Title: SBI international fund transfer Post by: rezurect on July 05, 2013, 01:06:12 PM https://www.onlinesbi.com/personal/international_fund_transfer.html
Quote International Funds Transfer Scheme Objective & Purpose: To introduce a product offering to our customers in India with the convenience of remitting funds abroad for gift-designed / sundry remittances' without visiting any of our branches, at competitive cost, within the RBI guidelines. Customized Internet-banking user-based outward remittance functionality. International Funds Transfer up-to a value equiv. of USD 2,000 per transaction, Maximum 4 transactions permitted per month i.e. maximum USD 96,000 per calendar year, designated as education, medical treatment abroad and maintenance of close relatives are offered to our retail customers. The scheme envisaged is within the scope of RBI Master Circular No. 01/2012-13/6 - dtd. 02-07-2012) on Misc. Remittances from India-Facilities for Residents Compliance Requirements: Remitter / Applicant’s registration of PAN no. in CBS with the Home Branch is mandatory. Remitter / Applicant has maintained the bank account for a minimum period of One year prior to the remittance. Not available with the new customer for less than One year. Restriction on initial remittance to overseas beneficiary within 5 days of new Beneficiary activation is equivalent in INR 50,000/ User-ID and Password security is exclusively to the responsibility of the remitter / applicant (INB user) and no claim subsequent to remittance application received shall be accepted by the Bank. Total amount of foreign exchange purchased / remitted through all sources, in India during this financial year shall not exceed the annual prescribed limit of Reserve Bank of India under Liberalised Remittance Facility for resident individuals, for the said purpose, as prescribed from time to time. Pricing: Our charges upto the beneficiary Bank of the customer is USD 10 equiv Fixed (@ TT Selling Card Rate for the day) to be recovered up-front alongwith the application for effecting the remittance. Platform: - "Online SBI" i.e "www.onlinesbi.com" This product is delivered through the "Online SBI" platform, through technology interface. Only individual "Per" Segment customers registered in Internet Banking of our Bank and maintaining account with any of our Metro / Urban Branch for minimum period of one year prior to the remittance would be eligible for availing the facility. Available Currencies for ordering remittances: In three currencies viz. USD, Euro and GBP. Available at Geographical locations: United States of America (USA) United Kingdom (UK) Australia New Zeland France Germany Japan Canada Singapore Hongkong South Africa The benefit of the proposed scheme can be summarized as: Advantage for Customers: hassle-free forex funds remittance option from within the comfort of their home / office e-mail confirmation to Applicant conveying remittance transaction details system-driven funds delivery within reasonable time (next working day) at minimum cost Simplified RBI/ FEMA, etc. regulatory compliance requirement. Does this solve the exchange a/c funding problem from an INR bank a/c. Title: Re: SBI international fund transfer Post by: escrow.ms on July 05, 2013, 01:09:53 PM Good service but SBI sucks and
Only individual "Per" Segment customers registered in Internet Banking of our Bank and maintaining account with any of our Metro / Urban Branch for minimum period of one year prior to the remittance would be eligible for availing the facility. Title: Re: SBI international fund transfer Post by: Benson Samuel on July 05, 2013, 01:11:57 PM This may solve a problem of getting money to Japan.
Title: Re: SBI international fund transfer Post by: rezurect on July 05, 2013, 01:14:56 PM This may solve a problem of getting money to Japan. i guess a usd to inr transaction From japan requires a gox initiative via a banking partner, nothing we can do abt it.Good service but SBI sucks and Only individual "Per" Segment customers registered in Internet Banking of our Bank and maintaining account with any of our Metro / Urban Branch for minimum period of one year prior to the remittance would be eligible for availing the facility. time period: ok uran branch : ok internet banking :ok This is offered as a Personal Banking Service, i believe for SB a/c holders also since current a/c is not specified. Sorry for the ignorance, What's a per segment customer? Title: Re: SBI international fund transfer Post by: escrow.ms on July 05, 2013, 01:20:41 PM Good service but SBI sucks and Only individual "Per" Segment customers registered in Internet Banking of our Bank and maintaining account with any of our Metro / Urban Branch for minimum period of one year prior to the remittance would be eligible for availing the facility. time period: ok uran branch : ok internet banking :ok This is offered as a personal service, i believe for SB a/c holders also since current a/c is not specified. Sorry for the ignorance, What's a per segment customer? Personal banking is PER i think. Title: Re: SBI international fund transfer Post by: rezurect on July 05, 2013, 01:22:58 PM So is there a problem? i can't see any clause stopping us from using it.
