Guys, I need some help. I'm currently wanting to initiate a wire transfer from my bank to a Forex broker based in UK (I'm from India). Here's the problem: My bank asked me the reason for the transfer. When I mentioned "Forex Trading", they said you need a Current A/c if you want to transfer funds for that particular reason. The problem is that I have a Savings A/c, and I'm really not keen on maintaining a Current A/c (since my business is not that large scale). The bank says that RBI has some FEA (or FEMA) regulations which do not allow such a transfer under a Savings account. Its a Pvt. sector bank, so obviously it wants a Current A/c customer. I did a bit of research, and found out that if you mention "Trading Equities" as the reason, you can still stay within the line and get through. However, since the bank already knows the reason (I spoke with the Branch Manager), I'll have a hard time convincing them. Right? Any other suggestions? ++REP for anyone who can help! Bhavik.
It could be a HUGE business if someone from India would open a business Offshore, to send and receive money on behalf of Indiens. It is very difficult for you to do anything now, since as you mentioned, the bank knows what the money is for and won't let you do the transaction. But if you have a friend or good business partner who has a account in another bank, you could transfer the money to him and let him do the transaction under the other reason you mentioned.
This Forex Broker only allows payment from an account under your name. I'm going to try using another bank, hope it gets through. Thanks anyways!
I'm using Alpari. Just got to know that they have an office in India too. I'm in touch with them to get this problem solved.
when there are indian forex rokers like reliance, why do you need a overseas broker for forex??? otherwise it would be good to pay via your credit card!