Western Union Help

experience

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So, I'm basically a freelance worker.My buyer is paying me via WU, it is around $2500 USD.Fees will be around 30 USD, Everything is ok but I want to know what kind of proofs they gonna ask, never got such big amount via WU before.Anyone?
 

rajanmehta

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They say govt. approved ID proof will be needed. So anything like PAN Card, Passport etc. should do.But the Cash Payout is restricted to Rs 50,000. Any amount exceeding that can be paid by cheque only.Also check the Exchange Rate they will apply. They make their money on that. A Bank Transfer will yield you a better rate.
 

experience

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Thanks for the help rajan.If I opt for Int. bank transfer what proofs I'll be asked for by my bank?Of course they wont let me have 2.5k without any hassle.
 


mgcarley

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An incoming bank transfer will be safer, actually, and your bank won't have any problem with it coming in to your account. The fees for a SWIFT transfer to India should be about the same (but depends on the bank in the US and how many banks there are in between you and them, though most major banks in India have a corresponding bank in the USA like Chase or Citi or whatever so this shouldn't be a problem).If your bank does get suspicious, so long as you can justify where it's coming from (invoices, contact with the buyer, screenshots of work being done and/or work completed) then they can't not pay you out, although worst case scenario they *might* want to hold on to a portion of it for a couple of weeks in case the sending bank recalls the funds due to fraud or whatever (don't rule it out).Of course, I am assuming your incoming funds are coming from somewhere like the US or Europe and not like, somewhere in West Africa.
 

mgcarley

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It's from UK.

Should be no problem whatsoever and is likely to avoid the hassle of Western Union, even if it does take a few days more to arrive.
 


ashish

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An incoming bank transfer will be safer, actually, and your bank won't have any problem with it coming in to your account. The fees for a SWIFT transfer to India should be about the same (but depends on the bank in the US and how many banks there are in between you and them, though most major banks in India have a corresponding bank in the USA like Chase or Citi or whatever so this shouldn't be a problem).

If your bank does get suspicious, so long as you can justify where it's coming from (invoices, contact with the buyer, screenshots of work being done and/or work completed) then they can't not pay you out, although worst case scenario they *might* want to hold on to a portion of it for a couple of weeks in case the sending bank recalls the funds due to fraud or whatever (don't rule it out).

Of course, I am assuming your incoming funds are coming from somewhere like the US or Europe and not like, somewhere in West Africa.

Incoming overseas bank transfers cannot be done on resident Savings/Current A/C.

One Needs to have an NRE/NRO bank a/c to be able to receive Overseas Remittance.

WU/Paypal are the options remaining.
 

ulysses

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Incoming overseas bank transfers cannot be done on resident Savings/Current A/C.

One Needs to have an NRE/NRO bank a/c to be able to receive Overseas Remittance.

WU/Paypal are the options remaining.

Not true I have received various $ wire transfers in to my normal s/b a/cs from my overseas brokerage a/cs and also my personal a/c's from abroad. Not NRE/nRO.

$ gets converted in to Rupees at the prevailing rate automatically.You can not maintain foreign currency with out NRE/NRO Foreign currency (that too FD and not $ savings a/c)
 

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