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Money transfer india to usa

16 June 2018

I work for a US MNC in Hyderabad. I have moved to US on 14-Apr-18 for 19 months for an assingment. All my allowances are salary, I am still getting in my India account. i want to transfer money to my US account for my expenses.

What is the process for that.

HDFC bank told me that i cannot transfer for myself.

I am still holding normal saving bank account in India.

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3 Replies

CA Sunil Kumar (Chartered Accountant) (4524 Points)
Replied 16 June 2018

Outward remittances are typically restricted to certain purposes. You must also provide proof of the purpose.You may send money from India when it will be used abroad for one of the following

Education expenses

Emigration fees

Employment

Care for a close relative

Medical treatments

Visa fees

Police verification

Visits abroad for private purposes you may send $100,000 per financial year for medical, educational, employment, familial, or emigration expenses if you are an Indian resident.

Typically, there is more than one way to send funds to a beneficiary via an outward remittance. Fees for the remittance will vary based on the type of service you use, and the amount of money you remit. Common ones include:

Wire transfer. This method sends funds from one account to another quickly and electronically, in the amount you specify in your currency. The fees for this service may be relatively higher, but it is the best choice when you want to send a specific amount in your currency.

A Foreign Currency Demand Draft (FCDD) sends a specific amount in a foreign currency, and withdraws the equivalent amount from your account in your currency. Funds may be delivered as soon as the next business day. Common foreign currencies used are US Dollars and Euro; however, your bank may offer FCDD's in numerous others.FCDD's typically have lower fees than wire transfers, and are the best choice when you need to send a specific amount in a foreign currency

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saurabh arora (18 Points)
Replied 19 June 2018

Thanks Sunil for detailed explanation.

As i understand that i can transfer money for my employment pupose. I checked with my HDFC bank but they mentioned that I can't transfer money for myself.

Is it true? How can i transfer money for myself.

Diana Stolar (Student) (4 Points)
Replied 20 November 2023

You can try contacting the Velure company https://www.velurepay.com/blog/international-money-transfers-for-business-online, through them it is quite simple and most importantly absolutely safe to transfer any amount of money, I have contacted them many times and I really liked everything. You don’t have to worry about additional expenses, everything is thought out to the smallest detail.