Money transferring methods which works for Indians

[dishwara]

Hi,

I created this thread to have a list of all types of money transferring methods available world wide, which can use by Indians to SEND money & also receive money.
So far i know Indians can RECEIVE money using western union, but CAN'T SEND money using western union.

Those who know methods which works or don't works, post threads & i try to update OP, so that everyone knows this in one place without searching internet for days.

Western union
A person from India can RECEIVE money INR through Western Union.
A person from India CANNOT SEND money INR or any other currency through Western Union.

MoneyGram
Same like WU, ONLY receive, no send.
Also created confusion by a dot.
https://bitcointalk.org/index.php?topic=188323.msg1952131#msg1952131

Liberty Reserve
A person from India can RECEIVE money through Liberty Reserve(LRUSD->INR)
A person from India can SEND money through Liberty Reserve(INR->LRUSD)
But he/she has to buy liberty reserve for this, which is sold by many in India.

PAYPAL
Can send & receive INR directly (PAYPAL converts it to other currency).
But not Bitcoin friendly.


Please posts methods you know like okpay, neteller, moneypack, moneygram...

[vite]

Western Union and Money Gram do not work in India.

I researched Neteller and you can fund an ewallet, India does not have the net+ card option.
Not entirely sure if you can withdraw funds from neteller to India

[Benson Samuel]

Western Union and Money Gram do not work in India.

Can receive money from both. Cannot send though.

[vite]

Western Union and Money Gram do not work in India.

Can receive money from both. Cannot send though.

Just for fun I went to the money gram calculator and:

to send $1000 from Panama to India
It cost USD $27,50

Converted to INR at the money gram pickup location.
They quoted 1 USD = 52.1760 INR (EDIT)

[dishwara]

wow, so if i send 1 usd to my account, i will get 52000+, don't want to miss it.
but i am sure they will find out something wrong went before or after i get money & in anyway will take the money from me.

Edited OP

But i am sure misunderstanding happened.
They used dot instead of coma. dot means ~54 INR only.

[dishwara]

If anyone had any transaction & if they can confirm its only 54 INR , not 54000 INR, it will be good.
Edited OP

[Fifth_ID]

Xoom is an option too. I think it accesses funds from Indian bank accounts with a minimum transaction size of 25 usd (I haven't used Xoom in 3 years.)

[Benson Samuel]

Western Union and Money Gram do not work in India.

Can receive money from both. Cannot send though.

Just for fun I went to the money gram calculator and:

to send $1000 from Panama to India
It cost USD $27,50

Converted to INR at the money gram pickup location.
They quoted 1 USD = 52.1760 INR (EDIT)

Did you ask them about domestic transfers? That is where we have a problem in India.

[buysellbitcoin]

Hi,

I created this thread to have a list of all types of money transferring methods available world wide, which can use by Indians to SEND money & also receive money.
So far i know Indians can RECEIVE money using western union, but CAN'T SEND money using western union.

Those who know methods which works or don't works, post threads & i try to update OP, so that everyone knows this in one place without searching internet for days.

Western union
A person from India can RECEIVE money INR through Western Union.
A person from India CANNOT SEND money INR or any other currency through Western Union.

MoneyGram
Same like WU, ONLY receive, no send.
Also created confusion by a dot.
https://bitcointalk.org/index.php?topic=188323.msg1952131#msg1952131

Liberty Reserve
A person from India can RECEIVE money through Liberty Reserve(LRUSD->INR)
A person from India can SEND money through Liberty Reserve(INR->LRUSD)
But he/she has to buy liberty reserve for this, which is sold by many in India.

PAYPAL
Can send & receive INR directly (PAYPAL converts it to other currency).
But not Bitcoin friendly.


Please posts methods you know like okpay, neteller, moneypack, moneygram...

@dishwara, I dont think you can send Paypal to Indian user, if you are Indian user.

Also Western Union and Moneygram can be used only for personal remittance ( maximum 24 times a year, before it was only 12 times ) Receiving any business transaction is illegal.

There are many more :
Xoom, you can send and receive ( legally for personal use only )

And I would like to add one more option
Bitcoin, can be sent and received, unlimited quantity and legal

Cheers

[Benson Samuel]

Hi,

I created this thread to have a list of all types of money transferring methods available world wide, which can use by Indians to SEND money & also receive money.
So far i know Indians can RECEIVE money using western union, but CAN'T SEND money using western union.

Those who know methods which works or don't works, post threads & i try to update OP, so that everyone knows this in one place without searching internet for days.

Western union
A person from India can RECEIVE money INR through Western Union.
A person from India CANNOT SEND money INR or any other currency through Western Union.

