Make sure the changes made from time to time that need to check on foreign inward remittance and any requirement of separate account for inward amount credit, Find the different ways to receive the foreign inward remittance…
Money transfer is a regular component of every individual or firm from place to another, and in this manner people do a lot of transactions to send money to their family or friends from overseas countries, where the National and International Banks in India are upgraded to accept this amount sent from any overseas bank without getting the customer in trouble.
There is no new account, or any separate thing needed to be opened in the Bank, as the Indian accounts can accept any foreign inward remittance transaction with approval of their manager, and there are no restrictions, or any approvals required until you have valid proof of earning for money transferred.
How to Get Foreign Inward Amount Remittance
The process of sending and accepting money has now been made more efficient with a verified interface, and they do not ask you for any new ad-on in the account, except having a verified and active user in the Indian bank.
There are multiple ways by which you can get the Foreign Inward Amount which your respective bank can accept.
Transfer Wise: This is an most used interface which accepts the money by having a low cost on transaction charges and having a fair money transfer, where the transaction rates are kept transparent and there will not be any hidden fee for the amount being transferred, and it allows your bank account to accept money from 59 countries to India with having a free sign up option.
PayPal: This is another way which you can use to get the Foreign Inward Amount to your Indian bank account which uses payment links or payment links with no charges, and there is no commitment, maintenance or annual fee for maintaining the PayPal accounts, and these platforms only process the payment in Indian Rupees, and you need to connect with Instamojo to get accepted with international payments.
Payoneer: This platform allows you to get the Foreign Inward amount in USD, EUR, GBP, JPY, CAD, AUD, MXN and others in Indian local accounts, and this makes it easier to get the amount moved to your savings account easily and it does take a 2 percent transaction fee for the transaction amount.
SBI: State Bank of India does have an international platform to connect with the SBI account or any other Indian based accounts, and there are options to send money from Abroad to Indian which contain wire transfer, demand draft or their express Remit, and based on your savings or business account you can use this option form SBI to get foreign inward amount.
HDFC Bank: The Indian HDFC bank does allow to receive amounts from 22 currencies with being an option of demand draft or foreign currency cheque, and there are HDFC branches in every country which it is linked with to allow their customers to transfer money to India.
ICICI Bank: ICICI bank uses the remittance of foreign inward to accept money to Indian business or savings accounts, and it will take 1 or 2 days to get money added in our India account through any transaction method which has been used, where the ICICI charges for wire transfer should be collected.
Axis Bank: The AXIS bank also recovers your foreign inward amount to your accounts in India directly, and this takes a lower transaction fee for the amount being sent from any foreign country and the amount will be credited as per the current conversion rate applied during the time of credit.
Do we need a tax report to credit foreign inward amounts?
Yes, as per the conditions of bankers in India, they do accept the currency from any country that has been credited to your account, and an individual who is accepting the amount must provide a valid tax report for money and justification for him for receiving the international funds into his account.
Do I need to pay Tax in India as well for Foreign Amount?
No, as the transaction that has been invited will debit the amount of taxation applied on your total amount, and thus there is no need to pay in excess for the amount received in your India account which is termed all yours.
How many days it will take to get a Foreign Inward amount?
As to get the foreign inward amount remittance it will practically take between 1 to 3 days in total, and if your money is delayed yet to be deposited in your account, then you need to visit the bank to ask them where the amount has been stuck, and in many cases bankers don’t credit the amount, as they seek a reason for funds being transferred to your account.