any one else looking for wire transfer to SBI using sbi remit.

    I have a BOA account and so so does SBI as well.
    Hence, I called SBI to check if I can do bank to bank transfer which takes 1 day or rather is immediate (requires visiting BOA local branch), SBI guy said not to use that as that might have issues (didnt provide details on what kind of issues)

    Anyhow, so I called BOA to check options to wire transfer money to SBI's account in BOA, this is what he said, regular charge is $25 for 1 day transmit, but there are lower charges as well depending upon transit time, eg for 3 days it can take $3 and for 2 days it can cost $10. This option not available online but local bank visit is required also if you have their preferential account (prima chkg) all the more better to talk to them.

    Hope this info helps
    ReplyDelete
  52. Thanks for the info on BOA to SBI.
    I have State Bank of Hyderabad(SBH). I was curious if BOA to SBH is possible at the charges metioned by YC.
    ReplyDelete
  53. Hi,
    Do appreciate that your site is dollar2ruppee.net
    Is it possible to add such a comparison chart for GBP to Rupee? Will help the UK Indian community with such a visible and easily comparable chart on which bank gives the best exchange rate for GBP transfer to India.

    Is it possible to add HSBC to your table?
    HSBC UK rate link is
    https://hsss.hsbc.co.uk/ukpersonal/TravelMoney/Rates.jsp
    ReplyDelete
  54. Hi,

    I have already created GBP to INR comparison site. Check it here ...

    http://www.pound2rupee.net/

    -- Madhukar.
    ReplyDelete
  55. Hi,

    Can you please added rates for Xoom ?
    ReplyDelete
  56. Hai anna.....
    Well i want to know why has the value of rupee fallen so badly recently and its not gaining the previous value sooner? The depreciation is more and gain is very less.
    ReplyDelete
  57. Hi madhukar,

    Can you please make this script open source.. i want to enhance this script. It would be great if could provide me the URL for this opensource script

    Regards
    Keerti
    ReplyDelete
  58. Thanks for creating http://www.dollar2rupee.net/ ; I found it to be very useful. Would it be possible to include exchange rates from State Bank of India, New York/Chicago Branches (they offer the highest rates, AFAIK). The latest exchange rates from these banks can be found at http://statebank.com/RemittanceServiceIndMaster.asp
    ReplyDelete
  59. Thanks, I liked the website. Would it be possible to do something similar for NRE Savings Intereste Rate and NRE Term Deposit rates...

    Based on the exchange rates, SBI seems to be the winner. I used Citi and exchange rate wasn't great
    ReplyDelete
  60. Thanks for the effort Madhukar. I am bookmarking it.
    ReplyDelete

Subscribe to: Post Comments (Atom)