How to transfer Indian funds to USA for a US citizen resident of India

[kakinada]

I am a US citizen residing in India for the past several years. I am not working anymore due to a medical condition. I needed to transfer money to my US accounts partly for investment purposes and also for medical treatment. I'm looking to transfer about $ 50,000.


However, whenever I go and ask a bank about transferring money to US, the start asking me for a reason and they say this is as per the RBI norms. Then I tell them that I'm not an Indian citizen but our US citizen or resident of India, and is said that the same rules apply. Further, they will only issue a draft which means someone has to physically take the draft they are and deposit it. I am in no position to travel to US right now.


Is there anyone who has successfully transferred money to USA electronically without getting into bureaucracy? I'm not sure if the US citizen resident in India can still be treated exactly as Indian citizens resident in India and therefore have to provide a reason which is either medical or education to transfer funds from India out.


Thank you for any inputs.

[Desi]

I'm not sure if the US citizen resident in India can still be treated exactly as Indian citizens resident in India and therefore have to provide a reason which is either medical or education to transfer funds from India out.

1. Yes, you are required to provide a reason if you want to buy foreign exchange in India.
2. Search this forum, I am sure this has already been discussed.
3. You will need to fill out form A2 >>> https://rbidocs.rbi.org.in/rdocs/content/pdfs/03MD11022016_AN.pdf

https://www.extravelmoney.com/money-transfer-from-india-to-usa/

[Old-Spice2]

You can send money up to $250K per year under RBI LRS scheme. Google RBI LRS and show it to him. Money can be wired electronically using SWIFT code and no need for demand draft. May be you should go to a bigger branch or talk to his superior. Yes you have to give reason like child education, investment in US, tourism, medical treatment and there is a list with code number.

[dbs]

I .....Is there anyone who has successfully transferred money to USA electronically without getting into bureaucracy? I'm not sure if the US citizen resident in India can still be treated exactly as Indian citizens resident in India and therefore have to provide a reason which is either medical or education to transfer funds from India out.....

I know nothing about USA.
I have a foreign passport (i.e. not Indian) and am resident tax-payer in India. I have only resident accounts.

One account is with the ICICI bank.

Couple of years back, I needed to transfer about £12K(then about $18K.) I went to my branch and asked them. They gave me a form to fill, in fact, the assistant there filled most of it. Reason, on my hesitation, he suggested household maintenenace. That was acceptable to me. The money was transferred to the account in the UK within two days or less, I think.

There has been no come back, enquiry or any type of query from the RBL or the ITO till date.

[talk2kiran]

I am a US citizen residing in India for the past several years. I am not working anymore due to a medical condition. I needed to transfer money to my US accounts partly for investment purposes and also for medical treatment. I'm looking to transfer about $ 50,000. However, whenever I go and ask a bank about transferring money to US, the start asking me for a reason and they say this is as per the RBI norms. Then I tell them that I'm not an Indian citizen but our US citizen or resident of India, and is said that the same rules apply. Further, they will only issue a draft which means someone has to physically take the draft they are and deposit it. I am in no position to travel to US right now. Is there anyone who has successfully transferred money to USA electronically without getting into bureaucracy? I'm not sure if the US citizen resident in India can still be treated exactly as Indian citizens resident in India and therefore have to provide a reason which is either medical or education to transfer funds from India out. Thank you for any inputs.

You can ask your family member to send money to your US account using ICICI Bank money2world.com. I think they can send up to $50 K per month with annual max of $250 K

[AbhijitBagal]

I have transferred money to my HSBC USA account from my HSBC India NRO account twice. I'm a US Citizen and OCI and had moved from USA to Bangalore and was working in Bangalore for a couple of years before returning back to USA. In order to transfer money from India to USA, you will have to file forms 15CA and 15CB through a registered Chartered Accountant. I got help from H&R Block India (located in Koramangala, Bangalore) and they filed the 15CA and 15CB. The first time I transferred money, I declared the source as my Salary and the reason as 'Personal Maintenance' for moving back to USA. The second time was when I sold my property in Bangalore which was purchased previously using US funds. Once H&R Block prepared and files the 15 CA/CB, I got the wire transfer form from HSBC India, filled in my HSBC USA Account details and SWIFT code etc. and the money was transferred from mu HSBC India NRO account to my HSBC USA account.

In order to transfer the money, you will have to show the source of the money and prove that you have paid Indian Income tax on the money. You cannot transfer money that you have obtained as a gift from someone else. Hope this Helps.