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  #1 (permalink)  
Old 11-03-2007, 01:14 PM
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GCBy3000 has a reputation beyond repute GCBy3000 has a reputation beyond repute GCBy3000 has a reputation beyond repute GCBy3000 has a reputation beyond repute GCBy3000 has a reputation beyond repute GCBy3000 has a reputation beyond repute GCBy3000 has a reputation beyond repute GCBy3000 has a reputation beyond repute GCBy3000 has a reputation beyond repute GCBy3000 has a reputation beyond repute GCBy3000 has a reputation beyond repute
Default How to get money from India

I know this is not releated with Immigration. If you dont want to answer, that is fine. Just ignore this.

I have money crunch in US. I have accumulated huge debt in my CC. In past I have sent some money to India, but now when I ask my parents to send it here, they tell it is not possible without losing 30%. This is what they heard from my bank. Any Idea on how to get money from India from my own account to which I have sent from here.
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1st 140 approved.
2nd 140 approved on Sep 5,2007.
(me and my spouse below)
485 - Filed on July 2,2007
485 - ND - Aug 08,2007
FP - Sep 06.
EAD - Oct 1st

Contributing 10 or 20 is always a pain when you have the option of getting it free.

Pledge: I am contributing monthly $25 to IV
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  #2 (permalink)  
Old 11-03-2007, 01:24 PM
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Default Find some one who wants to send money..

Quote:
Originally Posted by GCBy3000 View Post
I know this is not releated with Immigration. If you dont want to answer, that is fine. Just ignore this.

I have money crunch in US. I have accumulated huge debt in my CC. In past I have sent some money to India, but now when I ask my parents to send it here, they tell it is not possible without losing 30%. This is what they heard from my bank. Any Idea on how to get money from India from my own account to which I have sent from here.

It's simple.. Find some one in your friend circle who wants to send money to india and tell him that you will transfer rupees to his bank account in india and ask him to transfer dollars to ur account here.

Simple.. that's how i did last time..

good luck to get our of debt..
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  #3 (permalink)  
Old 11-03-2007, 01:39 PM
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Quote:
Originally Posted by kevinkris View Post
It's simple.. Find some one in your friend circle who wants to send money to india and tell him that you will transfer rupees to his bank account in india and ask him to transfer dollars to ur account here.

Simple.. that's how i did last time..

good luck to get our of debt..
btw...If it is larger amount then its illegal to do this way. en.wikipedia.org/wiki/Hawala

Quote:
Originally Posted by GCBy3000 View Post
I know this is not releated with Immigration. If you dont want to answer, that is fine. Just ignore this.

I have money crunch in US. I have accumulated huge debt in my CC. In past I have sent some money to India, but now when I ask my parents to send it here, they tell it is not possible without losing 30%. This is what they heard from my bank. Any Idea on how to get money from India from my own account to which I have sent from here.
Call and check with ICICI or any international bank located in india.
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  #4 (permalink)  
Old 11-03-2007, 01:43 PM
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Default

Ask them to get an International ATM card with Citibank or ICICI and just withdraw the money here in dollars after they send it to you. It might be around 3% to 5% for transaction charges. Otherwise just have it wired - definitely a fixed cost option. 30% is robbery - I heard even western union isn't that costly - check out their website
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  #5 (permalink)  
Old 11-03-2007, 01:45 PM
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Default

Quote:
Originally Posted by GCBy3000 View Post
I know this is not releated with Immigration. If you dont want to answer, that is fine. Just ignore this.

I have money crunch in US. I have accumulated huge debt in my CC. In past I have sent some money to India, but now when I ask my parents to send it here, they tell it is not possible without losing 30%. This is what they heard from my bank. Any Idea on how to get money from India from my own account to which I have sent from here.
What is the 30% for? Anyone with details on that.
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  #6 (permalink)  
Old 11-03-2007, 01:52 PM
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Default I am facing same issue

Dude,
I am facing same issue....need to get some money back from India....and there is no way i can get it officially without losing significant part of it. It is really illogical to send money to India for property investment just because we cannot get money back.....I am repenting doing that....

Whenever I ask my friends to do this favor to me.....all they say is they dont have money to send India (since they dont want to disclose their worth to me) or they dont want to send money to India since they know it is useless to send money at such a bad conversion rate.

If you can find some better way, let me know too.
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  #7 (permalink)  
Old 11-03-2007, 03:36 PM
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Default

Quote:
Originally Posted by coolvigo View Post
Dude,
I am facing same issue....need to get some money back from India....and there is no way i can get it officially without losing significant part of it. It is really illogical to send money to India for property investment just because we cannot get money back.....I am repenting doing that....

