Deposit USD (cash) in non-NRI bank account

[Rocker2102]

Anyone ever deposited, or know about how to deposit, USD - cash, to an Indian bank account of a "non-NRI" (Indian) customer.

I know a little about inward remittance but ig thats for non-cash online transfers.

 

[tachniki]

If amount is not high, get it converted at any forex place and spend as cash. It will be lesser hassle.

 

[RAMESH BABU N]

Simple. Go to the branch n handover the USD (cash or cheque) n fill up the needed papers/documents.

Depending upon the type of branch (rural, SU, urban or metro) n on the day - the proceeds in INR will get credited in 1-7 days time.

If it is a pre-loaded forex card (with USD in electronic form), you need to give a copy of the card, along with the other required documents.

These procedures apply for all non-INR trxns.

 

[Rocker2102]

Simple. Go to the branch n handover the USD (cash or cheque) n fill up the needed papers/documents.

Depending upon the type of branch (rural, SU, urban or metro) n on the day - the proceeds in INR will get credited in 1-7 days time.

If it is a pre-loaded forex card (with USD in electronic form), you need to give a copy of the card, along with the other required documents.

These procedures apply for all non-INR trxns.

Its that easy?? I was looking all over the internet but couldn't find anything related to that

I can just hand over USD - cash, not cheque, & get it credited?

Any charges which will occur in the process? & what are they called?

I have an Indus exclusive account which has free inward remittance, is that of any use? And what about the conversion rate, how is that calculated, or will it be the same as visa/mc something?

 

[Rocker2102]

I

If amount is not high, get it converted at any forex place and spend as cash. It will be lesser hassle.

It is high ig.. around 600 usd cash

 

[psmangat5]

If banks are not taking it, go to forex branches like, Thomas Cook, Unimoni etc, they will give the cheque to you or deposit it via NEFT.

 

[Rocker2102]

If banks are not taking it, go to forex branches like, Thomas Cook, Unimoni etc, they will give the cheque to you or deposit it via NEFT.

I see, thanks!

 

[RAMESH BABU N]

Its that easy?? I was looking all over the internet but couldn't find anything related to that

I can just hand over USD - cash, not cheque, & get it credited?

Any charges which will occur in the process? & what are they called?

I have an Indus exclusive account which has free inward remittance, is that of any use? And what about the conversion rate, how is that calculated, or will it be the same as visa/mc something?

Most banks handle forex based on their own rates. Calculated daily n circulated within. These rates change daily (monday to Friday). Some banks charge their charges (and the other involved bank's charges) separately.

The needed dox/papers depends on the currency n value of trxn.

Going to others - private players, hawala guys - is risky n illegal.

Go to Authorised Forex Dealers (like Thomas Cook....) who also demand the same set of dox/papers. Probably, their rate may differ slightly by a few paisa per unit of forex currency.

 

[telescope]

Simple. Go to the branch n handover the USD (cash or cheque) n fill up the needed papers/documents.

Depending upon the type of branch (rural, SU, urban or metro) n on the day - the proceeds in INR will get credited in 1-7 days time.

If it is a pre-loaded forex card (with USD in electronic form), you need to give a copy of the card, along with the other required documents.

These procedures apply for all non-INR trxns.

Easy in theory but different in reality. Most of the banks will outright refuse to accept foreign currency for deposit. I had some extra foreign currency after I returned from tour but all banks I went to (both PSU and pvt banks), refused to deal with it. That includes icici, hdfc, idfc, sbi, union bank. Every bank I went to said "this is not possible". And there are not some rural branches, rather all are in big metro city branches.

Forget foreign currency cash deposit, I went to to SBI for foreign remittance to sister. As soon as I said, "I want to send money to Sweden" the immediate reply was "no, no, no, no, no. Sending money to foreign country is not allowed".

How funny. I returned home and sent from SBI netbanking. I knew it could be done online, but I went to branch to ask about the fees for transfer. But the way he said 5 times "no", and "not allowed" it felt like I said something criminal. (yes I counted those 5 times "no").

 

[telescope]

Anyone ever deposited, or know about how to deposit, USD - cash, to an Indian bank account of a "non-NRI" (Indian) customer.

I know a little about inward remittance but ig thats for non-cash online transfers.

Go to authorised money exchanger such as Thomas Cook, orient, ebixcash etc. They'll give you far better rate than banks with much less hassle. All banks will do too much drama for the work which is not routine for them. PSU banks are worst.

 

[RAMESH BABU N]

Forex handling is NOT done by all branches - even if they are in urban or metro areas. Not permitted. Only type A n B category (forex wise) branches can handle by purchasing these instantly.

All other branches must send (currency n cheques n other instruments) to their nearest A/B branch on collection basis.

Even ADs operate on the same lines (hub n spokes method). The private players (ADs included) go out of the way to do forex business - for stiff targets n hefty commissions. Many of them do trxns outside the Reporting-to-RBI. Banks do not do that.

 

[tachniki]

600 USD is not much. I believe you have good reason to hold that. Call bookmyforex and ask them how you can sell them. They might give good rate. Else next check Thomas cook.