MoneyGram
Same like WU, ONLY receive, no send.
Also created confusion by a dot.
https://bitcointalk.org/index.php?topic=188323.msg1952131#msg1952131

Liberty Reserve
A person from India can RECEIVE money through Liberty Reserve(LRUSD->INR)
A person from India can SEND money through Liberty Reserve(INR->LRUSD)
But he/she has to buy liberty reserve for this, which is sold by many in India.

PAYPAL
Can send & receive INR directly (PAYPAL converts it to other currency).
But not Bitcoin friendly.


Please posts methods you know like okpay, neteller, moneypack, moneygram...

@dishwara, I dont think you can send Paypal to Indian user, if you are Indian user.

Also Western Union and Moneygram can be used only for personal remittance ( maximum 24 times a year, before it was only 12 times ) Receiving any business transaction is illegal.

There are many more :
Xoom, you can send and receive ( legally for personal use only )

And I would like to add one more option
Bitcoin, can be sent and received, unlimited quantity and legal

Cheers

Paypal does not work domestically in India.

In fact, some countries cannot send to India as well. I had a problem getting a payment from Malaysia.

[bcollector]

In reference to the following lines...

"And I would like to add one more option
Bitcoin, can be sent and received, unlimited quantity and legal"..

Let us say I want to remit money (personal money, all taxes paid) to India from USA.

I would buy a bitcoin using an exchange in USA. My personal bank account will be used to purchase the bitcoin using USD.
Then I would transfer the bitcoin and sell it in another exchange in India and receive INR and deposit it into my NRO Bank Account.

Is this kind of remittance legal, i.e., to bypass the registered forex dealers like xoom.com or remittance services provided by Indian banks? Are there any tax implications on it?

[americandesi]

In reference to the following lines...

"And I would like to add one more option
Bitcoin, can be sent and received, unlimited quantity and legal"..

Let us say I want to remit money (personal money, all taxes paid) to India from USA.

I would buy a bitcoin using an exchange in USA. My personal bank account will be used to purchase the bitcoin using USD.
Then I would transfer the bitcoin and sell it in another exchange in India and receive INR and deposit it into my NRO Bank Account.

Is this kind of remittance legal, i.e., to bypass the registered forex dealers like xoom.com or remittance services provided by Indian banks? Are there any tax implications on it?

This exactly is called Money Laundering.! 

[bcollector]

Thanks for your input. You are a senior member and hope you know it for sure.

For me Money Laundering is about dirty money.
The situation I provided is where everything is accounted for and can be traced
to the bank accounts as after tax money. For me all is good as long as the money earned is legal and you paid your taxes.

Maybe there will be soon some registered remittance services that provide this option.

Anyways, I am new to cryto currency and I wouldn't do anything stupid. I will wait until things are more clear from regulators.

I am glad that Singapore already gave out some clear instructions and hope to see the same from US and Indian regulators.

[Benson Samuel]

Thanks for your input. You are a senior member and hope you know it for sure.

For me Money Laundering is about dirty money.
The situation I provided is where everything is accounted for and can be traced
to the bank accounts as after tax money. For me all is good as long as the money earned is legal and you paid your taxes.

Maybe there will be soon some registered remittance services that provide this option.

Anyways, I am new to cryto currency and I wouldn't do anything stupid. I will wait until things are more clear from regulators.

I am glad that Singapore already gave out some clear instructions and hope to see the same from US and Indian regulators.

You are gonna need to check with a CA about this. You do seem to have convincing reasons.

[350z]

Skrill : Can wire to Indian bank easily.

Same applies for Payza. Payza takes a little more time.

[bcollector]

You are gonna need to check with a CA about this. You do seem to have convincing reasons.

Thanks for your input and I really appreciate it. Good to see that you are one one of the prominent members of the bitcoin community.

I have realized that many people here are traders who buy from an exchange/other traders or mine and sell it either in USD or even in INR (deposit in Indian Bank) at a some markup.
So, I guess the situation I have asked here is nothing more complicated than that and I could follow the same tax strategies. In this case, I am involved in both the roles though, buyer and seller.

I will follow up as per your advice with my CPA, with whom I file my taxes. Lets see if he has any take on it and I will update here.

[Mouris B]

Currently only banks in India are permitted to implement outward remittances.Money transfer operators like Western Union Money Transfer, Moneygram etc, are not allowed to offer outward remittances in India due to money laundering. You can receive money through money transfer services like Western Union however can not send money from india to abroad. However ecommerce platforms like Bookmyforex.com or transferwise do work well in India. And they mostly have good rates, even better than Banks

[Rohit007]

PayPal is the best and safest option.