USA bank account for Indian Residents - What are all the options?

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Deal Subedar
ramadesidime

I am in the need of USA bank checking account. I should be able to deposit USD and transfer it to INR in Indian bank.
Currently, I use payoneer.com. It is good, but it will not allow depositing/transferring USD by individual from their accounts in USA. It has to be company account in USA.

I found the below bank details from one of the thread in DD.

https://www.aeldr...m/

Is the above bank good. Any known and unknown issues?

Any other good options?

Can we open SBI/HDFC USD accounts being Indian Resident?

Edit:
What are all the tax implication having USA bank account?

Update: Any resident Indian can open USA bank account. However, he is supposed to file ITR2 for tax purpose. That is the catch.

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Deal Cadet Deal Cadet
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@Nighthawk69 just checking if I can tag myself stuck_out_tongue_winking_eye Btw I use PayPal. following thread to learn about your option.

Deal Cadet Deal Cadet
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I’ve used Aeldra. It’s a good, totally free US bank account. You may go for it.

Deal Lieutenant Deal Lieutenant
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U can open usd account through NRE route provided u have a work or permanent visa in any country

Critic Critic
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ramadesidime wrote:

Tried to open with Aeldra, it keeps onnnnnnnnn loaaaaaaaaading.
Can some one just try, check if it works from your laptop/network?
https://prod.aeldra.com/get-s...ed

On laptop with local cable ISP connection the acc open button clicking result in nothing but on Vi 4g chrome mobile was able to see the first screen after clicking the open acc button where need to select country of citizenship.

Deal Cadet Deal Cadet
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yolodime wrote:

I’ve used Aeldra. It’s a good, totally free US bank account. You may go for it.

Were u able to transfer money from US acc to India acc? AFAIK, aldera doesn’t allow that

Deal Subedar Deal Subedar
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guest_999 wrote:

On laptop with local cable ISP connection the acc open button clicking result in nothing but on Vi 4g chrome mobile was able to see the first screen after clicking the open acc button where need to select country of citizenship.

It worked today morning. After giving all the details, it displayed last four digits of account number and also mentioned it is being reviewed.

Looks like, it is not instant, it may take couple of days.

Deal Subedar Deal Subedar
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stranger333 wrote:

Were u able to transfer money from US acc to India acc? AFAIK, aldera doesn’t allow that

Are you saying, it is not possible to transfer to ANY Indian bank account?

They mentioned in the website:
It is going to be checking account (in Indian terms, it is current account with zero interest on the total balance).
Also, the founder is Indian and it is for targeting Indian residents.

I am assuming that , this checking account will work for any number of online credits and debits (any one can deposit and also you will be able to pay any one using netbanking) and also allow it to transfer to INR using TransWise.

Who ever using it, please clarify.

I am only afraid, If all credits are considered as income by Indian Tax law, we will have a issue.

Deal Cadet Deal Cadet
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stranger333 wrote:

Were u able to transfer money from US acc to India acc? AFAIK, aldera doesn’t allow that

You can use Transferwise to transfer your money from Aeldra to any Indian bank account.

But I’ve not tried it yet.

Deal Newbie Deal Newbie
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Aeldra smells like a scam, stay away! Their website looks good on the surface but if you try digging up details on their team or partnerships, you won’t find anything except paid press releases from Indian news websites.

https://www.reddit.com/r/IndiaInvestments/comme...

Positive comments are clearly from paid shills (comment history indicates they’re not Indian, and one of the guys vouching for Aeldra is actually their lead developer LOL)

Cool Cool
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luciferous wrote:

Have the account for a year now but haven’t used it yet.

The account is free and no charges

Tax implications you can read this https://www.livemint.com/news/india/5-tax-at-so...

Benefits and features seems very tempting.
Any advantage having such account? Like no plans of going/settling to US, still keeping this.

Deal Cadet Deal Cadet
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yolodime wrote:

You can use Transferwise to transfer your money from Aeldra to any Indian bank account.

But I’ve not tried it yet.

I had called them few months back and only option you have is to use western union money transfer which will kill you on fx conversion rate.

