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Is it safe to give your BANK Account Number to an unknown person ?

I recently put up an ad to sell some electronics f. Some outta station guys called and asked for my Bank Account Number to transfer funds. The funds never came.

I was under the impression giving your Bank account number is safe.

I mean what can go wrong ? But now I feel that something is phishy

Please let me know.

Hi all,

I may be leaving to US on L1. A few questions, hope you can help me..

1) How does ICICI money2india work, does it have to be set up before leaving India or after landing in USA?

2) From US: Without using any third party service like money2india, is it possible to just transfer money from an American bank account to my mom's Indian bank account here and my current ICICI account here in India?

3) I have an ICICI salary account with a loan and ECS running here. So I would need to transfer money every month. (similar to the first post in this thread). Two questions around this:
3-a) Is it necessary for me to convert this into an NRI account?
3-b) I have a demat account linked with this ICICI account. Will that be a problem in changing this into an NRI account (or) in recieving money from a foreign bank?

Thanks in advance!

The best & cheapest option should be SWIFT . You can do this online from US to any bank in India - you just need to know SWIFT code of Indian Bank . Conversion rates of banks is normally better than others . If you want to have best conversion rates you must take rates before making requests to convert USD into INR , your relationship manager will able to help you . In case this is going to be regular you can have a FX online account from ICICI where you can buy & sell USD / Euros ( though I am not sure of they open this for personal accounts as we use it for our commercial banking )

regarding your query regarding NRI account or Demat - it will be better if you can consult your CA in India - from Taxation point of view - how are your earnings going to affect your IT liabilities here - I am not sure

Western Union is pretty quick and you don't have to give out your bank details either. The transfer is pretty quick and takes just 15 mins. The receiver has to take an ID proof (and perhaps a PAN card) to collect the amount.

Does anyone know what the SWIFT code for HDFC BANK Indiranagar Branch Bangalore is?
Some sites say its HDFCINBB, others say its HDFCINBBXXX ; while others say its HDFCINBBBNG.

Which is correct?

I just added my wife as a benificary to my HDFC account, It asked me to input the bank details. I just entered her account # and branch location. It provided me all the details via HDFC's netbanking databased shared amongst banks.

Try using this option, when u log into your account on your bank's netbanking to get the SWIFT code for HDFC BANK Indiranagar Branch Bangalore.

Hi Guys,

I have a quick question that someone here might well be able to easily answer for me due to personal experience.

I'm curious to know how easy it is or what obstacles might be in the way of taking money OUT of India. I plan to bring some money & make some purchases, I might well need to sell those things and bring that money back in a year or two years of five years.

Would the members of this forum be able to highlight any issues I might have with repatriating the funds? The funds would come from and need to return to Australia if that makes a difference at all.

Thanks
Paul :)

Well first of all this depends on your nationality,being Indian citizens have some more leverage than foreign nationals. You can legally take out upto 50000 Rs in cash, I believe that was true at least when I returned from England. What you can do illegally is well upto you.

Regarding taking money back, there are time lines on how this will affect you. For example taking out money after an years time might raise flags with customs but the same after 5 years will probably not be a problem.

To be honest all this depends on your nationality, the amount in question, the source of the money and what you intend to do with it. I think you should ask professionals for help as the last thing you would want is to be caught in a tangle upon entry or exit and at the very worst be caught out for laundering.

Another thing do not discuss these matters on public forums as you never know what might be used against you in a worst case scenario.

Hi, thanks for your response. I'm an OCI, the money is my own so in theory - there should be no problem I should be able to move it around as I wish. I'm not too familiar with Indian banking regulations it's just that I've heard that repatriating funds is hard and I want to know what the difficulty is or am I just hearing Chinese whispers. Any repatriation would be via bank draft / bank transfer not cash. I'll leave the thread here in case anyone else can chime in with answers :) Thanks again.

Ok, if it is bank facilitated movement, then there should be no problems.

What many used to do in England was open an account in one of the Indian banks there, we had SBI, PNB, ICICI. And these banks, atleast ICICI gave you the freedom of operating your account from India. So in theory you could put X amount in you account and withdraw in Rs in India for a nominal fee of course. And you could also put in Rs in India and take out Pounds back in England. They give you a debit card and all so it really becomes easy.

See if Australia has one of these banks and speak to one of their advisors. Hope fully this should be the easiest option.

Here is the ICICI Australia number

From Australia
Call on 0011-800-0424-2448

From India - For NRIs when in India
Call on 1800-22-4848

Non Toll Free Numbers to India (From any Country)
Call on 91-40-2312 8925

Find some (rich) Indians working or doing business in Australia. Give money in India, get the equivalent amount from Australia. Do the reverse when you want to transfer it back.
Guess it's not legal. But it works.

Hi All,

My father is going to USA to visit my brother, i need some stuff for $20K and wants my bro in US to order them thru his credit card, quick processing than wire transfer. how much as cash in Dollars can my father take from India to USA in flight ?

I heard it is only $3K allowed, can we take the rest as traveller's cheque ?
Does US banks recognize them ?

Pls suggest me the best way.

Thanx

Why not try a Forex Card?
http://www.hdfcbank.com/personal/pro...-card/gts8mir2

*Mods: Please move this to the appropriate sub-topic area if needed. Thank you*

My wife and I are OCI holders. My wife has a house in India in her name, but the utilities, phone, gas connections are still in her late mother's name. Therefore, there are no bills in her name or mine. I mention this because these are what seem to be acceptable as proof of residence!

Please note that we do not live in India.

My question to the experts here is: Can my wife and I open a domestic Savings Bank account here or are we limited to opening NRO/NRE accounts?

Everyone we have spoken to (including bank managers and CAs) is of the opinion that we are limited to NRO/NRE accounts, but 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.

Are there any experts here who can definitively answer this question for us, including pointing us towards government documentation supporting their opinion?

Google did not throw up any usable information (or maybe I was searching incorrectly).

Any help would be gratefully accepted.

Thanks and cheers