I used to use ICICI Money2India service to remit money to India. I had opened an account with them in 2007 and have since used it sparingly. After using it last in May 2012, I tried to login yesterday, and I was greeted with “You have not used our service for over a year and your account has been deactivated”. What the hell!
I’m done with that and researched for other options. Two struck my notice: Axis Bank Remittance and XOOM. The former is more along the lines of the ICICI service. The rates are even better than ICICI and probably the best around the business. The setup is cumbersome, lots of hoops to jump through and the interface is nothing to write home about.
I found XOOM to be different (in a good way) though. Though their rates aren’t top-notch, but competitive nonetheless, there was no excessive, needless information that I needed to enter. The interface is cleanest among the lot. They offer remittance to not just India, but also 28 other countries. There is 24×7 customer service available. And, this is the clincher, the money would be deposited within hours.
Here is a referral link you can use, where you get $15 after you open an account and make one transfer => link
[Disclosure: I am supposed to get $15 too for each friend who makes one transfer]
Update on Feb 15: The transfer is complete and I see it credited in my Indian bank account!