How to wire transfer money?

ckforum · Aug 13th, 2008, 02:15

I was under impression that the money cannot be taken out of India unless you were importing some thing for your business or travelling abroad.

crvlvr · Aug 13th, 2008, 02:52

Quote:

Originally Posted by ckforum

I was under impression that the money cannot be taken out of India unless you were importing some thing for your business or travelling abroad.

I meant making a simple withdrawal while in India..

Nick-H · Aug 13th, 2008, 02:55

Quote:

Originally Posted by ckforum

I was under impression that the money cannot be taken out of India unless you were importing some thing for your business or travelling abroad.

Yes, it can. Things have become a lot more relaxed in recent years.

Rockyp44 · Aug 13th, 2008, 04:50

Quote:

Originally Posted by ISN

The best way is to open up an account with banks like Bank of America, HSBC or CitiBank in Chennai and USA. If you want to grant immediate money access from Indian bank account to someone in a foreign country then use a debit card.

Bank of America (USA account) + Bank of America (Indian Account) – Money transfer is easy you can transfer easily within a few clicks.

Bank of America (Indian account) – Use a debit card issued by the bank in USA to withdraw money.

Bank of America
748, Mount Road,
Chennai, Tamilnadu,
Phone: 28523856

HSBC Bank
30, Rajaji Salai
Chennai, Tamilnadu,
Phone: 25280200

Citibank NA,
164 Anna Salai,
Chennai 60002

All the above banks allow you to open an on-line account in USA, you have to provide them with an address in USA. It only takes a few minutes to open an on-line account.

My friend (who has an HSBC acc't in Canada) was told at HSBC Chennai that she could not transfer money because the two are separate entities.

I will try opening a B of A account (US) by using my U.S. Address. If I can do that without actually putting money into it, then I will open the B of A India account.

The idea of drawing the money out in the US using a debit card would work, but the conversion fee might be astronomical and it would take many many withdrawals to do this. And then, I have to be in the U.S. to withdraw. I am working and living in Chennai and will not be back in the US til APril at the earliest. So how can I use that money to pay bills and things in the US??

Nick-H · Aug 13th, 2008, 05:30

I think you pretty-much have to go through banking channels, whatever paperwork it takes.

I suspect that the worst of the paper work might be on the first occasion. Even if it does have to be repeated every time you could probably photocopy a set with the unchanging data filled in and leave blanks for dates and amounts etc.

We had a brilliant bank manager, but nothing in life lasts and she has been transferred. I was saying to Mrs N today that we should meet her socially soon. If we do, I'll ask about this one, for the record.

capt_mahajan · Aug 13th, 2008, 09:40

The paperwork is minimal. A standard form available at the bank (not too heinous), and a supporting document or two if required. Never takes me more than ten minutes; less if I have got those forms at home.

ISN · Aug 13th, 2008, 21:55

Quote:

Originally Posted by Rockyp44

My friend (who has an HSBC acc't in Canada) was told at HSBC Chennai that she could not transfer money because the two are separate entities.

I will try opening a B of A account (US) by using my U.S. Address. If I can do that without actually putting money into it, then I will open the B of A India account.

The idea of drawing the money out in the US using a debit card would work, but the conversion fee might be astronomical and it would take many many withdrawals to do this. And then, I have to be in the U.S. to withdraw. I am working and living in Chennai and will not be back in the US til APril at the earliest. So how can I use that money to pay bills and things in the US??

You should open a NRE account, if you open a resident checking or savings account then you will have this problem. You can transfer the money without going to the bank (on-line), unless it’s a very huge amount. Bank of America requires an initial deposit like $100 to start your account, but they can withdraw that from any US bank account, you have to just provide them with a US bank account number and routing number. You should have got a credit card from US to pay for your US expense, Capital one does not charge any fee for using the card even out of USA.

Every tom dick and harry at the Indian bank thinks that he or she knows everything and they give you conflicting answers, go to the branch manager and get the job done.

Rockyp44 · Sep 16th, 2008, 05:43

Finally did the transfer to the US. It was expensive, needless to say. Will check out the BofA option.

One suggestion a colleague got was to get a 2nd ATM card from her Indian bank, mail it to her family in the US and have them withdraw the money from an ATM, but I'm sure the charges would be high.

luckyshibu · Sep 16th, 2008, 10:31

Quote:

Originally Posted by Rockyp44

One suggestion a colleague got was to get a 2nd ATM card from her Indian bank, mail it to her family in the US and have them withdraw the money from an ATM, but I'm sure the charges would be high.

