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Old August 11 2012, 06:48 AM   #1
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Default Transfer Money from USA to India for Investment

Hello friends,

I need to transfer approx. $50000 ( fifty thousand) to India for Investment.
Investment Property is bought under my mother name. I will be transferring it to my NRE account and from there my mother will withdraw it and make payment.
I am using ICICI account for transfer. I need to have all money sent in one month.

I have few questions :

a. Should i transfer Money in one transaction vs. smaller transactions ?
Are there any implications from IRS pt. of view.

b. Is sending via ICICI best option or should i consider another avenue to get better rates.


Any other advice that you can give me will be helpful.

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Old August 11 2012, 05:41 PM   #2
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I personally like spreading transfers over a period than making a single transaction to avoid catching a wild currency swing. There are no IRS rules regarding this that I am aware of, but banks have a daily transfer limit. For SBI it's 10000$ per day, which can be changed on customer request, it's one of the security features like debit card daily limit.

As for the exchange rates, i know SBI offers special dealer rate for transactions above, i think, 8000$. It is always better to shop around before making a big transaction.

I personally trust SBI more than citi or ICICI. Though i have only used citi in the past, apart from SBI which i currently use.
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Old January 13 2013, 09:07 AM   #3
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I also prefer SBI,
If you are in USA use SBI bank, and open a/c with them and deposit money into it for sending to India, it is transferred in 24 hr and you know the rate before you transfer.



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Originally Posted by sheeshu View Post
I personally like spreading transfers over a period than making a single transaction to avoid catching a wild currency swing. There are no IRS rules regarding this that I am aware of, but banks have a daily transfer limit. For SBI it's 10000$ per day, which can be changed on customer request, it's one of the security features like debit card daily limit.

As for the exchange rates, i know SBI offers special dealer rate for transactions above, i think, 8000$. It is always better to shop around before making a big transaction.

I personally trust SBI more than citi or ICICI. Though i have only used citi in the past, apart from SBI which i currently use.
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