Wire transfer from india - possible?

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hakoonamatata

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Hello,

Let me start by explaining my issue. I need to send money to a wholesale dealer in hong kong and china. I have only his bank account information and they don't accept any other mode of payment like paypal or anything. Now i need to send money to his bank account. the main thing is i am from india and unfortunately due to RBI no parties like western union or anyone is allowing bank transfer to send money outside india. They say i can only receive money.

I tried reaching out to bank directly and they said i can do wire transfer but again the issue is they said i can oly transfer money to individual accounts outside india. Since this account is registered with a company i am unable to use that option too.. i am losing busniess bcos of these restrictions. please help me out. is there a solution for my problem?


-Thanks
 
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hakoonamatata said:
I tried reaching out to bank directly and they said i can do wire transfer but again the issue is they said i can oly transfer money to individual accounts outside india.
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I don't think that is true. Banks do have options for outward remittances.

People import all kinds of stuff into India. Payments for most of these imports is done to companies.

Try contacting another bank. Go directly to their forex section. You will need a few documents to prove that you are a genuine importer.

If you are going to import something of a large value, you can also consider consulting a local import-export agent. He will surely be able to guide you.
 
warner410 said:
I don't think that is true. Banks do have options for outward remittances.

People import all kinds of stuff into India. Payments for most of these imports is done to companies.

Try contacting another bank. Go directly to their forex section. You will need a few documents to prove that you are a genuine importer.

If you are going to import something of a large value, you can also consider consulting a local import-export agent. He will surely be able to guide you.
Click to expand...

Is it ok if i am an individual? i dont have a registered company or something to submit license documents.
 
It won't be an issue. Just contact a chartered accountant and you'll have all the things ready to send money for like Rs.5000
 
I have experience in this case. Go to your bank and ask for the swift transfer form. In the purpose section enter investment in international equity. So you can send directly to his company bank account. I am sending money every tim from my ICICI bank.
 
sivaram219 said:
I have experience in this case. Go to your bank and ask for the swift transfer form. In the purpose section enter investment in international equity. So you can send directly to his company bank account. I am sending money every tim from my ICICI bank.
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thanks siva for ur info. So You are an individual? transferring money from your personal account to a company account through this swift form?
 
n the purpose section enter investment in international equity.
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Don't give false information. You will be in trouble in future.

You may need to open a company ( sole proprietorship will be ok) to send payment to the company for importing goods. In this case you also need to get related documents. Talk with your CA.
 
Try to send it as Commercial payment for which you need to submit Invoice copy of your purchase along with
a Forex document better known as A2 needs to be filled in besides Application foram and cheque for due amount.
 
it's not easy bro although you can wire him the money the Bank will ask you the reason for sending it and proofs btw this applied to Nationalised banks dont know abt private ones
 
Its deffinitley not easy to wire money out of India, my partner was sending me funds a few months ago from there by wire and it was a lot of hassle he ran into a lot of dead ends from banks, one minute they would say they could do it then the next they wouldn't, eventually he found one but had to split the payments up sending each day for a week and I had to give him an invoice to show them for each. I'll point him to this thread he might be able to tell you the name of the bank.
 
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t0mmy said:
Its deffinitley not easy to wire money out of India, my partner was sending me funds a few months ago from there by wire and it was a lot of hassle he ran into a lot of dead ends from banks, one minute they would say they could do it then the next they wouldn't, eventually he found one but had to split the payments up sending each day for a week and I had to give him an invoice to show them for each. I'll point him to this thread he might be able to tell you the name of the bank.
Click to expand...

Thanks for the info dude. sorry i dont have enough posts to reply the PM. Did that bank allow money sending to a company? what all documents they asked for?
 
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