Depends on banks totally.. can change from bank to bank.. minimum i know off is at least 1%. ICICI charges 3.50%

Ambler · Sep 16th, 2008, 18:24

Quote:

Originally Posted by Rockyp44

Finally did the transfer to the US. It was expensive, needless to say. Will check out the BofA option.

One suggestion a colleague got was to get a 2nd ATM card from her Indian bank, mail it to her family in the US and have them withdraw the money from an ATM, but I'm sure the charges would be high.

A friend of mine here in Thailand uses this method to get money to her family. I don't think the ATM charges are too much on the US end (maybe up to $2.00 per withdrawal). I also have used my Thai ATM in the US to get US dollars, and the charges were reasonable--whatever the ATM charged, plus 20 baht (30 cents) on the Thai side. India is probably very different, however. I will soon find out just how different!

shaan1680 · Oct 12th, 2008, 20:25

Quote:

Originally Posted by Rockyp44

Finally did the transfer to the US. It was expensive, needless to say. Will check out the BofA option.

One suggestion a colleague got was to get a 2nd ATM card from her Indian bank, mail it to her family in the US and have them withdraw the money from an ATM, but I'm sure the charges would be high.

When I was working in the US, my employer in India used to deposit my salary to my US BoA account directly through their branch in Mumbai. I don't know if there is any paperwork involved in this, you can call their Chennai branch and ask them.

edwardseco · Oct 16th, 2008, 05:42

Wire transfers can go bad. Then you get charged for sending and failure. Pick a bank that KNOWS how to do this..

LOGS · Nov 3rd, 2008, 15:20

Quote:

Originally Posted by ISN

The best way is to open up an account with banks like Bank of America, HSBC or CitiBank in Chennai and USA. If you want to grant immediate money access from Indian bank account to someone in a foreign country then use a debit card.

Bank of America (USA account) + Bank of America (Indian Account) – Money transfer is easy you can transfer easily within a few clicks.

All the above banks allow you to open an on-line account in USA, you have to provide them with an address in USA. It only takes a few minutes to open an on-line account.

Bringing up a dead thread but does this work? I was also told that the banks are different so you couldn't do an online transfer. Has anyone done this successfully?

=Jason-

Rockyp44 · Nov 22nd, 2008, 19:14

Never did an online transfer. Sent money by wire transfer from Axis to my U.S. bank.

max pain · Dec 4th, 2008, 02:32

Quote:

Originally Posted by Rockyp44

Never did an online transfer. Sent money by wire transfer from Axis to my U.S. bank.

Whats the least amount you can transfer? Forget the bank charges.. I need to verify my moneybookers account and they need a bank-transfer (in Germany)... so was thinking of sending as low as possible.

Aug 13th, 2008, 09:40	#21
capt_mahajan Infidel Sufi Join Date: Sep 2005 Location: styx Posts: 13,606	The paperwork is minimal. A standard form available at the bank (not too heinous), and a supporting document or two if required. Never takes me more than ten minutes; less if I have got those forms at home. __________________ . Outside the machine

Sep 16th, 2008, 05:43	#23
Rockyp44 RP Join Date: Mar 2008 Location: Chennai, India Posts: 251	aXIS Finally did the transfer to the US. It was expensive, needless to say. Will check out the BofA option. One suggestion a colleague got was to get a 2nd ATM card from her Indian bank, mail it to her family in the US and have them withdraw the money from an ATM, but I'm sure the charges would be high.

Nov 22nd, 2008, 19:14	#29
Rockyp44 RP Join Date: Mar 2008 Location: Chennai, India Posts: 251	transfer Never did an online transfer. Sent money by wire transfer from Axis to my U.S. bank.

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Aug 13th, 2008, 02:15	#16
ckforum Member Join Date: Jan 2005 Location: California - Pune Posts: 30	I was under impression that the money cannot be taken out of India unless you were importing some thing for your business or travelling abroad.

Aug 13th, 2008, 05:30	#20
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,203	I think you pretty-much have to go through banking channels, whatever paperwork it takes. I suspect that the worst of the paper work might be on the first occasion. Even if it does have to be repeated every time you could probably photocopy a set with the unchanging data filled in and leave blanks for dates and amounts etc. We had a brilliant bank manager, but nothing in life lasts and she has been transferred. I was saying to Mrs N today that we should meet her socially soon. If we do, I'll ask about this one, for the record.

Oct 16th, 2008, 05:42	#27
edwardseco Maha Guru Member Join Date: Sep 2001 Location: Land that shakes and bakes. Posts: 5,841	Wire transfers can go bad. Then you get charged for sending and failure. Pick a bank that KNOWS how to do this..