This is not really a forex trading question, but I figure there will be experts here who will know about this.
My parents decided to send a few thousand dollars from India to the US by converting Rupees. The bank told them that issuing a dollar draft was no problem, and they quoted their own (nominal) fees, but when performing the transaction they also added an astonishing 12.3% fee which they said was charged by the Indian government, not by them. They claimed that there is no way to avoid it.
My parents canceled the transaction, but I thought I would ask whether the bank told them the truth. I have not heard of this before. When they came to the US for a short visit in 5/2006, they brought some money with them in the form of a bank draft, and there was no large fee (maybe there was a much smaller fee, I am not sure).
Instead of regulating remittances out of India, has the government decided to allow such remittances but profit from them by imposing a huge fee?
Is there some way around it?
Many thanks,
My parents decided to send a few thousand dollars from India to the US by converting Rupees. The bank told them that issuing a dollar draft was no problem, and they quoted their own (nominal) fees, but when performing the transaction they also added an astonishing 12.3% fee which they said was charged by the Indian government, not by them. They claimed that there is no way to avoid it.
My parents canceled the transaction, but I thought I would ask whether the bank told them the truth. I have not heard of this before. When they came to the US for a short visit in 5/2006, they brought some money with them in the form of a bank draft, and there was no large fee (maybe there was a much smaller fee, I am not sure).
Instead of regulating remittances out of India, has the government decided to allow such remittances but profit from them by imposing a huge fee?
Is there some way around it?
Many thanks,
Last edited:
