need a innovative reason for transfer to foreign account

#1
hi all,
I just came to know that in India trading in FOREX IS NOT ALLOWED because of which i cannot use bank wire to transfer money to my broker oanda in US. i used to transfer through payapl earlier when is started, but now size increased and oanda charges 3% for paypal transfer. can someone help me in coming up with some innovative idea to tell to my bank so that i can transfer to it, because if i trnasfer once my bank account will be linked and.... need a good reason as ICICI bank asking lot of questions, beneficiary, purpose, etc...

Please someone help, will save me a lot of money.

has anyone been successful in transferring money from Indian bank to an offshore forex account?
 

rajeabc

Well-Known Member
#2
hi all,
I just came to know that in India trading in FOREX IS NOT ALLOWED because of which i cannot use bank wire to transfer money to my broker oanda in US. i used to transfer through payapl earlier when is started, but now size increased and oanda charges 3% for paypal transfer. can someone help me in coming up with some innovative idea to tell to my bank so that i can transfer to it, because if i trnasfer once my bank account will be linked and.... need a good reason as ICICI bank asking lot of questions, beneficiary, purpose, etc...

Please someone help, will save me a lot of money.

has anyone been successful in transferring money from Indian bank to an offshore forex account?
find out frnds who keep sending money to India. You can take money from them in USA and give them money in India . win win for every party
 
#3
also i do not want to change my broker because oanda offers best spreads i have seen and very good platform too, no custom indicators, but i only use basic ones...
 
#4
rajeabc, i want to transfer from my account because once i transfer even the smallest account my bank account will be verified in the brokers account and i will be able to withdraw funds to it (thus saving 3% forever...) also i have a family relative in US but better then will be if i am able to send smallest money from my account then i will be able to take out profits regularly and whenever i want without the 3%(round 6%) which i hate giving.

i am now going to other branch and read one traders suggestion to say "trading in equities" (not in forex) should work, lets see....
 
#5
IT WORKS!, well Traderji rocks, found the solution. just tell them EQUITY CAPITAL, and just tell then to give form 2 if they start asking too much..hehe.... there is a whole thread for this on tradeji. :)
 
#6
First of all the way you sounded asking for an innovative idea, for a moment you made forex trading look like some smuggling activity.

In india there are three types of people related to forex, one who are trying all their best to prove it is illegal, the others are trying all their best to prove it is Legal, and the third category is the one trading forex.

There are so many friends of mine trading spot forex in India that now I have lost count... and still this mystery goes on and on...

One question though aditya that comes to mind, you were not aware that 'Forex is not allowed in India' till all this time you have traded forex and become successful too, otherwise how will size increase (hope you mean account size ;) )

Surprising is a modest word to explain your latest discovery.

hi all,
I just came to know that in India trading in FOREX IS NOT ALLOWED because of which i cannot use bank wire to transfer money to my broker oanda in US. i used to transfer through payapl earlier when is started, but now size increased and oanda charges 3% for paypal transfer. can someone help me in coming up with some innovative idea to tell to my bank so that i can transfer to it, because if i trnasfer once my bank account will be linked and.... need a good reason as ICICI bank asking lot of questions, beneficiary, purpose, etc...

Please someone help, will save me a lot of money.

has anyone been successful in transferring money from Indian bank to an offshore forex account?
 
#7
laluji, i was trading in mainly derivatives for almost 3 years now, 1yr back discovered forex, and after demo opened account with InvestTechFX, they offered free payapl and since bank wire normally takes upto 3 days and paypal transaction gets completed in hours, i have been using paypal, then i shifted to oanda (which broker are you using, also ECN or retail-DD/NDD?) after finding they have very tight spreads and almost instant execution (ITFX took minimum 2sec to execute), oanda says minimum 3 days for bank wore and for international upto weeks, was using payapl until now, yes my account increased now :), system working very well. so i went to ICICI and i talked to their junior clerk or whatever there he said not allowed in india, then to manager, on my saying the reason FOREX he sounded like i am suggesting something illegal, anyway didn't wanna waste more time as i always had paypal, i couldn't stop smiling in their office and was laughing later, i thought another stupid Indian regulation, i don't care much about these anyway.. hehe.... since the senior manager at oldest icici branch in pune was saying this, must be true......... well thanks to traderji found out about it :)
 

RAMDAS

Active Member
#8
laluji, i was trading in mainly derivatives for almost 3 years now, 1yr back discovered forex, and after demo opened account with InvestTechFX, they offered free payapl and since bank wire normally takes upto 3 days and paypal transaction gets completed in hours, i have been using paypal, then i shifted to oanda (which broker are you using, also ECN or retail-DD/NDD?) after finding they have very tight spreads and almost instant execution (ITFX took minimum 2sec to execute), oanda says minimum 3 days for bank wore and for international upto weeks, was using payapl until now, yes my account increased now :), system working very well. so i went to ICICI and i talked to their junior clerk or whatever there he said not allowed in india, then to manager, on my saying the reason FOREX he sounded like i am suggesting something illegal, anyway didn't wanna waste more time as i always had paypal, i couldn't stop smiling in their office and was laughing later, i thought another stupid Indian regulation, i don't care much about these anyway.. hehe.... since the senior manager at oldest icici branch in pune was saying this, must be true......... well thanks to traderji found out about it :)
First of all, EURUSD, GBPUSD USDJPY...all are Instrument and not Currency or Forex. so you are trading instrument and not Currency.
EUR or USD or GBP is currency, and broker don't offer trading currency, they offer only instrument.
on NSE USDINR is offer it is offered as Derivative instrument,
when you use word forex trading in bank. bank take it as you are buying and selling Currency, that is EUR GBP USD and they will say NO since trading currency is not allowed,

when you buy or sell EURUSD you are buying or selling Only Instrument name as EURUSD, here you have not touch any currency.

Hope you understand exactly what you are trading.
 
#9
First of all, EURUSD, GBPUSD USDJPY...all are Instrument and not Currency or Forex. so you are trading instrument and not Currency.
EUR or USD or GBP is currency, and broker don't offer trading currency, they offer only instrument.
on NSE USDINR is offer it is offered as Derivative instrument,
when you use word forex trading in bank. bank take it as you are buying and selling Currency, that is EUR GBP USD and they will say NO since trading currency is not allowed,

when you buy or sell EURUSD you are buying or selling Only Instrument name as EURUSD, here you have not touch any currency.

Hope you understand exactly what you are trading.
Really? I thought it was called forex because we were actually exchanging one currency for an another foreign currency. :confused: I didn't knew that trading eur/usd pair in spot forex would be somehow different from trading Eur Or Usd individually as currencies. I always thought exchange traded derivative contracts (currency futures and options) of currency pairs like USD/INR were a instrument. :( But thanks for telling us that trading eur/usd pair is not currency trading/forex. :clap:

One question out of curiousity - I know that it is illegal in India but how can I actually trade forex/currencies like you said? Just so that I can make sure that I don't break the Indian laws prohibiting currency trading while trading eur/usd.
 

.Pride.

Well-Known Member
#10
open an account with HDFC Bank...

i too faced too many issues with ICICI...they were asking so many questions...made me feel like some kind of criminal...

HDFC completes all my transactions without any questions asked.
 

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