How can I receive international payment from my bank account in India?
The only legal way to receive money in India (for personal transactions) would be by way of “Wire Transfer” via bank account. The sender abroad must initiate an international “Wire Transfer” from their bank account to your bank account in India.
Can I use savings account for freelancing?
As a freelancer, having separate bank accounts for professional and personal purposes can help you be on top of your expenses. Any income earned from freelancing work can be deposited into the account meant for freelancing purposes and any work-related expenses incurred can be met by the same.
Can I send money from abroad to my own Indian savings account?
So there is no question of sending money from abroad to your own normal Indian savings account. Btw, If you are looking to send money abroad consider TransferWise. It’s a great tool for sending and receiving money internationally with low fees — much cheaper than using your local bank.
What is the RBI rule on overseas money transfer using savings account?
RBI rule on overseas money transfer using Savings Account: As per RBI’s Liberalised Remittance Scheme, the cap on overseas money transfer initiated from any Indian Savings or Current Account is capped at USD 250,000 per financial year. There is, however, no limit at present on the frequency of remittances.
Can I receive swift international transfers in my Indian bank account?
My account is with Indian Bank, if that’s relevant. Indian Bank already has SWIFT BIC. Is there any way I can receive such international transfers in my account if the bank branch itself is not SWIFT enabled? The Branch need not be SWIFT enabled. However the Bank needs to be SWIFT enabled.
Is it advisable to receive foreign money in India?
It is advisable to always receive foreign payments in India by draft/cheque in US $ as such transactions are closely monitored by different government agencies. Usually, questions on such transactions are posed after considerable time, usually by Income Tax Department and one should be able to substantiate foreign money receipts properly.