Legally Sending Money

[Sa1nT_SoLd1eR]

Okay guys Although this doesn't exactly fit the thread section per se, but i have an emergency and i don't know where else to ask, i want to send money overseas, what options do i have for doing that, i was first thinking about the wire transfer but that requires a swift account on the other side as well which is not feasible, i called up western union as well and they said that outward remittances have been stopped by them under directions of the Indian Government, I also have read somewhere that payapal is also not an option anymore, please can anyone shed some light on this, how can i commit an outward remittance, and what all will be required for this at both ends, reciever as well as sender,

 

I have kept wire transfer as a last option but if there is someone who has had some experience in committing outward remittance please do guide.

 

Thanks !!

[Shantz]

^^ You can still send through paypal but you need to mark it as for goods..

[Sa1nT_SoLd1eR]

how much can i send, i want to send it to a person, what all is required ?

[Shantz]

how much depends on whether you are paypal verified or not..and whether account is personal or not..

for verified personal accoutns i think limit is 500$ but you would better check on paypal help

[AL PACINO]

which country u want to sell money ?

[ReD]

Use moneybookers

its a good as paypal

 

also u can use liqpay too

[Sa1nT_SoLd1eR]

okay not selling money, i want to send money to a friend who is in dire need of it, i want to send around 50,000 Rs, the person i want to send money is in Germany. And i already checked on Paypal help, but the information is unsubstantial.

 

Can it be done using moneybookers, i searched google and it said outward remittance are not possible from india via moneybookers? Can u clarify on that

 

i will search about liqpay, first time i am hearing abut it

[KWC]

Why don't you send him your credit card?

[ReD]

i use liqpay my self

its very relaiable and highly secured

[Sa1nT_SoLd1eR]

Why don't you send him your credit card?

 

 

Is that legal, can you send your credit card or an Iternational ATM card to a person abroad, will it not be against government policy, since they have clamped down on every other way that one can send money including Paypal

[agupta02]

Dude as far as I know, Paypal DOES NOT allow outward remittances under directions from the RBI. They are in the process of an appeal and should start the service soon though. Secondly, I don;t think you can use a moneybooker as RBI has clamped down hard on these Non Banking Financial Corporations (NBFCs) in order to curb unaccounted money from going out of the country. That is why Western Union cannot send money out.

 

Your best and SAFEST bet is a wire transfer. If your friend has a bank account in Germany, you can send a wire transfer as the SWIFT code is for a bank and not the account. Any account can receive a wire transfer. The receiving bank may charge a nominal fee for receiving a wire transfer which your friend would have to check with his/her bank. And you can send a wire transfer from any private bank easily. In a wire transfer too, you have to specify your reason for the remittance which the RBI has to approve. Don't even think about marking your wire transfer as a payment for goods as then your wire transfer would come under the trade accounts category and the documentation to be provided increases tremendously. You can mark the transfer as a remittance for some consulting, service rendered or something of that sort. Your bank branch would guide you about how to mark your transfer.

 

Your second option is getting a dollar draft made from a bank and mailing/couriering it to your friend in Germany. This is time consuming due to the actual time it takes for the draft to be delivered and then the amount of time it would take the bank over there to verify the authenticity of the draft. In this case too, your friend would need to have a bank account available.

 

The other option is to find someone who knows someone in Germany, and pay them here and that person pays your friend in Germany. Kinda like your own private one time hawala network .

 

I am afraid these are the only options that you have AFAIK. Hope I've been of some help.

[Sa1nT_SoLd1eR]

i use liqpay my self

its very relaiable and highly secured

 

 

i heard about liqpay from this thread only and i have been searching their website, can u please take the pain and tell me what all is the procedure, limts etc.

[agupta02]

Is that legal, can you send your credit card or an Iternational ATM card to a person abroad, will it not be against government policy, since they have clamped down on every other way that one can send money including Paypal

 

I think more than you should think about if your credit card gets intercepted midway and someone misuses it? Has happened to me once but they were US cards so I was covered. Card companies in India would screw you royally trust me.

