A friend of mine in India who is a freelance has a client in USA , his client has only 2 modes of payment available , either USA bank account Transfer or Paypal Transfer, Paypal appears to be a costly affair due to high processing charges.
So he is looking for an account in USA to which his client can transfer the money.
Once the client credits his USA account with the fund he doesn't want to transfer all the funds from his USA account to his Indian account at once and want to transfer only a fixed amount every month.
Which are the best possible ways to achieve this with minimum processing charges.
how much does he gets paid in a month on an average? and how much balance can keep in that account?
beastboy wrote:
Which are the best possible ways to achieve this with minimum processing charges.
If your 'friend' wants to/has to declare the income, then the remittance would have to come from an account (person/ company) which the tax payer (your 'friend') can claim as having received professional remuneration from.
Book enteries shown as loans from relatives, family members.. thanks to creative accounting (by creative accountants) can even save tax, while still keeping it white.
(Somehow future book entries and legal fund transfers from the assessee to the loan giver can somewhat save taxes, while still keeping the nature of the income 'white').
If it does not matter to your 'friend' whether it becomes undeclared (black) money or remains white, then 'hawala' operators can remit funds locally in one region, while their (hawala operator's) counter-party accepts funds in another region.
Even 'hawala' operators, now-a-days, themselves too know of ways to convert black/ undeclared income too to white/declared. As such, many reputed firms and standalone accountants themselves are 'hawala' operators too.
P.S.: "Hawala" is a generic, desi term. But even the likes of (the big four after Lehman Brothers) ______ dash dash ______ too do the same thing for large sovereign funds or shady billionaires.
kukdookoo wrote:how much does he gets paid in a month on an average? and how much balance can keep in that account?
Paa ji, aapka iraada kya hai?
Koi https://amazon.in/dp/818400205X hai kya aap ka?
I think vested is the solution you are looking for
Check my old posts regarding the same.
It is nearly impossible to maintain USA bank account to hold the money as we like.
Payoneer.com will be good, but the amount gets transferred automatically to your Indian bank account (as per the RBI rule).
Ping me if you need referral to payoneer (which I am using for last 18months). No issues faced so far.
I use wise.com
USDC is good.
Either use Payoneer (DM for referral link) or sign up for Winvesta
beastboy wrote:https://prelaunch.vestedfinance.com/in/vested-m... Its in prelaunch stage, you can check it out
Link please bro
legend101 wrote:when is it scheduled to launch bro ?
https://prelaunch.vestedfinance.com/in/vested-m... Its in prelaunch stage, you can check it out
https://prelaunch.vestedfinance.com/in/vested-m...
But Only this link works and it takes to a waitlist page
https://www.livemint.com/money/personal-finance...
https://www.doola.com/blog/how-to-open-a-us-bus...
few usa banks allow to open bank account with indian passport. check the above links.
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