strict foreign transactions / myLot

Philippines

January 29, 2011 8:20am CST

hello friends, most indians have family members either working or living in other countries like malaysia, australia, indonesia and the philippines. surely there are times when these members ask from their parents and relatives in india for some financial assistance when things get rough. but i also understand that there is a strict law - something about gold reserves in the bank of india hence it is very strict when it comes to sending money outside of india. i think the best for me as well as in any other countries, even USA, is a bank to bank transaction (whether ATM withdrawal, or telegraphic transfer, etc). but question is, does india allow this? or is it just a one way thing - like money getting into india only.. not out? if you can send money from india going to other countries, which do you know is the best way to do it? does this mean too that you have to have a dollar account and the one that you send in another country? please share. ann

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1 response

Professor2010

@Professor2010 (20156)

• India

29 Jan 11

Sweety Long back I had sent money to a friend In Davao, i could send via xoom.com, i sent from my paypal account, it was deliverd to his bank account in Peso for a very very nominal fee of about 10$ for 100$, next i tried, but it says, the service is with drawn There is another way, Western Union Money transfer, but my city has options, only to RECEIVE , not to SENT Bank to bank transfer is very costly, they want me to convert rupees to dollars first, the fees are high, again at the other end the person to whom i send, has to convert to his/her currency.. This is all what I can say Reserve Bank of India is getting stricter, might be to avoid ILLEGAL TRANSACTION. Thanks for this discussion. Cheers. God bless you. Professor. .