How to transfer money to India

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Thread: How to transfer money to India

How to transfer money to India
Posted: Thursday, April 03, 2008 6:55 PM (PST)

I am new to this site, planning to return in end of 2008 to India. I have few basic questions about how to transfer money to India. 1. whats the best way to transfer money to India of amount > $100,000? is it good idea to transfer it all in once or better to do by small amounts say $5000 to $10000? 2. if i open an NRE account with SBI, ICICI or citibank which is the best bank ? and say if i transfer my money to this NRE accounts how can i transfer them to my regular Indian resident bank account? is there any fees/ penalties, law restriction? 3. i have my old bank accounts in India when i am working over there and those are still operative, can i transfer my money to those accounts without any restriction or not? is it legal to have those account say even after i am a citizen of another country? 4.can i open an NRE account and transfer my money in to it and than by online can i transfer my money to my old Indian resident account or my parents account? Thank you in advance. any help will be appreciated

Comments:

Author Thread:

hs

How to transfer money to India
Posted: Monday, May 05, 2008 5:25 PM (PST)

I found that HSBC is a better bank. ICICI really sucks, I had an account with ICICI and six months ago I received a mail from them saying that my records were destroyed in the recent Bombay floods and I need to provide all the details again and I need to go the Indian Embassy and get myself verified...

I just withdrew my money and closed my account and shifted to HSBC.

The best thing is to open the account first and then transfer the money using online transfers.

Start with a small transfer to see if everything works and then transfer the remaining.

By the way if you are planning to shift to India and do not have a passport then you should take the OCI (Overseas Citizenship of India) and you can all the rights a citizen have ( except voting...)