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.
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
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,
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.
