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A friend has returned with some Korean Won in cash ( well within legal limits :) ). He was querying if it is possible to exchange it at a moneychanger in India. Apparently his banks do not do it. So thought of checking on the quasi-encyclopedia called Team-Bhp if anyone has managed to convert KRW to INR in Mumbai / Pune and if yes, where? He should have no issues providing required paperwork.

There are multiple local forex guys at MG Road in Pune. Im sure at least one of them will accept Korean won.
Camp forex,fulchand jewellers and dealwel properties are some of them. You will find their phone numbers on google, to enquire.

He had tried them and all advised that they do not deal korean won. Hence kind of concluding that he needs to go to Mumbai.

Hi All,

I want to transfer a couple of thousands AUD to India and need your help to find the best way to go about it. I have a few queries & would really appreciate if I could have some pointers.

1. Which Service Provider can be used for this transfer?
2. I should do the transfer from Australia or should get it done in India?
3. If in India, should I carry in cash or let it be in the prepaid forex card?
4. How is the tax part handled? This is a saving from daily allowance that was paid to me for a short stint in Australia.

Thanks,

Korean Won is generally not accepted by banks and small time forex guys. Possibly at the airport or check in Mumbai. Not too sure though.

I have us TransferWise (TW) a LOT and they are exceptionally good. All my colleagues have used that as well. PS: Not affiliated or connected to TransferWise AT ALL.

In Australia you can transfer the money from your account to TW and then to Indian bank account.

There are regulations for bringing foreign currency in India. Check online. You also have to declare it. I always avoid cash and prefer banking channels.
Regarding tax part: Is Australia under double taxation treaty with India? If yes, and you've paid tax in Australia then you should not have to pay tax in India.

Check with a CA or a tax attorney in India.

Thank you for the response. Yes, I have been hearing of TransferWise too, looks like that is the most preferred way to transfer.

From what I am to able understand, you are resident who has visited Australia for some assignment (i.e. employment) and you are not an Non-Resident Indian. If it is right, then consider the following :

1. All Indian banks have a mechanism to transfer funds from abroad, on a tie-up basis, through some remittance channel, with some service charges. Did you enquire with the bank where you have your account? Apart from TransferWise, you can try Western Union Money Transfer - they will credit the money directly to your account with any bank in India (in INR).

2. If you do decide to carry the money (currency) to India, you can encash it any authorised money changer. However, currency rates are the lowest. Of course, there won't be any bank charges.

3. A forex card makes sense only if you plan go back abroad i.e. have requirement of the Aus$ in the near future. You can hold the Aus$ with you in currency or you can open a forex account in India. However, there are some conditions / restrictions with regard to this.

4. If you are a resident Indian, and the amount earned by you is to be treated as 'income' it is liable to tax in India. (If I remember correctly only allowances paid to Govt. employees on foreign tour is exempt). But, in case the amount was paid for reimbursement of expenses incurred by you, there should be some way of claiming exemption. You will have to seek the advice of a Chartered Accountant on this.

The reason for TW instead of the mentioned channels is due to higher transaction fees. Indian and foreign banks charge a LOT compared to TW. Same with WUMT.
That said, a few of my friends use their banks to transfer to India. To them an additional 0.5-1% additional charge isn't bothersome.

Yes, that is correct. I am an Indian resident who is on a short professional assignment in Australia. Thank you for all the suggestions, I am leaning towards Transferwise as it provides better exchange rates compared to other available options.

Yes, that is correct. TW is indeed coming out as a better option. Thank you suggesting.

Bumping up this relatively old thread - I have become an NRI a few months ago and now I have possibility to make some fixed deposits in Indian NRE account for income earned abroad.
My target account is an HDFC NRE savings account and the source account is a local scandinavian bank. I have heard about Transferwise and it seems to be a good choice (though I have not compared the charges with any other platforms so far).

Question: Will HDFC also charge me anything to receive this foreign income? I assume that Transferwise will credit my HDFC account in INR (my NRE account is in fact setup in INR)

Also it seems to make more sense to have less transactions (with more value/ amount) instead of more transactions (with less amount per transaction). Is that understanding correct for Transferwise?

Nope. HDFC won't charge anything on the incoming amount.



There is a minimum charge set per transaction. You can send in multiple chunks or one big chunk depending on the forex exchange rate, depending on what suits you. A couple of rupees difference can add up to good change on large transfers.

Thank you!

How do I find the minimum charge set/ transaction?
I played around with currency of 1000 NOK, 10000 NOK and 100000 NOK and it seems that 10000 NOK has less overheads than lower and higher values, but I am not 100% certain if my math is correct.

Also, you mentioned about the exchange rate, so, here is the graph I see on Transferwise.

I see there is a fall, and it seems to indicate that last week was better to convert from NOK to INR. Correct?

Check as a percentage. Charge/total amount.



Yes, but do keep in mind that TW takes around a day (sometimes a couple) to send the funds and takes the mid market rate. You can also set the limit, while sending the funds, which cancels the transfer if the mid market rate falls below a certain level.

Looking for a forex card for my mother for her use in an upcoming UK trip.
Was thinking of HDFC and also Ebix since I have them nearby. Any other option is also welcome.
She doesnt have HDFC account. I hope getting any remaining amount once she is back wont end up in a request to open a new account.
Any review on Ebix for both cash and card?