Forum Thread

FCNR deposits and wire transfers

srinit9 1 10 December 22, 2015 at 12:18 PM in Finance (2)

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Guys, need your advice about FCNR and wire transfers.

1. Is it worth having FCNR as US NRI compared to US bank 1% interest rate? Good and Bad. FCNR India bank rates are around 1.75 or 2% . . .
2. How are you transferring money to FCNR account? Is it free? Example I gave check to KVB bank, no fees. OR Bank of america is charging wire transfer just 10 dollars. All Indian banks are using nostro accounts, which are available in US. Like Chase Bank.
3. Is it easy to get the money back from FCNR account after maturity? Example - yes, got check from back and deposited. It took 15 days and free. OR got wire transfer and 10 dollars etc.

Please advise based on your personal experience.


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