bank account
Apr 8th 2008, 2:53 pm
#1
laadla
Thread Starter
Joined: Jan 2003
Location: NY
Posts: 33
bank account
This is not immigration issue but related to it.
I am an Indian by birth; but immigrated to the US and visit India not very often.
Could someone please point me to a site or explain what the best difference b/w the NRE is and NRO accounts in India. What are the pros/cons for them?
I have a local saving account in HSBC India, when I left India. I don’t have ATM/Debit card for that account. The cards are expired and they won’t courier a new ATM/Debit card to the USA. I don’t have any earning in India by rent, share etc. I care less for the interest in that account.
I have just opened a local HSBC account in US. Local bank manager says I can just transfer/wire the money but they will charge $50 for the transaction. The HSBC India suggests that I change that Indian saving account to NRO account, and then I could telegraphic transfer/TT the money to the new US account.
Is there any US Tax implication, if I wire the Rupees from Indian account to the US bank acc.? I don’t want to drop money for taxes.
Local HSBC bank doesn’t know much about NRO account; I wonder how I will withdrawal money from that NRO account. Do they offer cheques/checks. Or it’s better to change that Indian saving account to NRO account and get a debit card [if they offer] from that account to use it in the USA.
I want a bank account from where I can withdrawal money in the USA in US$.
Thanks in advance.
bhola
I am an Indian by birth; but immigrated to the US and visit India not very often.
Could someone please point me to a site or explain what the best difference b/w the NRE is and NRO accounts in India. What are the pros/cons for them?
I have a local saving account in HSBC India, when I left India. I don’t have ATM/Debit card for that account. The cards are expired and they won’t courier a new ATM/Debit card to the USA. I don’t have any earning in India by rent, share etc. I care less for the interest in that account.
I have just opened a local HSBC account in US. Local bank manager says I can just transfer/wire the money but they will charge $50 for the transaction. The HSBC India suggests that I change that Indian saving account to NRO account, and then I could telegraphic transfer/TT the money to the new US account.
Is there any US Tax implication, if I wire the Rupees from Indian account to the US bank acc.? I don’t want to drop money for taxes.
Local HSBC bank doesn’t know much about NRO account; I wonder how I will withdrawal money from that NRO account. Do they offer cheques/checks. Or it’s better to change that Indian saving account to NRO account and get a debit card [if they offer] from that account to use it in the USA.
I want a bank account from where I can withdrawal money in the USA in US$.
Thanks in advance.
bhola
Apr 8th 2008, 5:38 pm
#2
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: bank account
No idea on the tax front, and no idea if there's a tax treaty for dual taxes, best ask an account with international experience....but for transferring money, xe.com seem to be the popular choice for people on this site 
