I think interactive brokers does not allow you to do the wire for certain numbers days after your depositing the amount in their account.
You might have to deposit several days before your date of wire application.
Check with them first.
Electronically Linking/Seamless Money Transfer after R2I
Electronically Linking/Seamless Money Transfer after R2I
The more important part is to have a buffer.
If you have your money in US Account A, have a money transfer mechanism to Account B transfer all money to India through B. This will add a layer of security in case there is a security breach from US to India transfer. It also limits the damage to the amount in account B. My general sense is that all money in the US is insured against fraud or other problems. So Bank A and bank B will automatically protect you through FDIC or their own insurance. But they may wash their hands off in case they transfer it to C, claiming it is all C's fault.
In your case, I am assuming that the mutual funds are in a third firm (e.g. brokerage firm such as Fidelity). In that instance, keep a low balance at Chase and make it the buffer.
If you have your money in US Account A, have a money transfer mechanism to Account B transfer all money to India through B. This will add a layer of security in case there is a security breach from US to India transfer. It also limits the damage to the amount in account B. My general sense is that all money in the US is insured against fraud or other problems. So Bank A and bank B will automatically protect you through FDIC or their own insurance. But they may wash their hands off in case they transfer it to C, claiming it is all C's fault.
In your case, I am assuming that the mutual funds are in a third firm (e.g. brokerage firm such as Fidelity). In that instance, keep a low balance at Chase and make it the buffer.
Electronically Linking/Seamless Money Transfer after R2I
Is there any "transaction fee" charged by the interacitve broker site for making the transfers.
Electronically Linking/Seamless Money Transfer after R2I
Open Citibank NRE Account and Link your Chase Account to Citibank NRE account and within few clicks, Remit money for Free , no fee no hassle ...all online.
Electronically Linking/Seamless Money Transfer after R2I
I am moving back to India, and have been reading these threads, but have not found anything that gives suggestions on how to transfer / link / access large sums of money. By large I mean amounts north of a $100,000.
ICICI / HDFC etc., only allow 15K per week via ACH transfers, and doing a wire transfer is really expensive for such large sums.
I need the money immediately in India for real estate purchase, car etc.,
What option(s) do I have?
ICICI / HDFC etc., only allow 15K per week via ACH transfers, and doing a wire transfer is really expensive for such large sums.
I need the money immediately in India for real estate purchase, car etc.,
What option(s) do I have?
Electronically Linking/Seamless Money Transfer after R2I
AJ Singh, your cleanest option is wire transfer. There may be a flat wire transfer fee of $25 or so. The amount is in the same ball park whether you transfer $5000 or $200k.
But in the wire, make sure the US bank puts in a "Reason Code". Most wires land up here in a few hours. For unusually large sums, the local bank sometimes holds it up until they get a reason.
So it may help if you proactively call your local account manager to make sure the money is coming. In general, you are better off if you have account at HSBC, Citibank or one of those that services customers who handle such sums. For "smaller" amounts under $20k, ICICI Money2India is the best option. It takes a few days but there is no transfer fee.
If you can wait a few weeks, you can deposit a cheque.
But in the wire, make sure the US bank puts in a "Reason Code". Most wires land up here in a few hours. For unusually large sums, the local bank sometimes holds it up until they get a reason.
So it may help if you proactively call your local account manager to make sure the money is coming. In general, you are better off if you have account at HSBC, Citibank or one of those that services customers who handle such sums. For "smaller" amounts under $20k, ICICI Money2India is the best option. It takes a few days but there is no transfer fee.
If you can wait a few weeks, you can deposit a cheque.
Electronically Linking/Seamless Money Transfer after R2I
This is what I tried last week. I have ETrade brokerage account and a SBI NRE a/c. Etrade allows online wire transfer for $25 only. I didn't see any limitations on transaction size. I added my SBI a/c and initiated an online wire request of $100 on a Thu. before cut off time. While by Fri Etrade showed wire complete status, it wasn't till the next Tue. that the amt. showed up in my SBI a/c. I used USD transfer even though Etrade provides for conversion of the fund in INR and transfer but it wasn't showing me the rate at which conversion will occur. SBI converted the USD at quite a good rate and additionally levied INR 25 as conversion fees. Last time I had deposited a USD denominated check ($100) in SBI and was slapped an additional INR 350 so will keep an eye to see if they add any other charges.
