Maintaining US Bank Accounts after R2I

[kallu]

http://www.r2iclubforums.com/forums/f11/r2i-checklist-do-before-r2i-763/index3.html

The above link doesn't work.

[kallu]

What does FEMA/FERA say about resident Indians(either ROR/RNOR) keeping foreign currency funds outside India? I read/heard somewhere that resident Indians can only keep so much money outside India?

I want to keep my US bank accounts and credit cards open because I haven't been able to find a no-annual-fee credit card in India yet. I use capitalone mastercard in India as it is one of the few companies that doesn't charge foreign transaction fee (which can be as much as 3% with some other banks). Would GOI be happy with me using a foreign credit card in India and paying it off with the funds in the US bank account?

[moneyIsNot_funny]

I use capitalone mastercard in India as it is one of the few companies that doesn't charge foreign transaction fee (which can be as much as 3% with some other banks).

Please note that they can still rip you off on the exchange rate. Its all a numbers game at the end. Its your choice if you want to pay Rs 250 -500 for annual credit card fees or pay exchange and/or foreign transaction fees.

Would GOI be happy with me using a foreign credit card in India and paying it off with the funds in the US bank account?

To be honest, I think GOI couldnt care quite less. There are tons of people who have foreign reserves and enough people who use foreign cards. We are small fish. Just take them out of the equation and do what's convenient for you.


P.S: I dont think my Indian Amex has annual fees. I should double check sometime.

[dbs]

you can have a bank account as a NRA - non resident alien. need to file a form for tax persons W8-BEN or something like that.

Last year, I opened an account with PNC bank in NJ.
It was quite a rigarmole. Took three visits. Employees will go into a huddle, go into some cabin to consult with manager?, contact HQ or someone. But it finally happenned.

I had to produce my Passport, Driving Lic. (non-usa) and a letter from my son who has an account with the bank stating that I am his father and stay with him when visiting usa. Of course, I provided his address for bank statements and other documents.

Don't remember if I filled some official form. Will check when I visit next month.

[RRK]

The above link doesn't work.

New link for the quote:
http://www.r2iclubforums.com/forums/showthread.php/763-R2I-Checklist-To-Do-before-R2I

[dbs]

I want to keep my US bank accounts and credit cards open because I haven't been able to find a no-annual-fee credit card in India yet. ..........Would GOI be happy with me using a foreign credit card in India and paying it off with the funds in the US bank account?

I have a no-fee crdit card from Citi, India. My wife also does. I had been offerred a no-fee cr card from ICICI, but one is enough for me.
GOI has no problem with your bank accounts abroad but declared (unlike the ones maintained by some in swiss and other banks.) You would be required to report interest income once you are ROR and pay tax on it. You can use foreign cr cards in India and pay these off from the bank accounts held abroad.

[cmk786]

If you already have a bank account in US than I think you can continue to have it after R2I by providng some US address. Like in my case once I R2I I am going to provide my sons residence address. I think it is not illegal to do this as I am a US citizen. Please correct me if I am wrong. Because I am planning on to have a direct deposit of my pension and SS checks in to my US bank account. Than if and when I need this money when I am in India I will transfer electronically using online ACH transaction in to my NRO account. I think I am allowed to keep my NRO account post R2I since I am a US citizen.

[FrankJScott]

why not just google it

[FrankJScott]

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