[agupta02]

i use liqpay my self

its very relaiable and highly secured

 

dude just checked out liqpay. Looks VERY interesting. But can't find any documentation on how it works. Can you send me some details or send me a link to where it explains how it works?

[Sa1nT_SoLd1eR]

Dude as far as I know, Paypal DOES NOT allow outward remittances under directions from the RBI. They are in the process of an appeal and should start the service soon though. Secondly, I don;t think you can use a moneybooker as RBI has clamped down hard on these Non Banking Financial Corporations (NBFCs) in order to curb unaccounted money from going out of the country. That is why Western Union cannot send money out.

 

Your best and SAFEST bet is a wire transfer. If your friend has a bank account in Germany, you can send a wire transfer as the SWIFT code is for a bank and not the account. Any account can receive a wire transfer. The receiving bank may charge a nominal fee for receiving a wire transfer which your friend would have to check with his/her bank. And you can send a wire transfer from any private bank easily. In a wire transfer too, you have to specify your reason for the remittance which the RBI has to approve. Don't even think about marking your wire transfer as a payment for goods as then your wire transfer would come under the trade accounts category and the documentation to be provided increases tremendously. You can mark the transfer as a remittance for some consulting, service rendered or something of that sort. Your bank branch would guide you about how to mark your transfer.

 

Your second option is getting a dollar draft made from a bank and mailing/couriering it to your friend in Germany. This is time consuming due to the actual time it takes for the draft to be delivered and then the amount of time it would take the bank over there to verify the authenticity of the draft. In this case too, your friend would need to have a bank account available.

 

The other option is to find someone who knows someone in Germany, and pay them here and that person pays your friend in Germany. Kinda like your own private one time hawala network .

 

I am afraid these are the only options that you have AFAIK. Hope I've been of some help.

 

 

First of all thanks for taking so much of pain and writing such an informative reply, okay my first option was also a wire transfer, but my account is in SBI and the person i am sending money to does not have a bank account as of yet, plus he lives in Hamburg, so the nearest SBI branch is in Frankfurt, which is actually quite far, also among other banks the only bank that has a branch common to both india and germany is deutsche bank, but then again since i know a lot of people in SBI i can easily transfer money from there without much hassles, If u could please tell me one thing though is it possible if my friend in Germany opens up a swift account in Deutsche bank (which i think is the only bank allowing swift account services) in Hamburg and i could send money from my SBI account, in other words is inter bank transfers possible if a valid swift account is there.

 

Also i have an international debit card (ATM card), can i like send my debit card, and once he recieves it in Germany then i can tell him the pin code, then can he use it to withdraw money from it, are there going to be any legal hassles if I follow this route, Plz reply

[KWC]

I think more than you should think about if your credit card gets intercepted midway and someone misuses it? Has happened to me once but they were US cards so I was covered. Card companies in India would screw you royally trust me.

 

 

Alright send him a debit card which needs a PIN code to operate.

 

Tell your bank you're going abroad!

[tata 407]

try xoom.com ive been using it since a while now and its rly gr8. just goto the website for info

[Sa1nT_SoLd1eR]

okay i am seriously considering sending him my international ATM debit card, can anyone confirm is that legal, i don't want any legal hassles later on.

[Cyborg]

couriering debit cards is not exactly sensible but if it's indeed a dire circumstance than you can try that option out.

 

Here are a few things which you should remember -

 

1) Use a very reliable Intl Courier Service - DHL is your best bet.

 

2) Say you're planning to go abroad or your relative is already abroad and you need to send him your debit card if you're asked why you sending it to Germany.

 

3) Keep a regular tab on your bank account details(online or via your passbook) untill the card is recieved by your friend to see if there has been any misuse of your card midway. Notify your bank immediately upon such occurrence and they will freeze your card.

[Sa1nT_SoLd1eR]

okay but it is not going to be a problem, i mean legally i won't have to worry about any stuff ?