Deal Subedar Deal Subedar
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I believe that based on all these comments here and else where, they are struggling for some thing.
Not worth the risk.

Need info about any other reliable online bank. Please share, if you know.

Deal Subedar Deal Subedar
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I have not got any solution for this.

Until I get a good USA bank account, thinking of using paypal to accept international payments in USD.

I have old paypal account and it is connected to my Indian bank account, never tried to receive the international payments.

Is that enough to receive the international payments?

I have searched DD found out that INR to INR needs KYC and USD to INR needs just Indian bank account.
Am I in correct direction?

Deal Subedar Deal Subedar
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its been a month – what decided @ramadesidime?
@yolodime @stranger333 @luciferous
can u guys suggest which way to send money from india to us bank account?
i have Santander us bank account (age >25) – it has 13usd as charges for each international credit wire transfers!
any other way or bank accounts?
@admin
- i seriously missing DD kind of sites in US for chatting/communication across the nationals to find suggesstions like this!

Deal Hunter Deal Hunter
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vickyVicky wrote:

its been a month – what decided @ramadesidime?
@yolodime @stranger333 @luciferous
can u guys suggest which way to send money from india to us bank account?
i have Santander us bank account (age >25) – it has 13usd as charges for each international credit wire transfers!
any other way or bank accounts?
@admin
- i seriously missing DD kind of sites in US for chatting/communication across the nationals to find suggesstions like this!

check DBS bank account once

Analyst Analyst
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vickyVicky wrote:

its been a month – what decided @ramadesidime?
@yolodime @stranger333 @luciferous
can u guys suggest which way to send money from india to us bank account?
i have Santander us bank account (age >25) – it has 13usd as charges for each international credit wire transfers!
any other way or bank accounts?
@admin
- i seriously missing DD kind of sites in US for chatting/communication across the nationals to find suggesstions like this!

Most incoming/outgoing wire transfers are chargeable. A few institutions offer free incoming domestic wire, but if it comes to international, they will take advantage.

try slickdeals.net for dd kind of

Deal Subedar Deal Subedar
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Do not open a financial account, if you do not know about taxes – Bade Shyane

Deal Cadet Deal Cadet
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ramadesidime wrote:

I have not got any solution for this.

Until I get a good USA bank account, thinking of using paypal to accept international payments in USD.

I have old paypal account and it is connected to my Indian bank account, never tried to receive the international payments.

Is that enough to receive the international payments?

I have searched DD found out that INR to INR needs KYC and USD to INR needs just Indian bank account.
Am I in correct direction?

Open Aeldra bank account and use Wise.com for transfers.

Deal Subedar Deal Subedar
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vickyVicky wrote:

its been a month – what decided @ramadesidime?
@yolodime @stranger333 @luciferous
can u guys suggest which way to send money from india to us bank account?
i have Santander us bank account (age >25) – it has 13usd as charges for each international credit wire transfers!
any other way or bank accounts?
@admin
- i seriously missing DD kind of sites in US for chatting/communication across the nationals to find suggesstions like this!

After gathering all the info, I strongly believe, that personal USD accounts are not worth that much.

Any credit into these USD accounts and Wire transfers into our INR bank accounts are straight way taxable in India (except the family person wire transferring money from abroad).

I felt, business accounts (USD in USA or INR in India) are better, sine we can claim official expenses and salaries for staff.

Currently using payoneer and paypal for inward transfers with 10% transaction loss.

@yolodime fyi.

Deal Cadet Deal Cadet
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vickyVicky wrote:

its been a month – what decided @ramadesidime?
@yolodime @stranger333 @luciferous
can u guys suggest which way to send money from india to us bank account?
i have Santander us bank account (age >25) – it has 13usd as charges for each international credit wire transfers!
any other way or bank accounts?
@admin
- i seriously missing DD kind of sites in US for chatting/communication across the nationals to find suggesstions like this!

I haven’t made any headway. BTW, if you want DD like site based in US, try slickdeals. It’s the oldest deal forum type site I have ever known

Missing