And as a general principle the banking system encourages NRIs and immigrant workers to make inward remittances very easily so we might be able to withdraw from goxs Japan a/c directly via Bank transfer if the Japaneese banks transfer fees isnt prohibitive. Title: Re: SBI international fund transfer Post by: escrow.ms on July 05, 2013, 01:27:54 PM So is there a problem? i can't see any clause stopping us from using it. Nah there's no problem if you are SBI bank customer. I was saying their local banking sucks, you can't even deposit cash in bank without waiting 1-2 hours in some places. Title: Re: SBI international fund transfer Post by: rezurect on July 05, 2013, 01:34:47 PM I was saying their local banking sucks, you can't even deposit cash in bank without waiting 1-2 hours in some places. Lucky our branch has a CDM (cash deposit machine), a/c is credited instantly.Title: Re: SBI international fund transfer Post by: dashingriddler on July 05, 2013, 01:35:22 PM This may solve a problem of getting money to Japan. If too many people start using this to send USD to mt gox, SBI would start treating this remittances as non personal i guess.Title: Re: SBI international fund transfer Post by: subvolatil on July 05, 2013, 01:39:35 PM https://www.onlinesbi.com/personal/international_fund_transfer.html Quote International Funds Transfer up-to a value equiv. of USD 2,000 per transaction, Maximum 4 transactions permitted per month i.e. maximum USD 96,000 per calendar year, designated as education, medical treatment abroad and maintenance of close relatives are offered to our retail customers. The scheme envisaged is within the scope of RBI Master Circular No. 01/2012-13/6 - dtd. 02-07-2012) on Misc. Remittances from India-Facilities for Residents Does this solve the exchange a/c funding problem from an INR bank a/c. /That's the main problem , if sbi Forex department flags your transaction as something not under that purpose you may get your money frozen. Title: Re: SBI international fund transfer Post by: rezurect on July 05, 2013, 01:42:02 PM Id love to help maintain my dying relative in Japan, his name is Gox. SBI wouldn't want him dead, would they?
On a serious note: probable. coz the Gox a/c name might be a dead giveaway. Beneficiary Name (Recipient): MtGox Co Ltd, Shibuya, Tokyo, Japan Title: Re: SBI international fund transfer Post by: buysellbitcoin on July 05, 2013, 04:32:49 PM Id love to help maintain my dying relative in Japan, his name is Gox. SBI wouldn't want him dead, would they? On a serious note: probable. coz the Gox a/c name might be a dead giveaway. Beneficiary Name (Recipient): MtGox Co Ltd, Shibuya, Tokyo, Japan Sorry don't want to demotivate you but you will be asked to provide one of the Purpose code for outward remittance very soon ( Most probably in first transaction only ). In case if it gets flagged, well you may risk your whole account getting blocked. And if you will search the purpose code list, you will not be able to fit it to any of them. But its all about getting noticed. Till than its a free run. And with SBI you have minimum chances of getting noticed. Cheers Title: Re: SBI international fund transfer Post by: Benson Samuel on July 05, 2013, 04:50:23 PM Id love to help maintain my dying relative in Japan, his name is Gox. SBI wouldn't want him dead, would they? On a serious note: probable. coz the Gox a/c name might be a dead giveaway. Beneficiary Name (Recipient): MtGox Co Ltd, Shibuya, Tokyo, Japan Sorry don't want to demotivate you but you will be asked to provide one of the Purpose code for outward remittance very soon ( Most probably in first transaction only ). In case if it gets flagged, well you may risk your whole account getting blocked. And if you will search the purpose code list, you will not be able to fit it to any of them. But its all about getting noticed. Till than its a free run. And with SBI you have minimum chances of getting noticed. Cheers I agree. With a nationalized bank, there will be a better safety blanket than others. Atleast until a decentralized exchange shows up. Title: Re: SBI international fund transfer Post by: rezurect on July 05, 2013, 06:12:53 PM mm, i do have a 2nd a/c , sitting there with no purpose or money, might put it to the test, Need to contact a few friends in the bank to see if it might effect my other a/c bank SOP,stuff. Too little time, i might be busy for sometime.
