r2i forum

Hi
I have now moved to India and found out that in order to wire money from my US bank to my local Indian bank, I need to be physically present in the US.
What is the best way to move my money from US to India in this case?
(Money to India from ICICI allows only small amounts)


Thanks!

makkumatr;473556Hi
I have now moved to India and found out that in order to wire money from my US bank to my local Indian bank, I need to be physically present in the US.
What is the best way to move my money from US to India in this case?
(Money to India from ICICI allows only small amounts)


Thanks!

Not sure why the US bank care about your physical presence, you just fill out the form and They do the needful.
you could simply right a check and deposit to your Indian account.

Use Remit2India. You can do online ACH transfers. Their daily limit is $10,000 & monthly limit is $30,000. I spoke to their customer service and they said that if you have a larger amount, then you just need to let them know. I even got a better exchange rate. Plus, they are not charging any transaction fees.

Thanks guys for the replies.
@zen Good tip, I will talk to them. So, they can transfer large amounts to India without me having to arranging something with my US bank? Money2India said I can only do the e-transfer which is restricted to $7500 in one transaction plus they charge a fee. They also have wire transfer but said I need to be in US to do it (get a printout from them and give it to my US bank).

makkumatr;473915Thanks guys for the replies.
@zen Good tip, I will talk to them. So, they can transfer large amounts to India without me having to arranging something with my US bank? Money2India said I can only do the e-transfer which is restricted to $7500 in one transaction plus they charge a fee. They also have wire transfer but said I need to be in US to do it (get a printout from them and give it to my US bank).

For wire transfer, you will need to visit your US bank but with ACH transfer, everything happens online. Wire Transfer is faster (1-2 business days) whereas ACH transfer typically takes 4-5 business days. But with ACH transfer, you can save $30-$40 in US bank transaction fees.

zen;473972For wire transfer, you will need to visit your US bank but with ACH transfer, everything happens online. Wire Transfer is faster (1-2 business days) whereas ACH transfer typically takes 4-5 business days. But with ACH transfer, you can save $30-$40 in US bank transaction fees.

Chase bank allows wire transfer through your online account. You dont have to be in the US or visit your bank to get it done.

sriradh;474066Chase bank allows wire transfer through your online account. You dont have to be in the US or visit your bank to get it done.

Citibank also allows online wire transfers.

Thanks for the tips. Looks like I should have opened the Remit2India account while in the US, asking for US address now.
One question, I still need to pay the service tax while doing the transfer, right? Seems Govt of India charges that.

makkumatr;474949
One question, I still need to pay the service tax while doing the transfer, right? Seems Govt of India charges that.

Yes. But I think that is minimal. I believe that is a certain % of the amount that you transfer.