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Old 15th January 2014, 14:39   #31
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Default Re: Domestic SB account for OCI holder?

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one bank manager of a nationalised bank mentioned today that we can indeed open a domestic SB account and have domestic FDs; and that this is perfectly legal since we have a house here.
Guess I am replying to an old post. Nevertheless, I think the bank Manager is ill-informed. I don't think owning house has anything to do with having residential accounts. Its the residential status that you have to look into.
Why are you curious on residential account when you can use an NRO account ?
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Old 15th January 2014, 17:56   #32
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Default Re: Transferring Money into / out of India

Thank you all for your responses.

Snorting Bull, I kind of guessed that the bank manager must be ill-informed, it was just surprising that she said what she said, being a bank manager, that's all.

I do have an NRO account. I was looking into the domestic account because the TDS is much lower there than with an NRO account, that's all.

Thanks again and cheers
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Old 16th January 2014, 03:32   #33
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Default Re: Transferring Money into / out of India

As a follow up to my (very old now) post. I was able to open an account with ICICI with very little hassle and just using my OCI book and a few photo ID's. Very easy
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Old 9th September 2014, 10:24   #34
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Default Re: Transferring Money into / out of India

Has anybody heard of www.xoom.com ?

My brother-in-law transferred $1,000 to me from USA, and it reached my ICICI Bank account in 2 minutes flat!

All I had to give him was my Name, Bank Name, Bank Branch, Bank AC Number & my Home address. Xoom doesn't need SWIFT or MICR Code either.

I couldn't really figure out how Xoom works, but 2 minutes transfer from USA to India is incredibly impressive. Especially since India to India bank account money transfer takes 3 hours to 24 hours.

My brother-in-law mentioned that his bank account was not debited at all, while I got the money. Looks like Xoom gives a "short term credit" to the person who transfers money.

Xoom's charges for $1000 transfer was $4.99.
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Old 9th September 2014, 14:07   #35
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Default Re: Transferring Money into / out of India

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Has anybody heard of www.xoom.com ?

My brother-in-law transferred $1,000 to me from USA, and it reached my ICICI Bank account in 2 minutes flat!

All I had to give him was my Name, Bank Name, Bank Branch, Bank AC Number & my Home address. Xoom doesn't need SWIFT or MICR Code either.

I couldn't really figure out how Xoom works, but 2 minutes transfer from USA to India is incredibly impressive. Especially since India to India bank account money transfer takes 3 hours to 24 hours.

My brother-in-law mentioned that his bank account was not debited at all, while I got the money. Looks like Xoom gives a "short term credit" to the person who transfers money.

Xoom's charges for $1000 transfer was $4.99.
Superb - any idea what was the exchange rate at which it was transferred?
Hope it was as per the market rate
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Old 9th September 2014, 14:16   #36
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Default Re: Transferring Money into / out of India

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Superb - any idea what was the exchange rate at which it was transferred?
Hope it was as per the market rate
It was transferred at Rs. 59.6 per dollar. Is that competitive? What about others?
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Old 9th September 2014, 14:21   #37
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Xoom rate is less than market roughly a Rs below . The way they transfer is any request that comes they credit the equivalent amount based on the locked in rate for day. When they debit from your account they do when the value of foreign currency appreciates within a day or 2.
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Old 9th September 2014, 14:23   #38
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Thumbs up Re: Transferring Money into / out of India

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Has anybody heard of www.xoom.com ?
They have been the most popular transfer agent in shortest period of time. 'Big B' promotes the service. So, most of us have heard about them. There is no fee if you transfer more than $1000. Earlier, i used to transfer via money2india of ICICI. Now, there is no turning back from XOOM.

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Superb - any idea what was the exchange rate at which it was transferred? Hope it was as per the market rate
The rate will be closer to market rate, compared to other players. They make some of their margins via exchange rate.
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Old 9th September 2014, 14:52   #39
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Default Re: Transferring Money into / out of India

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It was transferred at Rs. 59.6 per dollar. Is that competitive? What about others?
yes, I think it is a good rate, might be 0.4 rupee lesser than the market rate which other money transfer sites would have given
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Old 18th October 2014, 11:03   #40
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Default Re: Transferring Money into / out of India

I need to transfer $2000 to my daughter in USA. What is the procedure and documentation needed?
Thanks in advance
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Old 18th October 2014, 11:33   #41
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Default Re: Transferring Money into / out of India

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I need to transfer $2000 to my daughter in USA. What is the procedure and documentation needed?
Thanks in advance
Go to any authorized dealer of forex (your bank, Thomas cook, et al) and provide them with your daughters bank a/c details (name, a/c no, swift code). You will be asked to fill some forms, including a declaration that you have not transferred more than $100,000 in the last one year (april-March). If the money is required for study, you may be asked to produce documents like fee invoice; if required for living expenses, then most likely nothing.

I found the rates offered by Thomas Cook and other forex dealers way better than banks. The only disadvantage is they require your money cleared first in their bank a/c before they initiate the SWIFT transfer.
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Old 18th October 2014, 12:08   #42
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Default Re: Transferring Money into / out of India

Thanks Bomi for explaining.I will approach bank as well as Thomas Cook and take decision.
Guess I need to deposit a cheque with Thomas Cook for the equivalent Rs amount along with daughter's bank details.
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Old 18th October 2014, 15:37   #43
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Default Re: Transferring Money into / out of India

There is a site called XOOM - which we use now and then to transfer funds into India as may be required. The rates of exchange are much better than those offered by the banks as are the "handling charges" which are much less than the banks!
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Old 18th October 2014, 18:18   #44
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Default Re: Transferring Money into / out of India

Thanks Sir..Is there any site similar to Xoom for sending money online from India TO USA?
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Old 18th October 2014, 18:42   #45
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Default Re: Transferring Money into / out of India

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Thanks Sir..Is there any site similar to Xoom for sending money online from India TO USA?

Im sorry Sir. Im not that much of an expert really in these matters. (Our transactions are usually "inward" remittances.) Since we have used Xoom I thought I would share it with the group here for general benefit.
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