Hi Folks,
I am starting this thread to discuss following scenario:
US Citizen (Both Self and Spouse)
Want to Xfer about 100K from US Bank (Bank of America) to India after R2I
The issue is see is the following:
Can you do this all online ?
If YES:
Which bank in India can I link to my BOA account ?
Some thread on MSN also talked about 'remittance account'
Please advise.
US Citizen: Transferring Money from US after r2i
US Citizen: Transferring Money from US after r2i
1. You can write a US $ check and deposit it in your local Indian bank. Takes time
2. You can use services like money2india.com for online transfers there is a limit of 5K per transaction. There are other options like you can send the US $ check to the local addr and they would deposit the money to your local bank acct preferrably ICICI. Or you can also do wire transfer.
2. You can use services like money2india.com for online transfers there is a limit of 5K per transaction. There are other options like you can send the US $ check to the local addr and they would deposit the money to your local bank acct preferrably ICICI. Or you can also do wire transfer.
US Citizen: Transferring Money from US after r2i
Say I withdraw money from 401k after r2i.
They send me a check in USD.
How can I deposit this in my US BAnk account when I am in India?
They send me a check in USD.
How can I deposit this in my US BAnk account when I am in India?
US Citizen: Transferring Money from US after r2i
You can deposit a US $ check in India.
US Citizen: Transferring Money from US after r2i
I want to deposit this check to my US bank account.. how can I do this in India
US Citizen: Transferring Money from US after r2i
Are there any IRS/RBI rules/regulations that I should be aware of, when transfering more than US$50K to India? Also, what are the tax implications?
If anyone has done something similar in the recent past -- also, please recommend a bank/service that you used to transfer such an amount.
Thanks.
If anyone has done something similar in the recent past -- also, please recommend a bank/service that you used to transfer such an amount.
Thanks.
US Citizen: Transferring Money from US after r2i
time2r2i,
Ideally, you should instruct your 401K custodian to direct deposit the money in your US bank account.
However, if you receive paper check, you can sign / endorse the check (write on back "For Deposit Only in A/C # xxxxxxx), fill out a deposit slip, make xerox copies for your records and send a courier mail to your US bank. Check with them where they would want it mailed.
Ideally, you should instruct your 401K custodian to direct deposit the money in your US bank account.
However, if you receive paper check, you can sign / endorse the check (write on back "For Deposit Only in A/C # xxxxxxx), fill out a deposit slip, make xerox copies for your records and send a courier mail to your US bank. Check with them where they would want it mailed.
US Citizen: Transferring Money from US after r2i
This is an option for people who are on the verge of R2I but not moved to India yet:
Consider having a money market fund (with token minimum amounts) with checkwriting facility (get a check book before your R2I) with the same financial institution as your 401(k). If you have most or all of your investments (tax deferred and after-tax) with a major provider such as Vanguard or Fidelity, you can also open a money market fund with check facility (I believe the min. check that be written for vang. MM is $250) with them. This way, the funds from tax-deferred accounts can be transferred upon withdrawal to the taxable MM fund account with the same institution, and you can do this online.
This way, your funds are safely parked in a reasonably yielding instrument till you decide what you do with it in India. When you need the funds, simply write a check from your MM fund account and deposit in your Indian account or pay a merchant in India directly (if they can accept USD).
Consider having a money market fund (with token minimum amounts) with checkwriting facility (get a check book before your R2I) with the same financial institution as your 401(k). If you have most or all of your investments (tax deferred and after-tax) with a major provider such as Vanguard or Fidelity, you can also open a money market fund with check facility (I believe the min. check that be written for vang. MM is $250) with them. This way, the funds from tax-deferred accounts can be transferred upon withdrawal to the taxable MM fund account with the same institution, and you can do this online.
This way, your funds are safely parked in a reasonably yielding instrument till you decide what you do with it in India. When you need the funds, simply write a check from your MM fund account and deposit in your Indian account or pay a merchant in India directly (if they can accept USD).
-
r2i_puneite
- Posts: 50
- Joined: Fri Jan 19, 2007 7:45 am
US Citizen: Transferring Money from US after r2i
Dont you lost a lot of money in the conversion rate when you deposit a $ check into your Indian bank account ? I remember a few years ago, where I had to write a check (and couldnt use any money transfer server), I got about Rs1.5 less while writing the check.
Memory fails me, but I remember money2india giving me a conversion rate of around Rs45, where as the check deposited into the bank account resulted in a conversion rate of around Rs43.5.
OP's question still remains unanswered (at least to me) - after you have r2i-ed and are not physically present here in the US, and you want to transfer a large amount ($100k), how do you do so ? Assume that depositing a $ check into an Indian bank account is not acceptable due to the reason mentioned above.
Thanks.
Memory fails me, but I remember money2india giving me a conversion rate of around Rs45, where as the check deposited into the bank account resulted in a conversion rate of around Rs43.5.
OP's question still remains unanswered (at least to me) - after you have r2i-ed and are not physically present here in the US, and you want to transfer a large amount ($100k), how do you do so ? Assume that depositing a $ check into an Indian bank account is not acceptable due to the reason mentioned above.
Thanks.
US Citizen: Transferring Money from US after r2i
smariner;2693Are there any IRS/RBI rules/regulations that I should be aware of, when transfering more than US$50K to India? Also, what are the tax implications?
If anyone has done something similar in the recent past -- also, please recommend a bank/service that you used to transfer such an amount.
Thanks.
As long as you do using legal banking channels (no cash transaction), you are good to transfer any amount to yourself. You may need to provide reason for trasnfer though.
-g