Transfer of funds to India through bank?

[Deleted User]

sevenonine wrote: »

and agrinnall The very mention of bitcoin made me freeze so I quite agree: this is a no-no for me. I didn't know that money laundering was a consequence of dealing in it

You didn't know about it, because is not true. Bitcoin ecosystem is moving forward and banks are implementing it. Solicitors in the UK are accepting Bitcoin wallet in Coinbase statements as proof of funds when purchasing real estate. International transfers in Bitcoin are nothing new. Money laundering accusation when simply transferring funds from you to your cousin are simply not true. But, Bitcoin is clearly not for everyone, certainly is not for faint of heart.

colsten

To suggest Bitcoin as a solution for the OP's requirement shows how absolutely desperate, and how removed from reality, Bitcoin proponents are.

[Deleted User]

colsten wrote: »

To suggest Bitcoin as a solution for the OP's requirement shows how absolutely desperate, and how removed from reality, Bitcoin proponents are.

It's merely an alternative. Don't dismiss something just because you do not understand it.

agrinnall

pioruns wrote: »

It's merely an alternative. Don't dismiss something just because you do not understand it.

An unsuitable alternative for the OP's purposes, and one that would certain attract more interest from both the UK and Indian banking authorities than a straightforward transfer using one of the methods proposed by other posters.

colsten

pioruns wrote: »

It's merely an alternative. Don't dismiss something just because you do not understand it.

That's another trait of the desperate Bitcoiners. When someone disagrees with them, they claim, with zero evidence, that the person doesn't understand cryptocurrencies. That's often just the start of a tirade of ad hominems.

pioruns, please take your Bitcoin promotion elsewhere. Bitcoin is quite inappropriate for what the OP wants to do, and the OP has already said it's a no-no for them.

sevenonine

colsten wrote: »

To suggest Bitcoin as a solution for the OP's requirement shows how absolutely desperate, and how removed from reality, Bitcoin proponents are.

Even if a transfer was for my benefit, I would not think of using this specie. The funds are intended for my cousin who has dementia and I don't want to burden him in any way certainly not by what pioruns suggested!

That said, can anyone tell me whether they have heard of a bank in India called "Yes" to which the remittance is to be paid? I suppose I could call some of the banks mentioned in posts above to get some idea of its security and ranking.

agrinnall

Yes Bank appears to have been around since 2004 and seems to be a pretty big organisation (reported to be the 4th biggest private sector bank in India according to Wikipedia). You're right to be cautious, and other posters may have better knowledge of it, but to me there's nothing that's obviously an issue with them.


https://www.yesbank.in/

sevenonine

agrinnall Many thanks, wonderful to hear so promptly from you and that the bank has such a positive standing - though, I must ask, is Wikipedia a reliable source? Nevertheless, I should explore this matter.

Hopefully there'll be other posters who have first-hand experience of this bank who can advise me what sort of issues to raise. At least I can now go back to the cousin handling the account to ask relevant questions.

sevenonine

18cc wrote: »

I have no knowledge of whether it would suit you or not but have you tried looking at SBI UK I used to have an account with them it was easy to open and I think it is or at least was easy to transfer money to India

Thanks for your response - can you tell me whether you did transfer any funds with this bank?

colsten

AFAIK, YesBank has currently no presence in the UK but they are working on it. SBI and ICICI have been authorised by the FCA and its predecessors, and have had a UK presence for many years.