Anyone having experience in buying BTC from international bitcoin exchanges? - page 2.

legendster

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Quote from: polynesia on December 01, 2016, 07:14:31 PM

Can anybody remitting money to India use bitcoins? If bitcoins are sent from abroad and then sold in Indian exchanges, are we violating any FEMA guidelines.
Plus remittances are tax free. Is this the case with bitcoins sent from abroad and then sold on Indian exchanges as well?

An article which doesn't go into the taxation/legality aspects..
https://cointelegraph.com/news/receiving-remittances-in-india-with-rupee-you-lose-with-bitcoin-you-profit

Anyone remitting any cryptos to India can do so without FEMA in the back of their head. They are concerned with legal tenders or accepted currency. Bitcoin is not yet accepted as a legal tender so there is no rule yet about how much you can pour in here.
But once here, encashing it can become a chore since you have to either declare it as income (huge taxation) or donation (kinda illegal).

If you have someone buying your Bitchunk for cash, then you have nothing to worry about.

kenpachi

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Quote from: nizamcc on January 19, 2017, 02:43:34 PM

Quote from: eXpl0sive on January 19, 2017, 12:24:09 AM

Quote from: bitcoinisbest on January 18, 2017, 01:38:04 PM

Reading the above post it means that it will depend upon bank if they want to allow you and give permission for International transfer or not and also as you said for trading its not allowed then you may land in trouble as well.

If you visit their branch to do the transfer, they'll complicate the things.

You can use Net Banking, but as I said before, you have to specify a purpose for the transfer. So effectively you're giving a self-declaration that you're not doing this for commercial/trading purposes. Below is a screenshot from ICICI website, other banks have similar policies:

https://i.imgur.com/PHgHDNn.png

But what kind of purpose can one show for this?
If we are ever to throw out "bitcoins" from our mouth, chances are, we might straight away be given negative answers by all those dumb people who don't even know anything about bitcoins, but are there just to ramify everything in their own ways to stop us from transferring our money for this purpose.

If you were able to do it, please share

kenpachi

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Quote from: karan1498 on May 29, 2017, 12:52:30 PM

Its not worth a try. I have wired funds to okcoin , I can wire them now also , but your bank , the middle bank and okcoin will eat up a lot of fee ,which will eventually eat up your profit and a lot time consuming as well.

But still how did you do it? like which indian bank did you use and under which purpose of LRS it comes?

terrytangm

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hi

I am from canada and mostly use directly peer to peer exchange localbitcoins for trade coins

better and easy to use

iram3130

legendary

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ITSMYNE 🚀 Talk NFTs, Trade NFTs 🚀

Quote from: karan1498 on May 29, 2017, 12:52:30 PM

Its not worth a try. I have wired funds to okcoin , I can wire them now also , but your bank , the middle bank and okcoin will eat up a lot of fee ,which will eventually eat up your profit and a lot time consuming as well.

Yup, it'll be near to the price of the Bitcoin in the Indian exchanges, it's better to make some regular deals with a local dealer and then asking him/her for some discount while buying big amounts and although we are not violating any role FEMA will still keep an eye on the amounts you're transferring.

karan1498

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Its not worth a try. I have wired funds to okcoin , I can wire them now also , but your bank , the middle bank and okcoin will eat up a lot of fee ,which will eventually eat up your profit and a lot time consuming as well.

karthikk.udt

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Any one able to buy bitcoins using outward remittance ?

susila_bai

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After seeing the above replies one thing is sure that buying bitcoins through other exchanges is not good as they are complicated with law, that is why i am just doing the all free work like signature campaign, my skill work for bitcoin, hunting social bounty and other bounty and earning free altcoins and doing trading with that coins and earning bitcoins

Blackshadow007

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Currency Xchanger™

Quote from: eXpl0sive on February 03, 2017, 03:28:56 AM

Bitstamp now allows purchasing Bitcoins using Credit & Debit Cards for Indian users:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

Yes but someone mentioned price over 8% + 2.5% exchange fees so not worth if that's true xD

eXpl0sive

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waiting to explode

Bitstamp now allows purchasing Bitcoins using Credit & Debit Cards for Indian users:

https://www.bitstamp.net/article/debit-cc-payments-bitcoin-now-extended-beyond-eu/

nizamcc

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Quote from: eXpl0sive on January 19, 2017, 12:24:09 AM

Quote from: bitcoinisbest on January 18, 2017, 01:38:04 PM

Reading the above post it means that it will depend upon bank if they want to allow you and give permission for International transfer or not and also as you said for trading its not allowed then you may land in trouble as well.

If you visit their branch to do the transfer, they'll complicate the things.

