I am travelling to USA for a stay about 1 year. I have recently opened an account in the bank of America. Now I want to deposit some cash for my stay in the same account. Please let me know the best possible way I can deposit my liquid INR to US$ in the bank of America account.
TL;DR: If you have < $1000 - < $2000 worth of money, use a travel card (you can easily get one from Axis Bank) otherwise use a wire transfer for either your Bank Account or from a Forex Service.
I happen to have a BoA account as well, so I do this quite often. In India, in order to transfer money to the US, you have three options,
Now, let's talk about the costs,
Unforunately this depends more on your negotiation skills that anything else, for a small amount i.e < $1000, carrying in your Travel Card would be a better option, otherwise, using one of the two services I mentioned is better.
Now, I have gotten better rates from the bank as well as 3rd party dealers with respect to Forex Bank Transfers but typically for larger amounts i.e > $10000 you are looking at an additional rate of about 0.3 - 0.5%. For the travel card, the rate is usually 1% is the norm.
Note: BoA will charge you about $12 for an incoming wire transfer whereas the banks I mentioned might charge you a flat fee of about $10 or Rs. 500 for both travel cards and wire transfers. As you might expect, these depend on the Bank/Forex Service. If you carry the travel card and you withdraw money from the card, a fee of $2 is usually charged by the withdrawing ATM (in this case a BoA ATM) and of course to deposit the money into your account, (maximum of $800 per transaction in both cases i.e if you have more, then you need to withdraw and deposit multiple times).
Lastly, what documentation do you require,
Simple, all you need is the Swift Code (For BoA USD trasfers BOFAUS3N) of the bank and the Bank Account (either Checking or Saving, any one is OK) number you wish to transfer to and although not required, but the branch of the bank will be additional information which won't hurt. Basically any information which is required to uniquely identify the transaction to your unique account.
To add, I would be highly surprised if you carried a major amount of money outside India in INR. This is not allowed as per the FEMA act and is clearly mentioned on the Reserve Bank of India Website FAQ,
More information about the same has also been discussed earlier on this website, check this question, Is it really forbidden to cross the Indian border with Indian rupee?
In case you did though, there is not much you can do with it, because it is ultimately illegal and if you turn up with that sum of money in Indian Rupees anywhere outside India, you will turn heads and you risk confiscation of that money.
If you are still in India, then have your bank wire the funds to your account in the USA. Not sure what all your bank in India might require, but usually it is the SWIFT code for BoA, your account number and perhaps the branch your account was opened at.
If you are in the USA already, take your cash to the bank. When I had an account at BoA, they would accept foreign cash for deposit in my account. It usually took a few days before being fully credited as they had to send the currency to their foreign exchange center and the exchange rate was determined the day it actually made it there.
protected by Community♦ Aug 12 at 12:50
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