I am relocating to Texas from India along with my family in the month of July 2019 to pursue a Phd. In order to effect a smooth transition, would like some advice on how to setup things to manage my first month seamlessly. I have the following doubts:
- My current assets are in the form of cash and equities. What is the best way to manage these assets going forward? I'm assuming I will have to convert my current savings accounts into NRO + NRE accounts and manage the equities through the PIS account. If anyone could help out on timelines of this process - would be great.
- I would want to land in US with a certain seed amount - say $10k. What is the best way to do this? I would want to take this seed money from my current accumulated capital. Should I just convert into cash through a broker and carry, or is there a better way?
- How much time does it take to open a bank account in US? And what is the best way to transfer the money that I have in India to US? And what would be the tax implications for the same?
- What happens to existing credit cards that I hold? Should I cancel them?
Any additional information would be incredibly useful. Thanks!