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Transferring Money .....Easy but not entirely simple  

        Transferring money from India is simple  but there are some limits on the amount that can be transferred.

How much money can I transfer?

According to the Reserve Bank of India's rules, one can transfer up to $100,000 or the estimated cost by your institution, whichever is higher. However, only $2000 can be carried in cash. The rest has to be in the form of travellers checks or bank drafts or you can wire the amount.

For more information visit the Reserve Bank of India's website.

Where do I get the foreign exchange from?

     Foreign exchange can be purchased from any authorized dealer. Authorized dealers include

• public banks like SBI,Indian bank
•  private banks like ICICI,
•  international banks like citi bank
• other institutions like Thomas cook .  

    For a complete list of dealers visit the website of the Foreign Exchange Dealers Association of India.

Drafts:

    A draft is a popular choice for transferring money. However, you should take care not to lose it while traveling or if you are mailing it make sure the address is correct. It does take a couple of days for the amount to be credited to your account.  You do not need to have a prior account in the bank you are about to deposit your money finally.

Wire transfer:

      Wire transfer is a fast, easy and safe method of transferring money.

       In order to make a wire transfer, you need to have an account in the USA. 

 You need your account number, your bank's address and its swift code. The bank address is actually the address of their closest branch with the facility for wire transfer. The swift code is used to make sure your money is transferred to the right place. A transfer is possible without a swift code but is considered risky.

If you have an account in a credit union, you cannot wire the money directly. It has to go through a larger bank and then to your credit union. This process requires a couple of days. 

How do I pay my fee before setting up my account here?

       Most universities have the facility where you can directly wire the money to their bank account here. Check your university for their bank account and wire transfer information.