Howdy! So I have a few questions: 1) Which service do you use to send money to India? Xoom,remitly, anything else? 2) Do you own a NRE account in India? Or do you send it to normal savings account?What are the pro cons of each? 3) If yes to 2, which is the best bank for this? Based on transaction fee, customer support, etc. 4) Which US bank account do you own? Is any particular bank far advantageous than another, or can I chose any? Thanks!
1) I have used ICICI remit, XOOM, SBI Remit,HDFC remit in the past 2) Yes. I don’t send money to it as it is hassle to declare all bank accounts that hold more than 10K dollars when you file taxes. So usually send money to my parents accounts 4) I have Bank of America and Chase but mostly used bofa for past 12 years. Advantage of bofa is that it is available most part of the country and never had to open account at different bank( I have travelled quite a bit - 11 places in 12 years)
I like remitly. Best rates I've seen anywhere and amazing tracker as well. Transferred money multiple times with absolutely no issues
1. Using Remitly since a year. Found their exchange rate higher than others. You can cancel the transfer before it complete. I canceled many times when exchange rate increased :) 2. Yes, I do have NRE account & I first transfer the amount to that as this is the recommended practice. However, initially I did transfer to normal saving accounts too without any problem. 3. By transaction fee, I am assuming the NEFT or IMPS charges as I never paid any other charges. These are more or less same in all banks. Private banks hdfc, icici have good customer support. I never needed any such support as netbanking works smoothly. 4. I am using firsttech but no preference on this. You can go with any bank.
Had anyone tried BTC?
I am sure money launderers are thriving on it.
Use iota. Its feeless and fast. Next gen crypto
Eth
Ria moneytransfer
Ethereum. If you want to be shady, use Dash Private.
I don't trust them at all. Very unreliable. Last time they sent my money in a hole 😁
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I use transferwise. Yes, I have NRE/NRO accounts. If you are an NRI, you cannot have standard bank account in India. Even if you have one and you transfer money to it, it works. However, it can be tax issue. Which US bank account? - Does not matter.