Adding and transferring money from India to the US was very painful in the past for Indians. INDmoney has solved this problem by making this process paperless, lower cost and fully digital.
Below is a guide that enumerates the methodologies of transferring your money.
You can exchange your Rupees to Dollars and transfer your money to your US Stocks account via the following options, which depend on the bank accounts you hold if you plan to invest in US stocks from India:
INDmoney preferred banks :
- HDFC Bank
- Axis Bank
- Federal Bank
Other banks in India:
ICICI/ SBI/ IDFC/ Union/ Bank of Baroda / Kotak Mahindra Bank etc
HDFC Bank:
Process for transferring my money to your US stocks from your HDFC bank a/c:
Step 1 : Link your HDFC bank account with INDmoney via UPI.
Step 2 : Go to the US Stocks section of the INDmoney app and click Add money.
Step 3 : Choose the amount you want to transfer and see the Dollars you will get against this amount.
Step 4 : Enter your HDFC Customer ID.
Step 5 : Enter the OTP you receive from HDFC Bank.
Step 6 : HDFC bank exchanges your INR to USD and sends the amount to your US stocks wallet.
Step 7 : You are all set! The amount reaches your US stocks wallet within 12 to 24 hrs.
Note: If your HDFC Bank account is less than one year old, you will need to submit additional documentation.
Axis Bank :
Process for transferring my money to my US stocks from my Axis bank a/c:
Step 1 : Link your AXIS bank account with INDmoney via UPI.
Step 2 : Go to the US stocks section of the app and click Add money.
Step 3 : Choose the amount you want to transfer and see the USD you will get against this amount.
Step 4 : Enter AXIS bank Credentials. You will be redirected to AXIS Bank internet banking with all details prefilled for you.
Step 5 : Review the transfer summary and proceed.
Step 6 : AXIS bank exchanges your INR to USD and sends the amount to your US stocks wallet
Step 7 : You are all set! The amount reaches your US stocks wallet within 12 to 24 hrs.
Federal Bank :
Process for transferring my money to my US stocks from my Federal bank a/c
Step 1 : Go to the US stocks section of the app and click Add Money.
Step 2 : You will be taken to Federal account creation journey via INDmoney. Please note this is a new savings account with Federal bank which will have a different account number from your previous federal account.
Step 3 : Complete your Aadhaar eKYC by entering your Aadhaar number and the OTP sent to your Aadhaar linked mobile number.
Step 4 : Authenticate your mobile via SMS.
Step 5 : After successfully authentication your federal savings account will be created in under 5 mins.
Step 6 : After successfully creating the Federal savings a/c, click add money and then choose the INR amount you want to transfer and see the USD you will get against this amount.
Step 7 : Add the chosen amount to your newly created Federal savings a/c via INDmoney using UPI.
Step 8 : Digitally sync your bank statement or latest ITR acknowledgement. This is needed by the bank for regulatory checks.
Step 9 : Federal bank exchanges your INR to USD and sends the amount to your US stock account.
Step 10 : You are all set! The amount reaches your wallet within 12 to 24 hrs.
Other Bank Accounts :
Process for transferring my money to my US stocks from other bank accounts using Federal Bank a/c.
Step 1 : Link your bank account to the INDmoney App.
Step 2 : Head to the US stocks section of the app and click Add money.
Step 3 : You will be taken to INDmoney Federal savings a/c creation journey.
Step 4 : Complete your Aadhaar eKYC by entering your Aadhaar number and the OTP sent to your Aadhaar linked mobile number.
Step 5 : Authenticate your mobile via SMS.
Step 6 : Complete your online Video KYC with a Federal bank agent.
Step 7 : After successfully creating the Federal savings a/c, click add money and then choose the INR amount you want to transfer and see the USD you will get against this amount.
Step 8 : Add the chosen amount to your newly created Federal savings a/c via INDmoney using UPI.
Step 9 : Digitally sync your bank statement or latest ITR acknowledgement. This is needed by the bank for regulatory checks.
Step 10 : Federal bank exchanges your INR to USD and sends the amount to your US stock account.
Step 11 : You are all set! The amount reaches your wallet within 12 to 24 hrs.