I have BofA checking a/c and noticed that they offer online transfer too. They charge $45 and there's a limitation on transfer limit of $1000 !! For INR transfers the rate was 42 when official rate was 44.5 that day. You can register your phone to receive SMS or get their secure ID and the limit will be bumped up to $20k. Not very good option IMHO.
I have BofA checking a/c and noticed that they offer online transfer too. They charge $45 and there's a limitation on transfer limit of $1000 !! For INR transfers the rate was 42 when official rate was 44.5 that day. You can register your phone to receive SMS or get their secure ID and the limit will be bumped up to $20k. Not very good option IMHO.
ajsingh;274561I am moving back to India, and have been reading these threads, but have not found anything that gives suggestions on how to transfer / link / access large sums of money. By large I mean amounts north of a $100,000.
ICICI / HDFC etc., only allow 15K per week via ACH transfers, and doing a wire transfer is really expensive for such large sums.
I need the money immediately in India for real estate purchase, car etc.,
What option(s) do I have?
Electronically Linking/Seamless Money Transfer after R2I
I will be R2Iing in 5 weeks. I do not have any accounts in India currently with all my funds in US checking/savings and Rollover IRA accounts. I would like to transfer some of the funds (10%) from my US savings account to India now so that I can use them for initial expenses.
1) Are you aware of a bank where I can apply for an NRE account now and receive all check-book/atm card/pin etc soon since my US address will not be applicable after 5 weeks when I leave. I have heard that the process is time consuming especially ICICI.
2) I was considering taking travellers checks with me. What is the limit considering that my wife will also be travelling. Is the limit 2x that if I was travelling alone or is the limit for a family
3) Considering that I reach India and open a resident account, can I wire transfer funds from my US saving account even if I am not in the US, say for the first time. (i.e can the wire transfer be done online, from BofA). Do I have to setup anything with BofA in advance. Are there limits per wire transfer
4) Considering that I reach India and open a resident account, if I deposit US personal checks, it probably is going to be a slow process. Are the exchange rates also lower.
could you suggest other options, if any.
1) Are you aware of a bank where I can apply for an NRE account now and receive all check-book/atm card/pin etc soon since my US address will not be applicable after 5 weeks when I leave. I have heard that the process is time consuming especially ICICI.
2) I was considering taking travellers checks with me. What is the limit considering that my wife will also be travelling. Is the limit 2x that if I was travelling alone or is the limit for a family
3) Considering that I reach India and open a resident account, can I wire transfer funds from my US saving account even if I am not in the US, say for the first time. (i.e can the wire transfer be done online, from BofA). Do I have to setup anything with BofA in advance. Are there limits per wire transfer
4) Considering that I reach India and open a resident account, if I deposit US personal checks, it probably is going to be a slow process. Are the exchange rates also lower.
could you suggest other options, if any.
Electronically Linking/Seamless Money Transfer after R2I
NSB - things are actually lot easier than you imagine. So don't sweat it.
(a) For the bank, sign up for e-statements. It is rare that a bank would send you a letter that is not a junk mail. I get may be a letter once a year from the bank. The best option is to give a local friend's address. Give the friend a lot of prestamped envelopes (large enough to accomodate a few letters) with the Indian address. He can drop the manilla folders in the local mail. Schwab allows you to have an international account. So you can actually have an Indian address and US dollars. They may need some proof that you DON'T live in the US. As proof, they may need utility or bank statements from India. So this is something you have to do after you settle here. You can open an International account at Schwab without visiting the US. Schwab will also mail your statements (including tax statements) to your Indian address. You HAVE to (this is not optional) give your Indian address to the IRS and the local DMV. You can still have a drivers license that is valid. IRS will send your tax cheques through the local embassy or consulate.
