Hello,
My friend wants to send 15,000 dollars as a donation to me to buy a car. I don’t how to receive it. This is the first time to me. That’s why I am asking you by this website. I have a account in SBI and also in UNION bank. I also want to know is there any maximum limit for receiving money from USA ? Please help me. I hope you will respond soon.
Thank you
Ask SBI for their Swift Code and Bank Routing Code for international money transfer. Your friend will give these numbers to the US bank to initiate wire transfer. There is no limit to sending money but information sharing rules apply. Banks in US are required to inform Homeland Security on wire transfers exceeding a certain limit. Banks in India are required to inform Income Tax authorities on the same.
Enjoy your car!
Personally, I have been sending money to India using remit2india.com for around 10 years now. All your friend would need from you is your account number in SBI or Union Bank and the IFSC code or the branch name so that you can look up IFSC code. As it is about 15K Your friend in US may be asked by the money trasfer service to fill up a form. There is no limit for sending money. I have sent similar gift to my sister few years ago. You would need to have a gift deed signed by your friend and accepted by you to avoid any tax issues in India.
Ask your friend to send money through western union. may not be able to send all the money once but thats the safest way to transfer money. you dont need to have an account and also its fast and safe. you will receive money within minutes.