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Money Transfer to India


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nri, money transfer, india

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  #1  
Old 07-01-2007, 05:20 PM
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Money Transfer to India
Hi,

I am a NRI wanted to transfer my earning from hk to india.
I came to know that if i transfer the money thru western union then when i will invest the money in india it will be taxable.
But if i open an NRI bank acocunt and transfer the money through it. Then it will not be taxable.
Please let me know if this is the case.
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  #2  
Old 08-01-2007, 12:47 AM
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Cool
Simply start and HSBC NRI account in India next time you go and transfer from your HK HSBC Account to NRI account in India. It is simple and easy and have been doing it for 2 yrs now..
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  #3  
Old 08-01-2007, 10:23 AM
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Just wondering if one could open an NRI account from here?
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  #4  
Old 08-01-2007, 11:04 AM
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KK : Yep .. atleast with Citi and HSBC ... full service NRI departments.
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  #5  
Old 08-01-2007, 11:09 AM
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yea .. with Citi and HSBC you can ..
I have mine with HSBC NRI and got no complaints ..
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  #6  
Old 08-01-2007, 12:27 PM
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Means if i transfer the money from my HK HSBC to NRI Account, and invest/USE this money in india. it will not be taxable. right?
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  #7  
Old 25-01-2007, 10:03 AM
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Got to open this thread again.

I have checked the NRI account currency exchange rates. They are very less from the current market exchange rate. why is it so?
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  #8  
Old 25-01-2007, 10:18 AM
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thats true .. but i have not yet got a reason for the same ..
Just a wild thought - maybe coz its tax free in India ..

Having said that, i have not transferred even 1 dollar (only due to the prevailing rates )
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  #9  
Old 25-01-2007, 11:39 AM
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means i am paying the tax in the form of exchange rate loss
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  #10  
Old 03-04-2008, 01:18 AM
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Are you all st*pid or summink?
HSBC is a bank. Do you really think they would be providing this service for free???!!!
They may call it a "free" service but it is through their lousy exchange rate that they make their money. You are not getting a good deal because they use a much worse exchange rate than you can get elsewhere.
I asked my HSBC sales representative here in the UK for the Exchange Rate that HSBC India use in doing the conversion from UK GBP to INR but so far I have had no reply. That kind of secrecy speaks volumes about the kind of lousy service 9financially spekaing) that they provide.
Get some common sense and realise that banks are here to fleece you for money - they are not here to provide value for money.
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