Hi, We want to collect our rent in India and transfer it here to USD dollar ? Is there any ways I can do it? I tried my best but failed it seems it is impossible . Could you please let me know if there is any way I can do it. From my knowledge what I heard from ICICI people. With Nre: deposit in dollar and take it out in indian rupee NRO: deposit in Dollar or rupees and take it out in Rupee It seems no way we can deposit in rupee and collect it in dollar .. please let me know if we can do it anyways ? I really need to know it immediately please share your views on it..
Renu How about bank transfer? i.e whoever is paying rent why dont they transfer amount in Indian rupees to your bank in US ..that way they can send Indian rupees to your bank in US and you can see it in $ in your bank here. (just like the way we do money transfer to India)...does that sound ok??
Renu, As SriVidya suggested, Bank transfer is a good option. You can also use Paypal. They can transfer INR from their card to your paypal account and you can withdraw it in USD. It is simple and the charges are more or less similar to bank transfer. -Lakshmi
Thanks Srividhya and lakshmi for your quick reply. Is pay pal safe to use? I looked at their website it doesn't look like any bank and there may not be any bank statement for any record. If you have any experience using that please do share.
I was wondering if you could have them deposit in rupees in rupees bank account in India and then take it out in USA via ATM card.
Paypal is associated to your bank account in USA and for your tenant their Indian bank account is associated to the pay pal account...All the amount transactions would show up in your respective bank statements and paypal also has the transaction list/statements.
Paypai is safe to use. I have used paypal in the past when i was working as a freelancer for a Canadian startup company. They paid me in CAD, credited to my paypal account and i used to transfer the money to my linked savings account. As SriVidya said, the transactions are reflected both in your paypal account and in the bank account with which you link your paypal account. If you dont want to link your bank account with paypal, you can do online shopping with the amount in your paypal account. Yes, this can be done. But the charges are very high. -Lakshmi
