Bank wire Transfer

P

prabs

New Member
#1
#1
I have mentioned 'FOREX TRADING' as reason for my bank wire transfer(through ICICIBank) to credit my Forex trading account abroad(U.S).

This is my initial deposit and after funding i will receive my loginid and pwd.

I got a reply saying 'My application is rejected' since it is not permissible.

Guys, please advice me, Is it not permissible to
1. Trade Forex online from India with a Forex trading account abroad
2. Is it not possible to do a wire transfer inorder to do so.

And what should i do to get this thing done. Its been 2 weeks i am trying in vain.
 
R

ravalsb

Active Member
#2
#2
prabs said:
I have mentioned 'FOREX TRADING' as reason for my bank wire transfer(through ICICIBank) to credit my Forex trading account abroad(U.S).

This is my initial deposit and after funding i will receive my loginid and pwd.

I got a reply saying 'My application is rejected' since it is not permissible.

Guys, please advice me, Is it not permissible to
1. Trade Forex online from India with a Forex trading account abroad
2. Is it not possible to do a wire transfer inorder to do so.

And what should i do to get this thing done. Its been 2 weeks i am trying in vain.
Click to expand...

Hi,

1. Beneficiary Account has to be your bank account (abroad) and not Forex Trading Account.

2. Funds should not be coming from NRO account.

If these two issues are clear, there is no reason why funds cannot be transferred.

Hope this helps.

Regards
 
P

prabs

New Member
#3
#3
I have mentioned
1. Beneficiary(U.S) and their address
2. Beneficiary Bank account details like Account number, Swift code
3. Bank address(U.S)

In the purpose of transfer column in my application I have mentioned
'Forex Trading'

Whats wrong in mentioning Forex trading transaction. They say the corporate office in mumbai has turned down my application saying transferring of money for Forex trading is not permissible because it doesnt fit into one of the 26 reasons the RBI has mentioned.

Has anyone done a wire transfer before through ICICIBank who are doing online Forex trading. Please reply me.
 
P

prabu

New Member
#5
#5
Hi firends

follow these easy steps to get open your forex trading account

1. first create a trading aacount with the broker.

2. collect the following details.

a. Broker account Name
b. Broker account number
c. Broker accounts' Bank name & Address(comp. Postal add.)
d. check for SWIFT code ( for US brokers) or ABA code(for europe brokers)

3 Get your bank for TT(tele transfer)outward remitance form

4 Write all the details...( amount should be in $$ , get that days TT selling
rate from bank

5 "Puropose of transfer.... " mention trading in equities " ( not FOREX)

6. For all TT there is code ....for above purpose code is " S0001 "

7. Ur bank request u to give cheuqe in INR equvalent to $$$

8. Ur money will be tranfered within 36 hours

9. choose HDFC bank their is very least and service is BEST

Note : if u have still doubt send ur TT form scanned JPG to me i reply it as filled form

CAUTION : our NSE itself has INR $$ trading now..why your choosing unknown forex dealer....


have a nice day
 
Last edited:
P

prabu

New Member
#6
#6
ijredart said:
If you mention equities and trade forex it will be problem later if inward source of remittance is large enough to attract income tax troubles :eek:
Click to expand...

First EARN PROFIT IN FOREX trading then later we worry about remittance ,,huge income tax, RBI FEMA/FERRA , :p:cool:


that;s not a problem...for inward remittance they also mention as payout from equity trading account ;)
 
S

selvan1964

New Member
#7
#7
Dear Prabu,

The details given by you are very interesting. If you don't mind can i have your mailID. I have made elaborate studies on the forex trading. But I have no idea as to how to open a real trading account.
 
R

rakesh_april20

New Member
#8
#8
prabu said:
Hi firends

follow these easy steps to get open your forex trading account

1. first create a trading aacount with the broker.

2. collect the following details.

a. Broker account Name
b. Broker account number
c. Broker accounts' Bank name & Address(comp. Postal add.)
d. check for SWIFT code ( for US brokers) or ABA code(for europe brokers)

3 Get your bank for TT(tele transfer)outward remitance form

4 Write all the details...( amount should be in $$ , get that days TT selling
rate from bank

5 "Puropose of transfer.... " mention trading in equities " ( not FOREX)

6. For all TT there is code ....for above purpose code is " S0001 "

7. Ur bank request u to give cheuqe in INR equvalent to $$$

8. Ur money will be tranfered within 36 hours

9. choose HDFC bank their is very least and service is BEST

Note : if u have still doubt send ur TT form scanned JPG to me i reply it as filled form

CAUTION : our NSE itself has INR $$ trading now..why your choosing unknown forex dealer....


have a nice day
Click to expand...

Thanks a lot for your valuable information on how to remit money foreign
Forex broker.
 
D

duster

Member
#9
#9
prabu said:
CAUTION : our NSE itself has INR $$ trading now..why your choosing unknown forex dealer....
have a nice day
Click to expand...
Trading USD/INR is not real Forex trading since 1) Rupee is a highly regulated currency 2) There is no space for analysis 3) Volumes are low 4) Volatility is low.

Trading rupee is only profitable to insiders from RBI who know in advance when some change is going to happen.

That's why USD/INR trading introduction in August 2008 didn't make any "boom", it's only used by companies to hedge their currency risks.

And yep - S0001 purpose should work fine (S0001 stands for Indian investment abroad -in equity capital (shares)) - many Forex brokers provide shares and commodities trading as well, so you will be able to prove that you are investing in shares. Nobody is going to sit near your computer and watch what instruments exactly are you trading :)
 
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