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Details Needed To Transfer Money To USA

Overview

Using the wire transfer services provided by the IndusInd bank is the easiest way to transfer money to the USA or any other country. Before sending or transferring money from India to the USA or any other country, the bank will ask for certain information. This information is required for anyone (both account holder and non-account holder) who wants to transfer money. You have to provide your residence address, your identity proof, and the bank account details of the recipient.

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As per the rules set by the Reserve Bank of India, it’s mandatory to provide the information under KYC (Know Your Customer). As per the rules of the KYC, your bank will ask for the identity proof and address proof (with a photograph). For this, you can submit the photocopy of cards including:
• Voter’s ID Card
• Aadhar Card
• Passport
NREGA Card
• Driving License
• PAN Card (accepted only as identity proof and not address proof)
All the cards except PAN card are considered as your address proof. If your present address is not the same as documented in any of the proof you submitted, submit a declaration of the new address to the bank. Every 2 to 10 years, the bank will reaffirm your KYC details.

If you are an account holder in the bank, you can use wire transfer services to transfer money from India to the USA if only your account is at least a year old. However, if your bank account is less than a year old, then you will have to provide other documents such as
• The details of any previous/other bank account
• photocopy of your income tax return
Before transferring money, you have to submit an Application-cum-Declaration form. You can get the form from the bank. Also, you need to submit a self-declaration stating the purpose of money transfer. You have to provide the SWIFTBIC or the SWIFT Bank Identifier Code. This is required for your bank to identify the account and the bank where they need to transfer the money. You can also transfer money to the USA through net banking services. When opening a bank account, while filling up the form, you need to check the box against the net banking services. The bank will provide you with a username and password for your net banking service. To transfer money to the USA using net banking, you will have to provide details such as the account number and bank details of the recipient and the SWIFT code of his/her bank.

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