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-   -   Money transfer limit from Switzerland to India (https://www.englishforum.ch/finance-banking-taxation/284815-money-transfer-limit-switzerland-india.html)

Sante 26.06.2018 11:52

Money transfer limit from Switzerland to India
 
Hi members,

What is the maximum amount I can send from Switzerland to India, In a month?

What is the limit and what will be charges if I send the money beyond the max limit

If you have any web source link for this information, then please share it. it will be helpful

Thank you

aSwissInTheUS 26.06.2018 12:04

Re: Money transfer limit from Switzerland to India
 
From the Swiss side: No limit.
At the Indian side: ???

sva 27.06.2018 01:57

Re: Money transfer limit from Switzerland to India
 
Quote:

Originally Posted by aSwissInTheUS (Post 2961362)
From the Swiss side: No limit.
At the Indian side: ???

No limit in India either. IN is very happy to receive forex.

Guest 27.06.2018 03:09

Re: Money transfer limit from Switzerland to India
 
Quote:

Originally Posted by Sante (Post 2961354)
Hi members,

What is the maximum amount I can send from Switzerland to India, In a month?

What is the limit and what will be charges if I send the money beyond the max limit

If you have any web source link for this information, then please share it. it will be helpful

Thank you

Your bank or other financial institution may impose a daily or monthly limit on the amount you can transfer. Other than that, you're limited by the amount of money you have to transfer and by your overdraft limit. :rolleyes:

Sante 27.06.2018 09:48

Re: Money transfer limit from Switzerland to India
 
Thank you everyone for your comments

Lets say I want to send 5K CHF to Indian account at a time from transferwise, so I need to check with the indian bank about the daily or monthly limit of the equivalent INR transfer?

grumpygrapefruit 27.06.2018 10:10

Re: Money transfer limit from Switzerland to India
 
Quote:

Originally Posted by Sante (Post 2961811)
Thank you everyone for your comments

Lets say I want to send 5K CHF to Indian account at a time from transferwise, so I need to check with the indian bank about the daily or monthly limit of the equivalent INR transfer?

You would get a more precise answer from the bank in India.

simple_person 27.06.2018 11:04

Re: Money transfer limit from Switzerland to India
 
Transferred much more than 5k using wire transfer or transferwise in past few years to Indian Bank. No problem so far. Don't forget to convert your accounts to NRE/NRO a/c first otherwise you may face questions.



Quote:

Originally Posted by Sante (Post 2961811)
Thank you everyone for your comments

Lets say I want to send 5K CHF to Indian account at a time from transferwise, so I need to check with the indian bank about the daily or monthly limit of the equivalent INR transfer?


Sante 27.06.2018 14:56

Re: Money transfer limit from Switzerland to India
 
Quote:

Originally Posted by simple_person (Post 2961901)
Transferred much more than 5k using wire transfer or transferwise in past few years to Indian Bank. No problem so far. Don't forget to convert your accounts to NRE/NRO a/c first otherwise you may face questions.

Thats a good set of information, thanks.

I generally transfer 1K chf to my dads savings account every month as Family maintenance. If I have understood your point then transferring 5K chf or more to savings account is questionable? Right?

ambypower 27.06.2018 15:09

Re: Money transfer limit from Switzerland to India
 
Quote:

Originally Posted by Sante (Post 2962048)
Thats a good set of information, thanks.

I generally transfer 1K chf to my dads savings account every month as Family maintenance. If I have understood your point then transferring 5K chf or more to savings account is questionable? Right?

There is no upper limit , although you might get a mail from your bank to explain the funds which is a formality i guess, got it only once when amount was more than 30.
If transferring to your own account in India ensure that you have converted it to NRE/NRO .

simple_person 27.06.2018 15:53

Re: Money transfer limit from Switzerland to India
 
If you transfer to your father's account then you don't need to change a/c status. Bank may raise question any forex received irrespective of the amount. But no need to worry if your father could explain source of the money.


Check with charted accountant about potential tax implications for your father. I hope this gift is exempted.

Quote:

Originally Posted by Sante (Post 2962048)
I generally transfer 1K chf to my dads savings account every month as Family maintenance. If I have understood your point then transferring 5K chf or more to savings account is questionable? Right?


