AlertPay - Withdrew 200$ Bank Wire, Received only 7448 Rs - How Come??

Hi,

This was my 1st Alertpay Bank wire withdrawal. I withdrew 200$ from AP to my Karur Vysya Bank account, but only received 7448 Rs when the exchange rate is 49.10 Rs. How come?

So here are my questions:

1) Alertpay charges 15$ fee right, does the fee get deducted from the amount we attempt to withdraw. In my case I withdrew 200$, so in effect I should only expect 200-15 = 185$ ??

2) Even if I were to receive only 185, the exchange rate works out to be 7448 Rs/ 185 = 40.2 Rs whereas the actual USD INR rate today is 49.10 Rs

3) Do Alertpay's bank charge any other fee to initiate this 185$ transfer?

4) Will my bank, the receiving bank, Karur Vysya Bank have charged any fee for receiving wire transfers??


Alertpay India users please chip in. Suggestions, Guidance most welcome.

 

Normally in Sri Lanka Banks charge a fee for receiving Bank Wires. May be its the case too in India too.

 

i think, every bank chagre a fee for a wire.....

 

Hey guys,

Please share how much do Indian banks charge for a incoming Intl wire transfer?

 

well, i was charged 50-60$ for Pakistani bank...

 

icici bank charges only 50 to 100rs for a amount less 500$ usd dont know about Karur Vysya Bank check it with your bank again and alertpay also

 

There must be some problem in transaction.. Indian Banks don't charge any high amount to receive wire.

I'm using Axis, HDFC, Yes BANK, SBI, they all charge very nominal charge like 50-60 Rs for wire.

Ask for a swift copy from your bank and it will have all the details available.

 

Hey JoomlaDesigner,Coolu,

I do intend to do that. Whats it called? SWIFT copy??

BTW, what exchange rate would you get from your bank if you were to make a wire transfer today? Currently Google says USD INR Exchange rate is 50.02 (YAY it touched the magiacal 50 Rs mark). Would you be getting 50 Rs or like 48 Rs.

Let me know.

 

Only 50 to 100 Rs?? Do they take a cut in foreign exchange transfer??

 

Hi everyone

Hi Labareth

Bank wire withdrawals are $15 USD. You can consult our website about fess, https://www.alertpay.com/en/fees.aspx

You will also see this fee within your AlertPay account.

Any other fee beyond that would be levied by your bank.

Cheers

Sean

 

Can you or anyone on this forum tell me what is this Bank Code? I want to withdraw funds from my alertpay account to my local bank account in Indian Overseas Bank via bank wire as no other withdrawal option is available at the moment.

Also, Is Bank Code equals to IFS Code or MICR Code or some other code????

Thanks in advance.....

 

Hi digyourpc

You will need to contact your bank concerning what the bank code is, and what it equates to. As each bank is different.

Cheers

Sean

 

Bank code for international wire transfers is NOT IFSC code. IFSC code, is the code used for local bank transfer within India and is NOT applicable for international wire transfers.

To make a international wire transfer, you would need to know:

Acc No : (You would know)
Account Name: (Your name as per bank records)
SWIFT BIC:
Bank Code: (also called MICR code or Sort code)
Branch Code:
Bank Name:

It is ADVISABLE to go contact your bank branch, as these details vary from bank to bank. They would sure assist you.

 

You must ask your bank directly regarding what exchange rate did they use exactly. That way, you can make sure you got what you should have received.

 

hey guys whats the usual time period to receive bankwire ? I withdrew my funds on Monday from AP using bankwire to my SBI bank (India) and it showed complete on Friday night IST so AP must have sent funds Friday night but banks closed after noon.

So approx. when am I supposed to see those funds in my account >?

 

@Shubhan,

You might see the money either today or tomorrow!

 

Wednesday today still no money in bank

 

i think your bank deducted the some amount

 

I got the money on Wednesday but damn, I withdrew $590 but in bank I got only $555

 

What bank you used buddy?