Can I receive foreign remittance in my savings account?

Can I receive remittance in savings account?

No cash disbursement of remittances is allowed under RDA. The remittances have to be credited to the bank account of the beneficiary.

Can I transfer foreign currency to savings account?

To deposit money in your RFC Savings Account, you can: Use the funds brought from abroad on your return in a freely convertible foreign currency. Transfer funds from an existing NRE/FCNR Account held in other Banks.

What is the limit of receiving foreign remittance?

The Reserve Bank of India (RBI) on Friday raised the limit on the number of foreign remittances an individual can receive from 12 to 30 per calendar year. However, the cap on the amount of each transaction has been kept unchanged at $2,500 per person.

Can foreign remittance be allowed in small account?

Under the LRS, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year for any permissible current or capital account transaction or a combination of both. Individuals can avail of foreign exchange facility for the purposes within the limit of USD 2,50,000 only.

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How do I receive foreign money?

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  1. PayPal. PayPal has long been in the global money transfers market. …
  2. Instamojo. …
  3. Xoom. …
  4. SBI. …
  5. HDFC bank. …
  6. ICICI bank. …
  7. Axis bank.

Can I receive money from abroad in my SBI bank account?

Log in to your SBI account. Select ‘International funds transfer’ under the payments/ transfers tab. Remittance application form for fund transfer request will come up. Fill the form and submit it.

How do I deposit foreign currency into my bank account?

How to Deposit Foreign Currency Into a Bank Account

  1. Find a place to convert your foreign currency to U.S. dollars. …
  2. Sell your foreign currency to the buyer of your choice. …
  3. Deposit your dollars to the bank account of your choice.

Can we transfer foreign currency to Indian account?

NRIs can send money directly from their bank account abroad to the recipient’s bank account in India. This is called the Wire Transfer of funds. In Wire Transfer, usually, it takes up to 48 hours for the money to get credited to the beneficiary bank account.

What is foreign savings account?

An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies – USD and GBP – for NRIs who have returned to India and hold funds in foreign currency.

Is remittance from abroad taxable?

If the money is sent from abroad to anyone other than the above relatives, it will be taxed as income if it is over Rs 50,000 in a year.

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Which bank is best for foreign inward remittance?

So for outward remittances IndusInd or ICICI is best. Inward remittance is best with ICICI or HDFC as getting FIRS and other related docs is seamless with these banks(their Forex dept.

How long is foreign inward remittance?

Bank Generally take 1-2 working days to complete the transaction. For First time inward remittance the Bank usually take 3-4 working days.