Title: Re: SBI international fund transfer Post by: buysellbitcoin on July 05, 2013, 06:17:00 PM mm, i do have a 2nd a/c , sitting there with no purpose or money, might put it to the test, Need to contact a few friends in the bank to see if it might effect my other a/c bank SOP,stuff. Too little time, i might be busy for sometime. Can I give you a simple way ? But that depends on at what rate you can buy BTC here ;) Buy BTC here, send it to Gox, sell it and you have USD there converted from your INR. Looks costly, no it is not compared to International wire :) Cheers Title: Re: SBI international fund transfer Post by: daserpent1 on July 12, 2013, 07:29:52 AM I have tried sending a wire from SBI to gox and I gave up. First of all, they will ask you to go to the LHO, where you will bounced around like a ball person-to-person. Then you will be told to fill out 3 forms detailing why the fuck you wanna send the money OUTSIDE of india.
Well, if you fill out the forms alright, you will be questioned by the officer there, IF he agrees about the reason, he will ask you to get an approval from the branch you have the account in. Once you have reached the branch, you will be further questioned and the branch manager will try and do whatever he can to stop you from sending the money. In my case, he didn't agree that I was sending the money to my friend for education fees. He asked me get a letter from the institution the friend studies in specifying that he is indeed enrolled there. But, who studies in Japan anyway. So you will just say "okay i will the letter" and leave. On your way out, you realize that you spent more than 6 hours fighting for a wire transfer to be sent, and out of sheer frustration you WILL give up and go back home, Sit in front of the computer and RANT (like i am doing right now) But seriously, IT is MY MONEY. I should have all the fucking rights to send it anywhere the hell I want to. Its not like people don't do stock trading in india itself. Its more than a billion dollar market here. So why can't send money to Japan and trade?! SBI is hopeless! /RANT Title: Re: SBI international fund transfer Post by: Benson Samuel on July 12, 2013, 07:41:55 AM I have tried sending a wire from SBI to gox and I gave up. First of all, they will ask you to go to the LHO, where you will bounced around like a ball person-to-person. Then you will be told to fill out 3 forms detailing why the fuck you wanna send the money OUTSIDE of india. Well, if you fill out the forms alright, you will be questioned by the officer there, IF he agrees about the reason, he will ask you to get an approval from the branch you have the account in. Once you have reached the branch, you will be further questioned and the branch manager will try and do whatever he can to stop you from sending the money. In my case, he didn't agree that I was sending the money to my friend for education fees. He asked me get a letter from the institution the friend studies in specifying that he is indeed enrolled there. But, who studies in Japan anyway. So you will just say "okay i will the letter" and leave. On your way out, you realize that you spent more than 6 hours fighting for a wire transfer to be sent, and out of sheer frustration you WILL give up and go back home, Sit in front of the computer and RANT (like i am doing right now) But seriously, IT is MY MONEY. I should have all the fucking rights to send it anywhere the hell I want to. Its not like people don't do stock trading in india itself. Its more than a billion dollar market here. So why can't send money to Japan and trade?! SBI is hopeless! /RANT There is a member of the Bangalore Meetup who is a branch manager at an SBI branch. I will forward your /RANT to her. :) Title: Re: SBI international fund transfer Post by: daserpent1 on July 12, 2013, 07:43:52 AM I have tried sending a wire from SBI to gox and I gave up. First of all, they will ask you to go to the LHO, where you will bounced around like a ball person-to-person. Then you will be told to fill out 3 forms detailing why the fuck you wanna send the money OUTSIDE of india. Well, if you fill out the forms alright, you will be questioned by the officer there, IF he agrees about the reason, he will ask you to get an approval from the branch you have the account in. Once you have reached the branch, you will be further questioned and the branch manager will try and do whatever he can to stop you from sending the money. In my case, he didn't agree that