There are plenty of services available for sending money to India. I was wondering what are the rules and what kind of services are available for reverse, i.e. for sending money from India to US.
I checked the RBI web site and found following link http://www.rbi.org.in/scripts/FAQView.aspx?Id=66 which explains all the rules. As per this Indians can send $2oo,000 overseas without RBI approval. This money can be used for buying property, debt, stock or you can just keep in a foreign bank account.
This $200,000 limit is per year.
Regarding how to transfer money, I couldn't find any services. But I guess local Indian bank will transfer money to your overseas account by charging some commission.
I found one thing interesting about this $200000 limit. It is set in dollar, so with Rupee appreciating rapidly, this limit is decreasing in rupees. I wonder why RBI is not setting the limit in Rupees.
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3 comments:
Good information.
I am looking for a way to transfer money from India to Germany. I am not an Indian citizen and inherited some money that is in an Indian bank acount (ING Vysya. This money I would like to transfer to my acount in Germany. Would that be possible at all?
Thanks, Joe
Where on the Internet do I get Citibank's exchange rates? I tried their site, but if it's available, it's hidden away well.
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