Whenever I ask my friends to do this favor to me.....all they say is they dont have money to send India (since they dont want to disclose their worth to me) or they dont want to send money to India since they know it is useless to send money at such a bad conversion rate.

If you can find some better way, let me know too.
open a nri account here in india with your dad as a second name to it in a bank like hsbc which is there both in india and usa....then you or your dad dcan deposit money in that account...then anybody can withdraw after that. ...Second your dad can gift you a certain amount by converting rs to dollars in india and getting american express travelers check and sending it to you,....

let me know what you do and if there are other ways to do that..
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  #8 (permalink)  
Old 11-03-2007, 04:05 PM
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Default

If you have Citibank account in india, ask your parents or friends to deposit money into that account. Then you can withdraw money in dollars in citibank ATMs at 7-11 here in US since, Thats what i do.
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  #9 (permalink)  
Old 11-03-2007, 04:17 PM
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Default If it is more than 5k you need RBI clearance

Hello
If you are talking abt any amount useful to use in USA, you need RBI clearance to wire it here.
Wiring is the cheapest I believe.
You will also need a clearance from IT dept in india.

RBI may ask for a reason for taking money out, which you should be able to justify.

Good luck
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  #10 (permalink)  
Old 11-03-2007, 04:47 PM
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Default

Quote:
Originally Posted by shakunbansal View Post
open a nri account here in india with your dad as a second name to it in a bank like hsbc which is there both in india and usa....then you or your dad dcan deposit money in that account...then anybody can withdraw after that. ...Second your dad can gift you a certain amount by converting rs to dollars in india and getting american express travelers check and sending it to you,....

let me know what you do and if there are other ways to do that..
AFAIK you can not deposit rupees in NRI account. only dollars
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  #11 (permalink)  
Old 11-03-2007, 06:50 PM
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try using Traveler checks(TC).

One can go to any major bank and purchase TC, Upto 5000 US $ is allowed legally.

but they may make entry in the borrower Indian Passport.
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  #12 (permalink)  
Old 11-03-2007, 07:15 PM
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Talking two options

1) I would go with travelers cheq's like "srinithati" mentioned. That way it wont be a problem asking someone to bring along with them when travelling from India to USA

2) If you still have any money on your NRI account , check to see if its re-patriatable type. If you what-ever money you have on you URI account ( except the minimum balance you might need to keep you can convert back to dollars.


3) May eb we should think about Hawala ( India -> USA ) due to these conversion rates
__________________

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  #13 (permalink)  
Old 11-03-2007, 08:12 PM
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Quote:
Originally Posted by hoolahoous View Post
AFAIK you can not deposit rupees in NRI account. only dollars
you have two typres.NRO and NRE

NRO-Only one way

NRE-2 way.

Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRO account cannot be remitted abroad but used only for local payments in rupees. Consequently, funds remitted from abroad or local funds which can otherwise be remitted abroad to the account holder can only be credited to NRE accounts. Funds which do not qualify, under the Exchange Control regulations, for remittance outside India are required to be credited to NRO accounts.

http://www.nriol.com/resources/faqs/banking.html
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  #14 (permalink)  
Old 11-03-2007, 11:12 PM
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jatinr can only hope to improve
Default you can get what you deposited

if you have wired 10k to NRE account, you can get back 10k back and you can easily get clearance from RBI for the amount that you had deposited.
If you need to bring more than what you had transferred then again RBI has set a cap of about 100k per year per person.
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  #15 (permalink)  
Old 11-03-2007, 11:17 PM
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Default Check ICICI

Check ICICI. I think it is called a NRE account. You can fund it in Dollars and Rupees and it could be repatriated in Dollars. So just open the account and have them deposit the monies India, you can draw it here. This kind of account is for NRI's who earn an income in India and want to access it here.
There is a limit I think but it must be like $25K..

Good Luck


Quote:
Originally Posted by coolvigo View Post
Dude,
I am facing same issue....need to get some money back from India....and there is no way i can get it officially without losing significant part of it. It is really illogical to send money to India for property investment just because we cannot get money back.....I am repenting doing that....

Whenever I ask my friends to do this favor to me.....all they say is they dont have money to send India (since they dont want to disclose their worth to me) or they dont want to send money to India since they know it is useless to send money at such a bad conversion rate.

If you can find some better way, let me know too.
__________________
EB-2 Dec 2005
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I-485-Filed July 3
RD- Sep 4th 2007
EAD- Sep 17th 2007
FP- Sep 28th
AP- Oct 1st

First application:
EB-2 Aug 2002-Employer Shut Down

GREENED AUG 5th 2010
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