You can use Net Banking, but as I said before, you have to specify a purpose for the transfer. So effectively you're giving a self-declaration that you're not doing this for commercial/trading purposes. Below is a screenshot from ICICI website, other banks have similar policies:

But what kind of purpose can one show for this?
If we are ever to throw out "bitcoins" from our mouth, chances are, we might straight away be given negative answers by all those dumb people who don't even know anything about bitcoins, but are there just to ramify everything in their own ways to stop us from transferring our money for this purpose.

eXpl0sive

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Activity: 574

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waiting to explode

Quote from: bitcoinisbest on January 18, 2017, 01:38:04 PM

Reading the above post it means that it will depend upon bank if they want to allow you and give permission for International transfer or not and also as you said for trading its not allowed then you may land in trouble as well.

If you visit their branch to do the transfer, they'll complicate the things.

You can use Net Banking, but as I said before, you have to specify a purpose for the transfer. So effectively you're giving a self-declaration that you're not doing this for commercial/trading purposes. Below is a screenshot from ICICI website, other banks have similar policies:

bitcoinisbest

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Reading the above post it means that it will depend upon bank if they want to allow you and give permission for International transfer or not and also as you said for trading its not allowed then you may land in trouble as well.

eXpl0sive

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Activity: 574

Merit: 502

waiting to explode

Previously I have bought some BTC from Bitstamp. I have a verified account and they accept international wire transfer. I used Net Banking facility of one of the private banks to do the wire transfer. The thing is, Bitstamp charges $15 flat fee for the transfer, so you are paying less commission if you're transferring big amount. The wire transfer can take 4-5 working days.

The only catch here is that doing a Net Banking wire transfer outside India to relatives/education/donation etc. is allowed but not allowed for commercial/trading purposes. For that you have to visit the physical branch of the bank, which will complicate the issue by them asking a lot of question.

dashingriddler

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Quote from: SpadeFX on December 05, 2016, 09:08:01 AM

Quote from: polynesia on December 01, 2016, 07:14:31 PM

Can anybody remitting money to India use bitcoins? If bitcoins are sent from abroad and then sold in Indian exchanges, are we violating any FEMA guidelines.
Plus remittances are tax free. Is this the case with bitcoins sent from abroad and then sold on Indian exchanges as well?

An article which doesn't go into the taxation/legality aspects..
https://cointelegraph.com/news/receiving-remittances-in-india-with-rupee-you-lose-with-bitcoin-you-profit

You're NOT violating FEMA or any other law by encashing BTCs at Indian Exchanges yet. The same applies for mining bitcoins in India. As of now ordinary income tax applies for both cases.

+1

SpadeFX

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Quote from: polynesia on December 01, 2016, 07:14:31 PM

Can anybody remitting money to India use bitcoins? If bitcoins are sent from abroad and then sold in Indian exchanges, are we violating any FEMA guidelines.
Plus remittances are tax free. Is this the case with bitcoins sent from abroad and then sold on Indian exchanges as well?

An article which doesn't go into the taxation/legality aspects..
https://cointelegraph.com/news/receiving-remittances-in-india-with-rupee-you-lose-with-bitcoin-you-profit

You're NOT violating FEMA or any other law by encashing BTCs at Indian Exchanges yet. The same applies for mining bitcoins in India. As of now ordinary income tax applies for both cases.

Blackshadow007

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Currency Xchanger™

Quote from: polynesia on December 01, 2016, 07:14:31 PM

Can anybody remitting money to India use bitcoins? If bitcoins are sent from abroad and then sold in Indian exchanges, are we violating any FEMA guidelines.
Plus remittances are tax free. Is this the case with bitcoins sent from abroad and then sold on Indian exchanges as well?

An article which doesn't go into the taxation/legality aspects..
https://cointelegraph.com/news/receiving-remittances-in-india-with-rupee-you-lose-with-bitcoin-you-profit

Good question .. really i also want to know this .. :/

polynesia

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Can anybody remitting money to India use bitcoins? If bitcoins are sent from abroad and then sold in Indian exchanges, are we violating any FEMA guidelines.
Plus remittances are tax free. Is this the case with bitcoins sent from abroad and then sold on Indian exchanges as well?

An article which doesn't go into the taxation/legality aspects..
https://cointelegraph.com/news/receiving-remittances-in-india-with-rupee-you-lose-with-bitcoin-you-profit

nizamcc

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Quote from: Blackshadow007 on November 29, 2016, 09:37:08 PM

Quote from: Benson Samuel on November 28, 2016, 06:44:00 AM

Quote from: 1pratham on November 28, 2016, 01:53:37 AM

I am looking for arbitrage opportunities. Does anyone know if FEMA allows bitcoin purchase internationally? and/or any bank in India does forex remittance for bitcoin purchase?

I was in USA for few years and do have a personal USA bank account, a Circle.com ($300/week limit) account, a verified bitstamp.net account. Also, my friend in USA is willing to create GDAX account for high value bitcoin purchase. The only thing I need to figure out now is outward remittance from India to either my own USA bank account, or friend's USA bank account or Bitstamp account.

