Timeline for Can I transfer money from an NRE account to a USA checking account?
Current License: CC BY-SA 3.0
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| Apr 13, 2017 at 12:25 | history | edited | CommunityBot |
replaced http://money.stackexchange.com/ with https://money.stackexchange.com/
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| Mar 19, 2015 at 20:08 | comment | added | Jay Patel - PayPal | Hey @DilipSarwate ! Thanks. A follow up question about the previous example. When I got the money back, it was $900. Would it be considered as a loss, and can I get the tax back of that 8% I already paid last year ? How would that work out ? | |
| Apr 14, 2014 at 2:26 | comment | added | Pratik | Ah.. got it.. How about (3) Which bank is good for NRO, NRE and FCNR a/c? (4) Can I transfer money withing my own NRO, NRE and FCNR a/c? (eg. FCNR <--to/from--> NRE , NRE <--to/from--> NRO ) Please help me understand | |
| Apr 13, 2014 at 19:54 | comment | added | Dilip Sarwate | @Pratik If you sent US$1000 to your NRE account when the exchange rate was INR 50 = US $1 (pre 2011), your deposit is INR 50,000. In one year, it earns 8%, say, so you have INR 54,000. Hopefully you declare that interest earned on your Form 1040 Schedule B and pay taxes on that. You now close the account and get all your money back in US $. But the exchange rate is INR 60 = US $1 (2013) on the day you convert, and so you get only US $900 back to deposit into your US checking account. So you earned 8% interest on your deposit, much more than you could have gotten from your US checking account. | |
| Apr 13, 2014 at 19:28 | comment | added | Pratik | Thanks a bunch for Dilip for accurate answer. (1) However I am not able understand "devaluation of the Indian Rupee (INR)", Is it because bank would give me lower rate? (2) Any rought idea, how much could be the misc charges? (3) Which bank is good for NRO, NRE and FCNR a/c? (4) Can I transfer money withing my own NRO, NRE and FCNR a/c? (eg. FCNR <--to/from--> NRE , NRE <--to/from--> NRO ) Please help me understand. | |
| Apr 13, 2014 at 19:15 | vote | accept | Pratik | ||
| Apr 13, 2014 at 14:35 | history | answered | Dilip Sarwate | CC BY-SA 3.0 |