Trick to get higher rates when transferring money to India

When you are transferring money to India, your aim is to get higher exchange rate for each dollar you are transferring. If you aren't already tracking which bank is offering the best Rupee to Dollar conversion rate, check this page I have created for easy comparison.

Now, the trick is to observe the amount ranges specified in that page and using it to your advantage. Let me explain it with an example. If I want to transfer 5000 dollars to India through ICICI Money To India, I will get 45.58 rupees for a dollar as today's conversion rate for the range 3001-to-5000 is 45.58. But the rate for 5001-to-25000 is 45.68. So, if I transfer just one more dollar, I will get the rate 45.68. The 10 paise for each dollar adds up to 500 rupees for my 5000 dollar transfer. So, by adding just 1 dollar, I gained 500 rupees.

You can use the same logic for your case. Most people transfer amounts that are round figured i.e. 1000, 3000 or 5000. Banks usually have one rate for 3000 dollars and other (usually higher) rate for 3001 dollars. By carefully checking the amount range for rates and adding few more dollars to your transfer, you will get a better conversion rate. Think about it ...