IamMG 27.06.2018 22:42

Re: Money transfer limit from Switzerland to India
 
As long as you can justify your earnings, you are free to transfer to Resident / Non resident accounts. Banks may ask for a justification with receiver for the deposit if the amount is say > 100K.

One line reply stating the relationship with the depositor (you in this case) and reason for transfer (Family Maintenance for instance) should be sufficient.

FYI, Inward remittance is tax free in India.

simple_person 28.06.2018 09:40

Re: Money transfer limit from Switzerland to India
 
Are you sure? May be only if gifted to family members. Otherwise I doubt.



Quote:

Originally Posted by IamMG (Post 2962232)
Inward remittance is tax free in India.


Spinal 28.06.2018 09:54

Re: Money transfer limit from Switzerland to India
 
No upper limit - you'll get a call from your account manager (on both sides) asking a few questions, but that's about it.

IamMG 28.06.2018 22:46

Re: Money transfer limit from Switzerland to India
 
Quote:

Originally Posted by simple_person (Post 2962321)
Are you sure? May be only if gifted to family members. Otherwise I doubt.

Remittance to relatives is tax free. However, for others 50K per financial year is tax free.

roadrabbit 04.07.2018 06:15

Re: Money transfer limit from Switzerland to India
 
Quote:

Originally Posted by Sante (Post 2961354)
Hi members,

What is the maximum amount I can send from Switzerland to India, In a month?

What is the limit and what will be charges if I send the money beyond the max limit

If you have any web source link for this information, then please share it. it will be helpful

Thank you

https://www.monito.com/send-money/sw...inr/60000?mail

Maximum amount you can do per transfer with Transferwise is 60000 chf.
But you can do multiple transfers.
Check out their new "Borderless Account".Very nice to just park some currency in.

MeynGuy 05.07.2018 20:09

Re: Money transfer limit from Switzerland to India
 
Guys,

Remember to transfer money from your local bank to your Indian NRE bank account and not your NRO/regular savings bank account. (and do it only with transferwise)

If you don't know what an NRE bank account it, let me know, I'm considering to write a blog about it.

[link removed]

simple_person 06.07.2018 07:58

Re: Money transfer limit from Switzerland to India
 
Not true, one can transfer to NRO a/c. Main difference in NRE and NRO a/c is that from NRE a/c money can be repatriated but not from NRO. Another difference is that TDS on interest is applicable in NRO but Its exempt in NRE a/c.



Quote:

Originally Posted by MeynGuy (Post 2965053)
Guys,

Remember to transfer money from your local bank to your Indian NRE bank account and not your NRO/regular savings bank account. (and do it only with transferwise)


[link removed]


MeynGuy 06.07.2018 10:44

Re: Money transfer limit from Switzerland to India
 
Quote:

Originally Posted by simple_person (Post 2965153)
Not true, one can transfer to NRO a/c. Main difference in NRE and NRO a/c is that from NRE a/c money can be repatriated but not from NRO. Another difference is that TDS on interest is applicable in NRO but Its exempt in NRE a/c.

ok, Sorry, I forgot to post the main difference. Of course you can send it to any account, but if its in your NRO account, it will be taxable by the Govt of India, even the money earned was from a country which has an agreement with India for avoiding double taxation.

simple_person 06.07.2018 11:53

Re: Money transfer limit from Switzerland to India
 
Only interest is taxable that also you can easily get back after filing Indian income tax return if your income in India is below threshold or declare tax deducted in India in Swiss income tax return along with the interest income from Indian a/c.



Quote:

Originally Posted by MeynGuy (Post 2965205)
ok, Sorry, I forgot to post the main difference. Of course you can send it to any account, but if its in your NRO account, it will be taxable by the Govt of India, even the money earned was from a country which has an agreement with India for avoiding double taxation.


Sante 06.07.2018 16:19

Re: Money transfer limit from Switzerland to India
 
Thanks a lot for all your inputs

For now I am not sending higher amount to India.. How ever this month I sent more than 1500CHF .. Lets see if bank asks for any explanations

I will post here if I get any email or call from bank about the transfer


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