I live in India and I have gained some money in forex trading. How can I transfer the money to my bank account? Is there any legal restriction? Can I transfer from Skrill?
You can use Skrill or any other service like paypal or SWIFT wire. There is no legal restriction to bring money into India. You need to pay taxes depending on how you earned the income, of course the assumption is you earned the money in a legal way.
This would depend on what transfer methods your Forex broker allows. Most will allow you to have a check or wire transfer sent...best thing would be to call/email your broker and ask how to get the money into your account.
Keep in mind, many brokers will force you to withdraw using the same funding method you used to deposit, up to the amount of the deposit. For example, if I fund my Forex account with $500 on a credit card and make $500 profit, I now have $1,000 sitting in my Forex account. The broker will force me to withdraw $500 as a credit to my credit card before allowing me to use another withdrawal method. This is an anti-money laundering precaution.
protected by Chris W. Rea Sep 9 '17 at 15:29
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