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| Discuss 12.3% fee for INR to USD conversion? at the Forex within the Traderji.com - Discussion forum for Stocks Commodities & Forex; This is not really a forex trading question, but I figure there will be experts ... |
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#1
3rd January 2008, 08:51 PM
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12.3% fee for INR to USD conversion?
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, Last edited by chuckles : 3rd January 2008 at 09:39 PM. 
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#2
5th January 2008, 05:49 PM
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Re: 12.3% fee for INR to USD conversion?
Use paypal, in usa paypal provides a debit card to withdraw from balance.
from india attach a credit card to your paypal account and transfer money at just paypal commission. simple.
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