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Company receiving foreign income

14 June 2021

My OPC will be receiving foreign income of more than 50k usd per year. Should i go for international wire transfer or paypal ?

Paypal is safest but enormous fees -- something like 10 percent. Bank Wire will give me 5 percent fees -- but is it safe ?

Thanks sir :)

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10 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 14 June 2021

International Wire transfer is best option

Christine Diaz (132 Points)
Replied 15 June 2021

Originally posted by : Sourav
	International Wire transfer is best option

Thanks sir . Is international wire transfer safe ? Could the transfer get lost or suffer large delays because of intermediary banks ?

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 15 June 2021

No i think it will not create any consequences but you should atleast make a conversation with banks

Christine Diaz (132 Points)
Replied 15 June 2021

Originally posted by : Sourav
	No i think it will not create any consequences but you should atleast make a conversation with banks

I just created a logo sir. Should i trademark it? I will not be using it on tv ads or print ads. I will only use on letterhead and invoice, receipts. Thanks sir :)

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 15 June 2021

Wire transfer is best but delay will be there sometimes but not more than three days.

Christine Diaz (132 Points)
Replied 16 June 2021

Originally posted by : yasaswi gomes
	Wire transfer is best but delay will be there sometimes but not more than three days.

But what about loss of money because of bank wire, sir ? I have heard that if loss happens because of intermediaries, it is very hard track in swift transfers. Thanks sir :)

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 16 June 2021

One will be given a swift code and if anything goes wrong you can track it through police complaint. But it does take one year to track. Your correct but still it is the best.

Christine Diaz (132 Points)
Replied 17 June 2021

Originally posted by : yasaswi gomes
	One will be given a swift code and if anything goes wrong you can track it through police complaint. But it does take one year to track. Your correct but still it is the best.

For 7k usd, paypal charges 700 usd -- paypal fees + forex fees. What will be fee for bank wire sir ???

And how safe is bank wire ?

Thanks sir and madam .

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 17 June 2021

Western union is free upto 2500 USD. Send in packages if possible. SBI is cheaper for n remittances

Method of Remittance	Charges
Express Remit	₹250/-
Demand Draft	0.30% of the amount, with a minimum of ₹300/-
Wire Transfer	Current TT buying rate + exchange margin @ 0.125% + interest @ 15% (depending on bank branch)
Western Union	No charges for the receiver
Personal Cheque	Current T.T. buying rate + exchange margin @ 0.125% + interest @ 15% + ₹100