(b) No need to carry travellers cheques. I haven't used one in nearly 15 years. Just use ATM for initial money needs. You can withdraw upto Rs 25k per attempt at Citibank (even if you don't have a Citibank account). If you need more say 50k, just use your ATM twice. ATM charges are Rs 6 per transaction. In many cases your US bank will reimburse you. My bank would reimburse me $3 every time I used it in an out of network place (even if the actual charge was much lower).
(c) You can wire transfer money from US to India. You don't have to be physically there. However, you have to fax the wire transfer authorization the first time you do it. For subsequent attempts, you just have to make a phone call and answer a couple of security questions. The standing instructions will be processed automatically. YOu can also setup money2india through ICICI. Just google the word "money2india ICICI" for details.
d) Exchange rates are what they are on the day of processing. A cheque deposited will take three weeks. Wire transfer, which costs under $25 per transaction, is more cost effective for anything over a few thousand dollars. For anything less, use the ATM multiple times.
(a) For the bank, sign up for e-statements. It is rare that a bank would send you a letter that is not a junk mail. I get may be a letter once a year from the bank. The best option is to give a local friend's address. Give the friend a lot of prestamped envelopes (large enough to accomodate a few letters) with the Indian address. He can drop the manilla folders in the local mail. Schwab allows you to have an international account. So you can actually have an Indian address and US dollars. They may need some proof that you DON'T live in the US. As proof, they may need utility or bank statements from India. So this is something you have to do after you settle here. You can open an International account at Schwab without visiting the US. Schwab will also mail your statements (including tax statements) to your Indian address. You HAVE to (this is not optional) give your Indian address to the IRS and the local DMV. You can still have a drivers license that is valid. IRS will send your tax cheques through the local embassy or consulate.
(b) No need to carry travellers cheques. I haven't used one in nearly 15 years. Just use ATM for initial money needs. You can withdraw upto Rs 25k per attempt at Citibank (even if you don't have a Citibank account). If you need more say 50k, just use your ATM twice. ATM charges are Rs 6 per transaction. In many cases your US bank will reimburse you. My bank would reimburse me $3 every time I used it in an out of network place (even if the actual charge was much lower).
(c) You can wire transfer money from US to India. You don't have to be physically there. However, you have to fax the wire transfer authorization the first time you do it. For subsequent attempts, you just have to make a phone call and answer a couple of security questions. The standing instructions will be processed automatically. YOu can also setup money2india through ICICI. Just google the word "money2india ICICI" for details.
d) Exchange rates are what they are on the day of processing. A cheque deposited will take three weeks. Wire transfer, which costs under $25 per transaction, is more cost effective for anything over a few thousand dollars. For anything less, use the ATM multiple times.
Electronically Linking/Seamless Money Transfer after R2I
nsb;282792I will be R2Iing in 5 weeks. I do not have any accounts in India currently with all my funds in US checking/savings and Rollover IRA accounts. I would like to transfer some of the funds (10%) from my US savings account to India now so that I can use them for initial expenses.
1) Are you aware of a bank where I can apply for an NRE account now and receive all check-book/atm card/pin etc soon since my US address will not be applicable after 5 weeks when I leave. I have heard that the process is time consuming especially ICICI.
2) I was considering taking travellers checks with me. What is the limit considering that my wife will also be travelling. Is the limit 2x that if I was travelling alone or is the limit for a family
3) Considering that I reach India and open a resident account, can I wire transfer funds from my US saving account even if I am not in the US, say for the first time. (i.e can the wire transfer be done online, from BofA). Do I have to setup anything with BofA in advance. Are there limits per wire transfer
4) Considering that I reach India and open a resident account, if I deposit US personal checks, it probably is going to be a slow process. Are the exchange rates also lower.
could you suggest other options, if any.
Take all the suggestion that "VMbuggy78" gave . for sening mony online for intial expensese before you setup everything right , open a Money2India a/c through ICICI ( online) . In the ICICI a/c add the (link) your bofa a/c it will take around 5 days for the fisrt time as ICICI will verify your bofa a/c by depositing some cents. Once the link is setup then you can transfer money through Money2India ICIC /ac to your any Indian bank in India. It takes around 5 busness day to see y our money in your Inidna bank a/c.
pala