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Old 4th November 2017, 12:30   #136
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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.
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Old 4th November 2017, 12:34   #137
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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.
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Old 4th November 2017, 12:49   #138
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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.
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Old 4th June 2019, 09:14   #139
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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,
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Old 4th June 2019, 12:26   #140
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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.
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.
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Old 4th June 2019, 12:31   #141
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Originally Posted by Engine_Roars View Post
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,
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.
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Old 5th June 2019, 06:52   #142
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Originally Posted by ValarMorghulis View Post
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.
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Old 6th June 2019, 11:18   #143
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Quote:
Originally Posted by Engine_Roars View Post
I want to transfer a couple of thousands AUD to India and need your help to find the best way to go about it.

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.
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.
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Old 6th June 2019, 14:35   #144
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Originally Posted by vrprabhu View Post
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)...
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.
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Old 7th June 2019, 06:56   #145
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Originally Posted by vrprabhu View Post
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).
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.

Quote:
Originally Posted by ValarMorghulis View Post
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. TW is indeed coming out as a better option. Thank you suggesting.
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