I know this forum is not for this but please.....

C

comeongc

Registered Users (C)
Help me in finding the answer for my question..
I already spent almost a month on web..dropping email to various institution but noone replied..

I want to transfer my money from india to USA ..

Does any of you know how can it be done...in a legal way...

Thanks a lot...in advance
 
You can open an NRI account in ICICI, Citibank, SBI etc and put your money in $ there. You can use that money here. Go to their web sites and talk to them on phone too.
 
Transfer of money from India to US or vice versa is very much legal if your transaction is using a check (not cash).

You can very much deposit a check for INR in your bank in US. Only thing is that your bank will charge some commission for currency conversion and it will take about 25 days to clear.

I'm not a financial expert but this is my understanding as how it works.

In past there were times when I did deposit a check for US$ in India and there was no problem. I'm assuming that vice versa must be true too.

I don't know the tax implications of this process. In India I had to declare this money as my income and pay taxes. It should be simelar here too (may be consult a financial expert).

Hope this helps.
 
Originally posted by thukralrk
Transfer of money from India to US or vice versa is very much legal if your transaction is using a check (not cash).

You can very much deposit a check for INR in your bank in US. Only thing is that your bank will charge some commission for currency conversion and it will take about 25 days to clear.

I'm not a financial expert but this is my understanding as how it works.

In past there were times when I did deposit a check for US$ in India and there was no problem. I'm assuming that vice versa must be true too.

I don't know the tax implications of this process. In India I had to declare this money as my income and pay taxes. It should be simelar here too (may be consult a financial expert).

Hope this helps.
Click to expand...

You are not required to pay any income taxes on money transferred to India from US. You have already paid tax on it in the US.
 
I usually do a wire transfer whihc works out very very well for me. My bank charges me 15 dollars as fee(First Union/Wachovia).The money always reached promptly within a week.
It was very much reliable also..just to share a story..i once screwed the form by filling city's postal code in account number but was able to correct the error after couple of days and the money still went thru in 1 week.

Parshu


I AM sorry Ignore my post. I was posting abt transferring from USA to India
 
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You do need to pay taxes on the money transferred from US to India if you deposit it in your regular savings account. In case you deposit it in your NRI account then it is tax exempt.

I deposited such checks when I was working in India and used to make visits to US.

Now after living here for several years when I go back and deposit a check, I don't pay any taxes because one bank doesn't deduct it on source, second I'm not around when its time to file income tax return. But, should India have a good tracking system, any money deposited in your savings account is taxable by law. Again NRI accounts are tax exempt.

Thanks
 
..But, should India have a good tracking system, any money deposited in your savings account is taxable by law. Again NRI accounts are tax exempt.
Click to expand...

You are incorrect. You pay taxes only on your EARNINGS (salary, interest income, etc.). Simply transferring money form one account to another does not require you to pay taxes on it.
 
there is not problem when you tx from rupee to rupee. but when there is dollar to rupee tx then all these wierd rules and regulations come into play. even though out of the ordinary, they are not unreasonable.
 
Money transfer from India to USA

Hi comeongc

1) Money transfer from your NRI Indian account to your USA local account is easy. For this you have to speak with your Indian NRI bank.

2) I believe, No one can deposit their earnings & saving in India to NRI a/c. i.e. the money you earned in India can't be deposited into your
Indian NRI a/c. So you can't bring it here.

3) RBI recently announced NRIs Investments & earnings repatriability. You can get some useful info from this ICICI's
link
http://www.icicibank.com/pfsuser/icicibank/ibank-nri/sawrec.htm
 
I don't know about this, but most of the countries in the world have Citibank or Bank of America. So just open the account there and ask them to transfer the money here.

For Parshu, wire transfer suitable for little amount of money and the fees charge depends on how much money you wire. I wired money monthly to pay my house and car in my country, it only take 2 days. The fastest one is sending by Western Union, once it is in computer, even after 10 minutes, the receiver already can draw the money. This is also suitable for emergency transfer. You don't need account for this transfer, only a code number to be given to the person who will accept the money. But to send extremely large amount of money by these two options are not suitable.

To comeongc, why don't you go to few local banks and ask them about the options? They are sure willing to help since it will the profit to their banks too. I don't see what is the problem. The right place to go is the bank.
 
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