Hi Eddy apparently there is reserve bank restriction on getting funds out of India and not as easy as sending funds to India, I googled but cudnt find a lot of info. tx
I understand that there is a restriction and that's why I recommended Western Union, Bank Telegraphic Transfers or International Money Order. Although Western Union is a US based company, when operating within the boundary of India, I am sure it would comply with its rules. I am sure that they would allow for the transfer of funds if it is approved. Telegraphic Transfers are bank-to-bank instrument and banks would also need to comply with the local rules and you can check with them whether you can move funds outside of the money. I am sure that they can do that for you. I know probably you cannot move Rupees out but you can always move foreign currencies as I am sure that Indian companies do buy products and services outside of India and money needs to be moved. I would also believe that parents do send their children overseas and they need to send money for school fees and living expenses and they have to have a way to do that legally. As for Paypal, I know that in the past when I was selling websites, I have a number of Indians who paid me and I am not from India. If they can do that, I am sure that it is possible for Indians to use this as an avenue to pay someone overseas, even if the person is in New Zealand. If I am not wrong, this might be relevant to you http://www.rbi.org.in/Scripts/FAQView.aspx?Id=53
well i tried sending money to jamaica today... and western Union told me that i will need bank account of other person and swift code to transact money... So the thing is it is a wire transfer like transaction.. Western Union, MoneyGram and other services are one sided in India. A indian can get as many as money from abroad but for sending money you will need to send wire transfer.
yes, exactly guys, thats my problem now. People residing in India can receive money via WU/Monegram but cant send. Netdeals : did you have any luck sending it via bank-transfer?
well i talked to my banker ova the phone.. and she said money will transfered without any problem incase you have a account no and swift code to the bank where you want to transfer the money.. But the problem with wire transfer is it could take 24-48 hours. Some months ago i sent 2 lakhs from my bank to canada without any problem.. So yes wire transfer/Bank Transfer works!
Simplest/most reliable method which I personally use, get your bank to make a certified US$ check and speed post or courier it to the recipient.