I have a balance of 15 lakhs in my Indian account. I am still in India and I need to transfer it to USA. I can open US bank account only after going there. In this case, how can I transfer money? Can I take a DD on my name, go to US, open an account and deposit the DD in that account?
Money Transfer – India to USA
You have several different options for transferring money to the USA from your account in India:
- Demand Draft (or Bank Check or Certified Bank Check)
- Traveler’s Check
- Wire Transfer
- Carry Cash in Hand
The option you choose depends heavily upon how much you plan to take with to the US.
If you plan to take just the first semester fees and living expenses, then I would take 2 DD’s with you.
- First Semester Fees in the name of the university
- Living Expense for 6 months to 1 year in your name.
If you plan to transfer all the 15 Lakhs (about $30,000 USD), I suggest that you use a combination of the above options:
- Take a DD for a smaller amount (approximately $5000)
- Use this DD to open a bank account once you’ve reached your campus.
- Have your parents wire transfer the remaining money to your new account.
- You should also have USD in cash on hand (less than $1000) to utilize until your bank account has been opened.
Taking the entire $30,000 in DD is a possibility, but I do not advise that you do that. It is a large hassle and a great source of tensions, especially if you happen to lose the DD.
Travelers’ Checks are not recommended for carry large amounts either.
For large amount, I would opt for DD, Cash and Wire Transfer.
Do you have additional questions about money transfer?
Also, if you have already decided how to carry the money, share your tips below. It will help other students deciding about money transfer.