I’m an independent individual working in the software industry and I have foreign clients who pay in currencies like USD and EUR.
The problem with direct transfer of funds via SWIFT is that it’s not convenient for either of us. So I was wondering if I can open up foreign bank accounts and accept payments there?
I’m a residential Indian citizen. Something like the “Wise Multi-curreny Account” would’ve been perfect for me but they don’t cater to India yet (except for sending money outwards).
I’m posting it here as I expect quite a few of you would’ve been in a similar situation. Please offer me suggestions and advice to streamline this process
Check with private banks about opening RFC account. Normally banks allow RFC account to be opened for non residents who become resident but wish to continue to hold their funds in USD or other currencies. You could ask if they will allow you to open RFC account.
The second option will be to open a savings bank account with a bank in UAE in USD. Many banks in UAE allow non residents (people who do not have residence visa) to open non resident account provided you prove to them the reason. No cheque book will be issued and there will be restrictions. But you can operate the account on a online basis. For this, you can appraoch UAE banks who have a branch in India. Few of the banks are EmiratesNBD, ADCB, First Abu Dhabi Bank, Mashreq bank. It is always better if you have the time to meet up with the bank representative. Send email and you may not get a reply
Discl: Not an expert, these are my personal views, please do your own research on other regulations of keeping money outside the country etc.
Foreign Currency Account Opened In India.