Hi Nitin , how can I remit money to USA broker?


#1

Hi Nitin and other members. :slight_smile:

I am an Indian citizen and want to remit money to USA broker for just stocks(equity).

I thought that it can be done from LRS.

When I consulted an executive from SBI, he said that - “you cannot remit money in US broker account through LRS , it is for investing in foreign companies directly only”. He said - “for transferring money to the broker form 15ca must be filled.”

According to the revised rules of income tax department, form 15ca is not required for the above case .

Now, I have 2 channels and I want step by step outline in them so that I can remit money legally to trade in US markets ,I want to send the money to the broker:

1)Go to bank,talk to international banking department employees and ask them what ?

2)internet banking channel .

I am beginner in this field and am confused so step by step outline for remittance will be very helpful.


#2

Hi!
I have been trading FNO overseas through a setup that was created with the help of consultants and now I have stopped trading.
Even though it would cost around 15 lakh to setup if you do it. And there would be 35k a year maintenance cost to service providers.
All the paperwork completed and ready to trade.
Two brokerage accounts, one checking account and full global derivatives and margin trading rights and two companies. Expenses paid till 2020 for company and an address on WallStreet.


#3

After spending all this money, why did you not pursue it further ? An explanation to this, would bring some sense to the new set of novice traders, trying to chase this gold rush, of wanting to trade in the US markets.


#4

Better to invest that capital in Indian markets woth Zerodha.
US markets are more liquid and deep.
Lot’s penny stocks but better to invest with Zerodha.
As you save that 16-17 lakh upfront for setup if done legally.


#5

Why do you think Zerodha, and more specifically nithin will help you to trade with a foreign broker?

Btw ICICI Direct offers a product for Indians to invest in global markets
https://www.google.com/url?sa=t&source=web&rct=j&url=http://content.icicidirect.com/mailimages/Overseas_Trading_Presentation.pdf&ved=2ahUKEwiVra3olIThAhWJF3IKHdsYDz8QFjABegQIBBAB&usg=AOvVaw0dELNZrfYFVO9mNbyExhCU