Saturday, October 14, 2017

How much Indian Currency/Cash NRIs can carry to Overseas/India?

In the wake of India's great demonetization drive, NRIs had asked a lot of question to safeguard their Indian currency and one of them was, how much Indian currency an NRI can take to India from Overseas? The main reason for asking this question now is to make use of old Rs 500 and Rs 1000 notes before they became worthless after December 30th, 2016, because the only way to deposit old Indian currency was to deposit them into NRI Account in India.

Saturday, October 7, 2017

5 ways to remit large amount of Money to India from Overseas

There are several ways to send money to India from Overseas, both online and offline. Some of the popular channel for remitting money includes the Western Union for the small amount of cash to online services like ICICI Money2India, Xoom, HDFC QuickRemit, Remit2India and Axis bank Remittance allows you instantly transfer small to medium amount of money to India e.g. from 500 USD to 20,000 USD.

Saturday, September 23, 2017

How much foreign Currency NRIs or Foreigners can carry to/from India

In the last article, I told you how much Indian currency NRIs are allowed to take Overseas and in this article, I'll talk about how much foreign currency NRIs are allowed to bring India and then take back while going to Overseas. The discussion is also valid for many foreigners and tourists traveling to India. There is no limit to bring foreign exchange in India from the USA, Singapore, Dubai, UK or any other country, barring the local rules which tells how much foreign currency you take without declaring to Immigration or after declaring to customs.

Sunday, September 17, 2017

5 Money transfer Tips for Non Resident Indians Sending Money to India from Abroad

When a young software engineer gets his first onsite opportunity, whether it's short term or long term, he is full of excitement. Nothing beats the excitement and adventure of going abroad, especially America or Europe. As they settle down there are receive their first month's salary, it can be little difficult for them to send money back home. They are new and not aware of all the options they have for sending money to India. Many of them settled to what they are colleagues are using without doing any research about other options available and whether the option his colleagues are using giving the best value for his money or not.

Saturday, September 9, 2017

Does NRIs need to update Aadhaar on Bank Accounts?

Recently many of my colleagues received an email from their banks e.g. ICICI and HDFC bank regarding their saving accounts to update Aadhaar on their bank accounts, the deadline to link Aadhaar with a bank account is 31st December. If you don't do this then your account will be frozen. Since many NRIs doesn't have Aadhaar card, so what can NRIs do to deal with this situation? Well, this is not required for NRIs.

Sunday, September 3, 2017

Best bank to open SGD/HKD FCNR Fixed Deposit? DBS vs ICICI

If you are living and working in Singapore or HongKong and thinking to open FCNR (Foreign currency Non-resident) fixed deposits in Singapore and HongKong dollar i.e. SGD or HKD then, unfortunately, you don't have many choices as not all Indian banks provide facilities to open FCNR fixed deposit in SGD and HKD. Most of the Indian banks supports 6 major foreign currency for FCNR deposits e.g. USD, GBP, EURO, JPY, AUD, and CHF. Even, the biggest bank of India, the SBI doesn't support SGD or HKD as foreign currency for FCNR deposits. then you should consider DBS bank's FCNR fixed deposit option.