Topic: SBI international fund transfer (Read 15534 times)

I am afraid of FEMA 

This law is not beneficial to the Indians, If they want to more transfer than it creates a problem, and hence it seems to be useless law.

Very true. As soon as a govt office ( police station, mtnl, banks) sees a young guy, in their mind they have already decided to NOT do whatever the guy is going to ask. I think all these 40-60 yr old people are so fed up of their own kids that they think all kids ( less than 30 yr old) are stupid and clueless.

I am sure if a rich guy in his 35-45 yr would have walked into the bank with the same forms that I had, he would be given tea, made to meet the manager directly and would get his work done in an hour.

I was harassased as if i was trying to fund some terrorist group.

The  problem with money transfer  with banks  abroad is  a  huge  problem  for  normal people.
The  banks, especially the RBI makes  rules and  regulation  to curb  money  laundring, by  putting  such  measures, like  the  one   daserpent1 faced. 

This is the  problem  any  person  will face   when  trying  to send  money  from  any bank  outside  india. The  real funny thing  is that  i can  use a  cred  card on a  foreign site and  do a $500 purchase  but  i  can't wire  money out  worth $500 for a purchase  of  the  same  product.

However,  a  person  can  use  a  Hawala  to  send  as much  cash  abroad, without  any  restriction  but  when  using  a  bank they  have  to be interrogated  like a  criminal.

When a  person  wants  to  send  small amounts  the  banks  treat  them like   criminals.  but  when  you are a   multi millionaire the  banks will  send  people  to your  house  to  puck up  cash and  have  it  sent  to  Swiss banks without  any  questions  asked. 

The banks  are  the true  criminals,  and all they  do is  to  put down the  comma  man. The  faster  the  world  adopts  bitcoins  the  better  it  is  for  every one and   more  freedom  from   the  criminal banks.

lol, as i said earlier, SBI sucks. It's a government bank what else you can expect from them.
I can't even receive payments from USA/CA via WU/MG easily due to silly RBI rules.

Haha please do. Maybe she can take up an initiative to do some changes in this regard.

There is a member of the Bangalore Meetup who is a branch manager at an SBI branch. I will forward your /RANT to her.

I have tried sending a wire from SBI to gox and I gave up. First of all, they will ask you to go to the LHO, where you will bounced around like a ball person-to-person. Then you will be told to fill out 3 forms detailing why the fuck you wanna send the money OUTSIDE of india.

Well, if you fill out the forms alright, you will be questioned by the officer there, IF he agrees about the reason, he will ask you to get an approval from the branch you have the account in.

Once you have reached the branch, you will be further questioned and the branch manager will try and do whatever he can to stop you from sending the money. In my case, he didn't agree that I was sending the money to my friend for education fees. He asked me get a letter from the institution the friend studies in specifying that he is indeed enrolled there.

But, who studies in Japan anyway. So you will just say "okay i will the letter" and leave. On your way out, you realize that you spent more than 6 hours fighting for a wire transfer to be sent, and out of sheer frustration you WILL give up and go back home, Sit in front of the computer and RANT (like i am doing right now)


But seriously, IT is MY MONEY. I should have all the fucking rights to send it anywhere the hell I want to. Its not like people don't do stock trading in india itself. Its more than a billion dollar market here. So why can't send money to Japan and trade?!

SBI is hopeless!

/RANT

Can I give you a simple way ? But that depends on at what rate you can buy BTC here

Buy BTC here, send it to Gox, sell it and you have USD there converted from your INR. Looks costly, no it is not compared to International wire


Cheers

mm, i do have a 2nd a/c , sitting there with no purpose or money, might put it to the test, Need to contact a few friends in the bank to see if it might effect my other a/c bank SOP,stuff. Too little time, i might be busy for sometime.

I agree. With a nationalized bank, there will be a better safety blanket than others.
Atleast until a decentralized exchange shows up.

Sorry don't want to demotivate you but you will be asked to provide one of the Purpose code for outward remittance very soon ( Most probably in first transaction only ). In case if it gets flagged, well you may risk your whole account getting blocked.

And if you will search the purpose code list, you will not be able to fit it to any of them.

But its all about getting noticed. Till than its a free run. And with SBI you have minimum chances of getting noticed.

Cheers

Id love to help maintain my dying relative in Japan, his name is Gox. SBI wouldn't want him dead, would they?

On a serious note: probable. coz the Gox a/c name might be a dead giveaway.
Beneficiary Name (Recipient): MtGox Co Ltd, Shibuya, Tokyo, Japan

/That's the main  problem ,  if  sbi  Forex department  flags your  transaction  as  something  not  under that  purpose you may  get your  money  frozen.  

If too many people start using this to send USD to mt gox, SBI would start treating this remittances as non personal i guess.

Lucky our branch has a CDM (cash deposit machine), a/c is credited instantly.

Nah there's no problem if you are SBI bank customer.
I was saying their local banking sucks, you can't even deposit cash in bank without waiting 1-2 hours in some places.

So is there a problem? i can't see any clause stopping us from using it.

And as a general principle the banking system encourages NRIs and immigrant workers to make inward remittances very easily so we might be able to withdraw from goxs Japan a/c directly via Bank transfer if the Japaneese banks  transfer fees isnt prohibitive.

Personal banking is PER i think.

i guess a usd to inr transaction From japan requires a gox initiative via a banking partner, nothing we can do abt it.



time period: ok
uran branch : ok
internet banking :ok

This is offered as a Personal  Banking Service, i believe for SB a/c holders also since current a/c is not specified.
Sorry for the ignorance, What's a per segment customer?