Hello AT Members,

I want to receive some money from india.

Any suggestions / experiences that you could share with me.

Moneygram, Western Union, Paypal etc are good for sending money to India however, they are not helpful in receiving money.

Banks in india are cribbing about RBI guidelines etc.

Your suggestions will be highly appreciated.

Hi,

If you have account in Wells Fargo bank, you can transfer money easily from HDFC or ICICI bank.

They have wired connection.. Check that out.

This is so far the best option.

dxnation wrote:


Be careful if money is huge amount. Check recent FBAR rules.It is not easy sending and getting money from india.

Hope you are aware of the conversion rate.............,

Desitaste wrote:


Yes sir, I am aware that USD VS INR is playing around 56-57 now....and I am into a business which would help make benefits when INR is weak.

Bank transfers would not be helpful to me as I am looking for another source of receiving money.

Regards,
dxnation

not sure i follow. banks crib about rbi guidelines? they need to follow rbi guidelines. they are meant to manage india's forex reserves. it would apply to whatever transfer mechanism you use. unless you want to go scouting for illegal methods.

how much do you want to transfer and how often?

for small amounts Xoom.com is best... sharp within 20-24 hrs money is in ur Indian accounts...
I had an awesome experience with one of my transfers.... it happened in 6 hours flat.
Rates might be about 40 paisa less than ICICI n others... but it's lockedin and super fast and above $1000 using bank account routing... it's free of charge... what u send is what u get...

atta batta boy wrote:


I am not trying to spark any debate here, I know that banks are doing whats best for saying country's reserves but I am not trying to sneak out millions of $$ out of india.

I am trying to figure out how can someone from india can send me anywhere between $ 1000.00 to $ 10000.00 to me in USA. I am doing a trading business here and my clients from india are interested in doing so. But the banks scare them away with all the wage information that they are not even sure of.

If there is any way which could be easier for people from india to deposit money to an individual or an entity would help me.

Dxnation, by any chance are you into hawala business!!

does FBI watching this thread?

beserious wrote:


GO report you will get award.How Indians are more interested in making fun than helping.He is seriously asking about how to tranfer money.Wrong doers don't dare to ask their doubts in open public forum.

Please review the the kind of questions OP is asking. Smells fishy.

Am not into any hawala business, nor am posting as an anonymous person in this forum.

I posted on this forum seeking response thinking there are many indians on this forum and someone might know a better way of dealing with this process.

I wonder, why does a thread on this forum takes the path of debate most of the time.

Anyways, thank you everyone for your responses.

I somehow found a way out as of now for sending / receiving money.

Regards,
dxnation

glad you found a way. keep it legal. good luck trading.

I just did this through ICICI. The condition are that the person who is transferring the money to the US account should have an account with ICICI and that person should personally walkin to any ICICI branch dealing with forex. You need to fill in a 8/9 page forex transfer form. In a year a person can transfer max of 250000 USD as per RBI guidelines. I believe this can be done through any bank.

If you want to transfer money from your own bank account in India to US, it's nearly impossible. But if you have trust worthy relationship managers, you can always fill in the form in advance and bible to them. Later you can ask them to submit the pre signed form as and when you need the money...again this is almost impossible as none of the staff would would do that....