I have gone through Liberalised Remittance Scheme and also FEMA and seems payments for purchase of assets up to $250,000 per year are allowed for some categories. Not sure if bitcoin could fall in any of those categories. I have also went to my bank and their only response is we are verifying with our back-end team.

Is there anyone who has successfully bought bitcoins internationally or know how to properly do outward remittance from India?

Will be willing to give out some BTCs for concrete help with outward remittances.

Am posting a PM sent to me with permission from the author. This may explain some complexities. Have received many more cases like this over the past weeks.

Quote

Hey,

Due to the ridiculous price of BTC in India I was looking to buy some on OKCoin as I already have a level 2 account there. The only issue is that they take deposits in Perfect Money which requires a SWIFT transfer. I wanted to know if you have had any luck doing a SWIFT transfer to anywhere to buy BTC before? The guys at my bank are clueless.
The guys at the bank are treating me like I'm laundering money lol.
Cheers,

~~XXX~~

This is very tough to do. I assume small amounts with trusted sources may be possible through alternatives like paypal, but very tough through conventional banks.

I am also interested to know about the SWIFT Transfer to international processors like Perfectmoney / OkPay / and Popular Bitcoin exchanges like Kraken / BTC-E , Never done before as Local Bank personals are horrific and i am scared that if i go to bank for a request to do this , they might think me as suspicious money Launderer , its really hard to make them understand about the situation . I once experienced when i withdraw from Solidtrustpay , Bank called me for the incoming wire transfer declaration and i did have to go through a hell lot questionnaires and documentation . Thank god that i had private bank and not a Govt. bank otherwise it could be more pain in the As* for me anyways i completed declaration successfully and then took an oath that i will never deal with Wire transfers again lol .. but i am also curious how all this happens .. specially for the outward remittance rules for an Indian .

Don't go for these opportunities as these will get you nothing based on the fee that you will pay ahead to banks and for foreign exchange.
I even tried some exchanges who used to allow Indians to buy Bitcoins there, but was shocked to see that even those exchanges have added India to the list of restricted countries, now that the price here is so high. The best exchange that I used to buy bitcoins at was Coinbase, and I cannot buy bitcoins there too.

Blackshadow007

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Activity: 787

Merit: 276

Currency Xchanger™

Quote from: Benson Samuel on November 28, 2016, 06:44:00 AM

Quote from: 1pratham on November 28, 2016, 01:53:37 AM

I am looking for arbitrage opportunities. Does anyone know if FEMA allows bitcoin purchase internationally? and/or any bank in India does forex remittance for bitcoin purchase?

I was in USA for few years and do have a personal USA bank account, a Circle.com ($300/week limit) account, a verified bitstamp.net account. Also, my friend in USA is willing to create GDAX account for high value bitcoin purchase. The only thing I need to figure out now is outward remittance from India to either my own USA bank account, or friend's USA bank account or Bitstamp account.

I have gone through Liberalised Remittance Scheme and also FEMA and seems payments for purchase of assets up to $250,000 per year are allowed for some categories. Not sure if bitcoin could fall in any of those categories. I have also went to my bank and their only response is we are verifying with our back-end team.

Is there anyone who has successfully bought bitcoins internationally or know how to properly do outward remittance from India?

Will be willing to give out some BTCs for concrete help with outward remittances.

Am posting a PM sent to me with permission from the author. This may explain some complexities. Have received many more cases like this over the past weeks.

Quote

Hey,

Due to the ridiculous price of BTC in India I was looking to buy some on OKCoin as I already have a level 2 account there. The only issue is that they take deposits in Perfect Money which requires a SWIFT transfer. I wanted to know if you have had any luck doing a SWIFT transfer to anywhere to buy BTC before? The guys at my bank are clueless.
The guys at the bank are treating me like I'm laundering money lol.
Cheers,

~~XXX~~

This is very tough to do. I assume small amounts with trusted sources may be possible through alternatives like paypal, but very tough through conventional banks.

I am also interested to know about the SWIFT Transfer to international processors like Perfectmoney / OkPay / and Popular Bitcoin exchanges like Kraken / BTC-E , Never done before as Local Bank personals are horrific and i am scared that if i go to bank for a request to do this , they might think me as suspicious money Launderer , its really hard to make them understand about the situation . I once experienced when i withdraw from Solidtrustpay , Bank called me for the incoming wire transfer declaration and i did have to go through a hell lot questionnaires and documentation . Thank god that i had private bank and not a Govt. bank otherwise it could be more pain in the As* for me anyways i completed declaration successfully and then took an oath that i will never deal with Wire transfers again lol .. but i am also curious how all this happens .. specially for the outward remittance rules for an Indian .

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