Alright the problem is not as simple as it sounds. Let me explain.

I closed my German bank account after moving to India. The bank said they wouldn't do the international transfer to my Indian account and so I gave them my ex German colleague/friend's account to transfer the balance (~€10000) amount to and close the bank account for good. The colleague has moved to Italy since due to a new job. The bank account was negative interest rate and I didn't close it before leaving because I was expecting security deposits from several service providers due to service closures. In hindsight, closing the account would have been a better option even if that meant loosing a few hundred euros.

When my colleague tries to transfer me the money from Italy, my Indian bank asks me for the purpose of this transfer. The government (RBI) guidelines don't allow inward remittance from a non-relative. As soon as I give my bank the real reason, they return the funds to the remitter.

Peer to peer Paypal doesn't work in India and we have tried another online money transfer service which didn't work (it simply declined without providing a reason although I think at this point I can pretty much sense and understand their unwillingness). I haven't tried all online remittance services but I don't imagine a scenario where they can actually bypass the RBI rule.

Can I try the bankers check? Will that not pose the same problem?

Should I try cryptocurrency transfers? I don't have any experience with them but it seems feasible on the first reading. This seemingly creates a loophole in the draconian RBI remittance mechanism, or am I missing something? I would really not go down the cryptocurrency road because of the new technology and a lot of volatility but am I left with any other options?

2 Answers 2


While cryptocurrency is an option, as soon as you are able to cash out crypto quickly into rupees, the most recommended option would be a stablecoin, which reduces volatility. While the stablecoin is tied to ONE currency (e.g. euro), you must sort the cashing out into another currency yourself.

Another option is plain old cash, specifically carried when traveling. According to your needs to fly again to Europe someday (e.g. visiting your dear friend), you can think of flying back to India with 10.000€+ of cash. Travel SE is full of this topic. The trick is to search for customs officer, say hello to them, and immediately say that you are traveling with more that 10.000€ or equivalent in cash. You'll lose precious half hours of your life, but you'll get home with your cash. This option is intended only if you are planning a trip


So it turns out you can just transfer the money using online remittance platforms and they will simply assume that it is being sent from a family member to another without asking or verifying. Although this practice is not strictly ethical, this gets the work done without you having to lie. Transferring through traditional banks requires answring that question and then your money never arrives if you don't lie.

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