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Old 06-07-2017, 07:54 PM
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Default Futures Trading with USA based Broker

Hello Friends

I wanted to open a trading account with a US based broker. Has anyone in here on this forum done so ?

Wanted to know :
1)How do you transfer funds to such brokers , considering its illegal to transfer funds to offshore for trading purpose ? .... Do banks or government official inquire about such transfers ?

2)How do we transfer profits back to INDIA ? Do Banks allow such transfer backs to india if we clarify that this are from my trading account in USA ?

Any help or personal experience would be appreciated.

Regards.
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Old 07-07-2017, 12:42 AM
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Originally Posted by stumper View Post
Hello Friends

I wanted to open a trading account with a US based broker. Has anyone in here on this forum done so ?

Wanted to know :
1)How do you transfer funds to such brokers , considering its illegal to transfer funds to offshore for trading purpose ? .... Do banks or government official inquire about such transfers ?

2)How do we transfer profits back to INDIA ? Do Banks allow such transfer backs to india if we clarify that this are from my trading account in USA ?

Any help or personal experience would be appreciated.

Regards.

Easiest way is to have an account from your any abroad friend link. Operate from India. Trust is must in this.
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Old 07-07-2017, 03:52 PM
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Originally Posted by stumper View Post
Hello Friends

I wanted to open a trading account with a US based broker. Has anyone in here on this forum done so ?

Wanted to know :
1)How do you transfer funds to such brokers , considering its illegal to transfer funds to offshore for trading purpose ? .... Do banks or government official inquire about such transfers ?

2)How do we transfer profits back to INDIA ? Do Banks allow such transfer backs to india if we clarify that this are from my trading account in USA ?

Any help or personal experience would be appreciated.

Regards.

As DD said best is to open with your known person name in the US. Tell him to transfer required amt and then transfer same amt. to his A/c from India.
best is to find some student/inter/trainee. they mostly will not turn u down

But still you can check with IB india office. but with IB it is going to be expensive deal.

If you able to do this, please update on this thread as well.
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Old 07-07-2017, 06:00 PM
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Originally Posted by vikkas View Post
As DD said best is to open with your known person name in the US. Tell him to transfer required amt and then transfer same amt. to his A/c from India.
best is to find some student/inter/trainee. they mostly will not turn u down

But still you can check with IB india office. but with IB it is going to be expensive deal.

If you able to do this, please update on this thread as well.

If you mean Interactive Brokers, they don't allow
You have to have $ currency currant account
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Old 09-07-2017, 10:26 PM
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Originally Posted by vikkas View Post
As DD said best is to open with your known person name in the US. Tell him to transfer required amt and then transfer same amt. to his A/c from India.

You mean to say, that i ask a USA based friend to transfer the amount to my brokerage amount and then transfer the amount to his India Account ? .... All the while the trading account is in my name ?

One more question ...What happens when i want to transfer the profits back to India ?
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Old 10-07-2017, 10:07 AM
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Originally Posted by stumper View Post
You mean to say, that i ask a USA based friend to transfer the amount to my brokerage amount and then transfer the amount to his India Account ? .... All the while the trading account is in my name ?

One more question ...What happens when i want to transfer the profits back to India ?

Foreign Trading A/c will not be in your name.

Your friend/link need to open account with his name, will deposit his $ in that account and give access to trade to you. Thats it.

Now there are two/three ways to pay him,

1) Transfer/Deposit equivalent INR to any of his account in India

2) Pay by International credit card to his cc directly.

3) Pay by PayPal, if you both have PayPal a/c. ( you need to confirm from PayPal that if two Indian resident can transfer $ in between them)
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Old 12-07-2017, 08:30 AM
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Originally Posted by stumper View Post
You mean to say, that i ask a USA based friend to transfer the amount to my brokerage amount and then transfer the amount to his India Account ? .... All the while the trading account is in my name ?

One more question ...What happens when i want to transfer the profits back to India ?

No it remain on his name. I don't think u can open A/c on your name when u have no Legal Doc. of US of A.

1. Payment transfers can be made from Banks/Paypals etc but Wells Fargo will charge u roughly 0.7% per transcation.

2. Best way to do this is Do transfer using Bitcoin. It is most cheap I every seen. I just telling u what I heard on internet. Never done this.
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Old 15-07-2017, 04:19 PM
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Originally Posted by stumper View Post
Hello Friends

I wanted to open a trading account with a US based broker. Has anyone in here on this forum done so ?

Wanted to know :
1)How do you transfer funds to such brokers , considering its illegal to transfer funds to offshore for trading purpose ? .... Do banks or government official inquire about such transfers ?

2)How do we transfer profits back to INDIA ? Do Banks allow such transfer backs to india if we clarify that this are from my trading account in USA ?

Any help or personal experience would be appreciated.

Regards.


As clarified by other members above, the trading account has to be in the name of your contact who is abroad. He/She will give you the login and Password and you can do trading through web based interface. You can pay your contact via wire transfer or other means suggested above. If I remember correctly you can transfer upto 200,000 USD through any of the Indian banks at the existing exchange rates. You need to find a valid reason for paying that amount. No prior permission by RBI is required.

To get the money back to India, your contact can open an NRI account and give you power of operating that account in India. In the NRI account your contact will open the NRI account abroad in nearest branch of any Indian banks (like SBI) and send relevant papers by post to you which you have to take to the NRI branch of that bank in India. Once this is done, the NRI account can be operated by you, with cheque book and ATM card like any other normal bank account. Only restriction is you can not deposit Indian currency in this account in India. You can only withdraw the money and only in indian currency. Depositing of cheques in foreign currency in this Indian NRI account is allowed but clearing takes about a month (The cheque has to be sent to the concerned country).

I am writing this with my own experience (not trading, but operating the NRI account and sending money abroad).


-Anant
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