I was sending the money to my friend for education fees. He asked me get a letter from the institution the friend studies in specifying that he is indeed enrolled there. But, who studies in Japan anyway. So you will just say "okay i will the letter" and leave. On your way out, you realize that you spent more than 6 hours fighting for a wire transfer to be sent, and out of sheer frustration you WILL give up and go back home, Sit in front of the computer and RANT (like i am doing right now) But seriously, IT is MY MONEY. I should have all the fucking rights to send it anywhere the hell I want to. Its not like people don't do stock trading in india itself. Its more than a billion dollar market here. So why can't send money to Japan and trade?! SBI is hopeless! /RANT There is a member of the Bangalore Meetup who is a branch manager at an SBI branch. I will forward your /RANT to her. :) Haha please do. Maybe she can take up an initiative to do some changes in this regard. Title: Re: SBI international fund transfer Post by: escrow.ms on July 12, 2013, 07:44:14 AM lol, as i said earlier, SBI sucks. It's a government bank what else you can expect from them.
I can't even receive payments from USA/CA via WU/MG easily due to silly RBI rules. Title: Re: SBI international fund transfer Post by: subvolatil on July 13, 2013, 01:59:19 AM The problem with money transfer with banks abroad is a huge problem for normal people. The banks, especially the RBI makes rules and regulation to curb money laundring, by putting such measures, like the one daserpent1 faced. This is the problem any person will face when trying to send money from any bank outside india. The real funny thing is that i can use a cred card on a foreign site and do a $500 purchase but i can't wire money out worth $500 for a purchase of the same product. However, a person can use a Hawala to send as much cash abroad, without any restriction but when using a bank they have to be interrogated like a criminal. When a person wants to send small amounts the banks treat them like criminals. but when you are a multi millionaire the banks will send people to your house to puck up cash and have it sent to Swiss banks without any questions asked. The banks are the true criminals, and all they do is to put down the comma man. The faster the world adopts bitcoins the better it is for every one and more freedom from the criminal banks. Title: Re: SBI international fund transfer Post by: daserpent1 on July 13, 2013, 04:31:46 AM The problem with money transfer with banks abroad is a huge problem for normal people. The banks, especially the RBI makes rules and regulation to curb money laundring, by putting such measures, like the one daserpent1 faced. This is the problem any person will face when trying to send money from any bank outside india. The real funny thing is that i can use a cred card on a foreign site and do a $500 purchase but i can't wire money out worth $500 for a purchase of the same product. However, a person can use a Hawala to send as much cash abroad, without any restriction but when using a bank they have to be interrogated like a criminal. When a person wants to send small amounts the banks treat them like criminals. but when you are a multi millionaire the banks will send people to your house to puck up cash and have it sent to Swiss banks without any questions asked. The banks are the true criminals, and all they do is to put down the comma man. The faster the world adopts bitcoins the better it is for every one and more freedom from the criminal banks. Very true. As soon as a govt office ( police station, mtnl, banks) sees a young guy, in their mind they have already decided to NOT do whatever the guy is going to ask. I think all these 40-60 yr old people are so fed up of their own kids that they think all kids ( less than 30 yr old) are stupid and clueless. I am sure if a rich guy in his 35-45 yr would have walked into the bank with the same forms that I had, he would be given tea, made to meet the manager directly and would get his work done in an hour. I was harassased as if i was trying to fund some terrorist group. Title: Re: SBI international fund transfer Post by: crescendo on August 29, 2013, 07:35:56 AM This law is not beneficial to the Indians, If they want to more transfer than it creates a problem, and hence it seems to be useless law.
Title: Re: SBI international fund transfer Post by: rohirrim on September 26, 2013, 02:28:28 PM I am afraid of FEMA :)
|