I am a freelancer having Indian nationality and residing in India. I own and operate Sub-Affiliate program of US based company.
I have bank accounts in India which operates in INR (Indian Currency).
Here is the issue I am facing.
I receive funds from my main affiliate program in USD which gets converted to INR, when they hit my local Bank account and I needed to pay my Sub-affiliates in USD as they are located outside of India, and they wants funds in their Bank account, So I need to do wire transfer from my local bank account. At the time of Wire transfer funds gets converted back from INR to USD.
So basically I have to pay money conversion fees twice, leaving me much less profit. One more issue is that I can't wire transfer more than 100k USD in single year from India as there are restrictions by government.
I can see only one option for me, opening Offshore bank account which operates in USD and provides International Wire transfer service via their Internet based site/portal. So I can receive funds in offshore account and send funds from offshore account and transfer the remaining funds which is profit to my bank account in India.
My question is: which Bank / Country Allows Indian customers to open offshore bank account without needing me to visiting them in person and don't have hefty minimum amounts like 50k USD?
(Also, supports USD currency and online international wire transfer.)
I have tried asking local banks to open an account for me in USD, but it's not possible because of Indian laws and regulations.