Hi,
My father in law did a wire transfer from Bank of Baroda,Calcutta brunch to my acount here in BMO last Monday and CDN$ deposited in my account in 3 business days(Thursday).BMO charged $14 as processing fee.

thanks

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ani

Small Q - NRE a/c vs NRO

Please confirm my understanding .

1. An NRI can either have NRE or NRO a/c . He cant have a normal savings a/c.
2. NRE a/c contains money coming from abroad which can b kept in foreign currency and is repartrable means if needed the amount can b transferred back offshore .
3. NRO is a RUPEE a/c which contains money from abroad but is non repartrable ....... essentially rupees converted from foreign exchange BUT not allowed to b converted and taken back . Of course the $5K limit applies .


Manasvi.

NRO accounts don't have to be funded solely using foreign exchange. Rupees can be deposited in NRO accounts as well. However it is true that the money in NRO accounts is NOT repatriable (except certain circumstances)