Buying BTC from outside India through western union

[anewafresh]

Why aren't people in India buying BTC via localbitcoins (lots of offers for BTC in exchange for western union money transfer) from outside India and then selling at a profit in India? I dont understand why there should exist such a huge difference in price between Indian and international BTC price? Is arbitrage not possible? What is the catch?

[deadley]

Because indian can't send Western Union or Money Gram, Indian only can receive.

[Sahyadri]

Sending money outside India is very difficult due to laws like FEMA

[newinbtc]

Sending money outside India is impossible. I do business India . My supplier From outside India told me to send money via Wu and i asked about all WU office they said you can transfer your money only to blood relation or family person. But Legal business tranx are banned Due to miss use.

After Note ban 500 rs , 1000 rs .. Its complete ban you can not any amount outside India Even to blood relation till 30 December as per Govt of India . Thats why products are costlier now days for some time


Only one way to transfer money outside India that is your current account in bank.. Ask your bank to do this Tranx and They need Form A1 and many supporting documents regarding your payment transfer outside India but they charge a alot about 6-7 rs per $$....

Now only one way left that is know as halfiya agents around the world They charge 10%-20% to transfer money anywhere is world within 1 Hour (mostly know as Hand to hand deals)

[convertekk]

You could use your skrill account to move money outside India and buy bitcoins . But most of the international exchanges restrict Indians from buying bitcoins. If somebody outside India is willing to partner with me( or with any trader in India as a matter of fact), we could make a decent profit out of this situation.

[Dudeperfect]

I have been doing a research on this issue and I am analyzing the aspects associated with it like laws, remittance charges, exchange costs etc.

The main reason is the fees of converting from INR to any other currency is almost touch the level of difference of the Indian and International bitcoin (and any other crypto coin price) so making profit is not possible in such deal. I think I am near to find the solution, let’s see how it works.  I will roll out the details of the project soon.

[Sahyadri]

The main reason is the fees of converting from INR to any other currency is almost touch the level of difference of the Indian and International bitcoin (and any other crypto coin price) so making profit is not possible in such deal.

To the point

I think I am near to find the solution, let’s see how it works.  I will roll out the details of the project soon.

That would be awesome. . .

[baristor]

I have been doing a research on this issue and I am analyzing the aspects associated with it like laws, remittance charges, exchange costs etc.

The main reason is the fees of converting from INR to any other currency is almost touch the level of difference of the Indian and International bitcoin (and any other crypto coin price) so making profit is not possible in such deal. I think I am near to find the solution, let’s see how it works.  I will roll out the details of the project soon.

What project ? I am interested in buyin btc at low prices too !

[Dudeperfect]

I have been doing a research on this issue and I am analyzing the aspects associated with it like laws, remittance charges, exchange costs etc.

The main reason is the fees of converting from INR to any other currency is almost touch the level of difference of the Indian and International bitcoin (and any other crypto coin price) so making profit is not possible in such deal. I think I am near to find the solution, let’s see how it works.  I will roll out the details of the project soon.

What project ? I am interested in buyin btc at low prices too !

The project is yet in idea stage and I am still in the process of developing it. I am working and exploring laws, rules and regulations. I do not want others to occur loss or trouble with this and hence I will reveal the details only after successful tests and it will take some more time. I will surely post details once I find it safe and profitable.

[Blackshadow007]

Because indian can't send Western Union or Money Gram, Indian only can receive.

As he mentioned Indians cannot send WU , Only can receive from outside .
I hope some day Indian Govt. allows WU sending .. :/