Question create a offshore bank account + money transfer way

[bossman]

hello, I want to create an offshore bank account which allows me for international payment like SEPA, linking bank account to paypal, revolut. Also my money will be in India/Nepal. Can anyone suggest a way to transfer money cheaply from india/Nepal to any other countries like us, uk, eur?

 

[VESTANON]

hello, I want to create an offshore bank account which allows me for international payment like SEPA, linking bank account to paypal, revolut. Also my money will be in India/Nepal. Can anyone suggest a way to transfer money cheaply from india/Nepal to any other countries like us, uk, eur?

Get a physical bank acct, biz bank specific allowing for incoming/outgoing payments from india/nepal.

biz bank should consist of criterias allowing for outgoing transactions globally via Swift facility,SEPA, as well as online capabilities and dasboard, to jurisdictions such as UK/EU.

cheap transfers as you rightly stated would be via physical banking.

channels such as paypal,EMIs tend to freeze funds at certain points.

 

[bossman]

Get a physical bank acct, biz bank specific allowing for incoming/outgoing payments from india/nepal.

biz bank should consist of criterias allowing for outgoing transactions globally via Swift facility,SEPA, as well as online capabilities and dasboard, to jurisdictions such as UK/EU.

cheap transfers as you rightly stated would be via physical banking.

channels such as paypal,EMIs tend to freeze funds at certain points.

If I create a biz bank account, how would I add fund to it from India/Nepal? will there be any limit? how much charge do I need to pay?

also what is biz bank?? can you give me some example? how hard is it to create one? can I create it online?

 

[uplana]

Can you use Wise, if so, it would be the absolute cheapest way to move money around.

 

[bossman]

Can you use Wise, if so, it would be the absolute cheapest way to move money around.

nope, using wise I've to pay 8-12% fee.

 

[VESTANON]

If I create a biz bank account, how would I add fund to it from India/Nepal?

you would simply fund it, via swift/wire facility using the local banks within india..

will there be any limit? how much charge do I need to pay?

simply daily outgoing limits as specified by your local banks in india/nepal.

charges simply based on local banks outgoing transfer rates..highly likely you would need a walk in visit to the banking hall, to confirm first hand current fees,levies etc.

also what is biz bank?? can you give me some example? how hard is it to create one? can I create it online?

biz bank stands for business bank acct.

Eg:
HSBC business bank acct
STB business bank acct.
Bank Of India business Bank Acct

difficulty would be based on criterias, docs required, opening deposit,days or durations well as basic banking requirements....
Physical business bank acct, basically less tedious compared to EMI business bank accts as this could take a few days, for Due diligence,verification procedures etc.

creating online would be an EMI business bank acct...Wise,Advcash etc..
specific physical banks allow for online acct opening, though towards final steps, a physical visit might be required etc..

 

[bossman]

you would simply fund it, via swift/wire facility using the local banks within india..

India has a transaction limit of 250k usd per year, if i follow this, do you think I can surpass the limit? also 5%tds per transaction.do you think any fx service can collab with me?

 

[VESTANON]

if you intend surpassing the limits, then you would require a direct arrangement with the bank of choice within india. during pre bank acct approval process on your intentions,possible and expected outgoing transfer limits etc..

yes, your local FX services might be willing to collab if out going amounts would be viable enough to create an appetite, might require a license of sorts, paper work, a joint venture /shareholder scenario...

You could PM , for specifics as this is a public thread, and certain specifics arent allowed on public threads.