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How to convert indian rupees to USD?

Discussion in 'Money Matters' started by Renu1999, Apr 11, 2010.

  1. Renu1999

    Renu1999 Bronze IL'ite

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    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..
     
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  2. SriVidya75

    SriVidya75 Platinum IL'ite

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    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??
     
  3. orion80

    orion80 Platinum IL'ite

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    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
     
  4. Renu1999

    Renu1999 Bronze IL'ite

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    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.
     
  5. tashidelek2002

    tashidelek2002 IL Hall of Fame

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    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.
     
  6. SriVidya75

    SriVidya75 Platinum IL'ite

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    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.
     
  7. orion80

    orion80 Platinum IL'ite

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    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
     
  8. Renu1999

    Renu1999 Bronze IL'ite

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    Thanks everyone for the prompt reply..
     

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