Forex Rates Indian Bank
Wht are the rules and nature of ACC bank. for wages paid in Australia while wrkng at home in India.?
The company where I work is a small company based in Australia. I am paid every two weeks (apprx. 750 AUD). I am an Indian citizen and permanent resident of India. Until now, my payments came through Western Union. But now I want to have a bank account to which my own money wage is paid fortnightly. I need to know how I do. I do not have too many NAPs. Is an economy Acc. with a bank like HDFC or SBI enough, their BSB number can be used to facilitate the international transfer? How much does it (the transfer of two weeks) cost me? What is the exchange regulations in question? What are the upper limits for such Remittances? Do I need a PAN number for these payments? The exchange rates used by banks at a floating rate? I would be grateful beyond words, if someone could help me respect that! Wonder thank you Angel
Hello, create an account with SBI. His charges remttance are cheaper and you will be able to get money fast your account also back. They charge 300 rupees for payment in foreign currency savings account. Conversion rate will of course depend on the AUD rate that day. They have no fixed rate. You can also open a current account and keep money in AUD himself. You can even ask your employer to pay you monthly. This way you can save Rs 300. You wiil need the swift code of the branch where you open your savings account. If your agency is not connected to the Swift system, it will pass by a branch that is connected to the Swift Code. You'll also need the IBAN no. It swift code of SBI branch located in Australia through which the money will come from India. You should ask your employer if they are ready to pay transfer fees, as this can be costly if they do not because it will get deducted from your 750 AUDS. You have to work it with your employers. Also if the amount transferred is above 5000 AUDS (I think) the SBI branch in Australia deduct an additional 15-20 AUDS. You not need a PAN no. receive these payments. But then you have to complete a 16 to open an account. And anyway you will need a No. PAN because you pay your taxes. There is nothing to worry about. So Here's what you do: Get a No NAP Open a savings account in SBI. All Swift Code details. Get the route of money very clearly. Ask your employer if they are willing to bear transfer fees. And if you trust your employers to ask them to transfer the money once in a month or two months (leaving only the lower amount that from 3000 to 5000 AUDS so that the additional deduction is not the case). Hope this helps.
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