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Christine Diaz   14 June 2021

Company receiving foreign income

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 :)



 10 Replies

Sourav

Sourav (Student)     14 June 2021

International Wire transfer is best option
Christine Diaz

Christine Diaz   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 ?

Sourav

Sourav (Student)     15 June 2021

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

Christine Diaz   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

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

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

Christine Diaz

Christine Diaz   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

yasaswi gomes (My grammar is 💯 good I)     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

Christine Diaz   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

yasaswi gomes (My grammar is 💯 good I)     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

https://wise.com/in/blog/sbi-international-money-transfer

 

Sourav

Sourav (Student)     24 July 2021

Thanks yasaswi

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