I have opened an NRE account with IDFC Bank. They are asking me that my first fund should be transferred directly from my US bank account (possibly through wire transfer). Is there any rule like this by RBI? Any link?
IDFC is saying that next transfers could be from other money exchange services like Xoom, TransferWise, etc. However, the first transfer had to be directly from US Bank Account. I have told them that I could provide bank account details in USA, but they are still asking for that first transaction.
Wire transfer generally costs high charge of more than $35-40. I don't want to spend that much money for nothing. This is why I am trying to avoid wire-transfer.