Money Transfer ro Home Country?

[theguy]

Hi,

I want to transfer money to my home country India. I am trying to use the various banks which offer this service through ACH, but everyone has a limit of $5000 per transaction. WIll it fine if I send money through 3-4 banks at the same time so I can send a larger amount. Also I do not understand why there is a limit of $5000. Any suggestions on this would help.

Thanks

[wisedrdave]

International bank wire transfers are limited because of federal concerns over drug trafficking, money laundering, and more recently terrorism. For some years now there have been US federal laws in place for mandatory reporting guidelines of any transactions of $10,000 or more (to combat money laundering and tax evasion). The $5,000 limit applies to specificallt to international bank wire transfers.

Another option worth exploring is Paypal. If you and the recipient open Paypal accounts then money can be sent through this method. Paypal works in over 130 countries. It started as a payment system for people doing Ebay transactions and has evolved into a great service for money tranfers among families and friends. I use it to send money to my ex-wife for things related to my kids. You can even use it from your cell phone!

Regarding the multiple individual transfers, I would consult the bank on their specific rules.

You might also want to check out the Your Man In India service at www.YMII.com. This website offers a great variety of services and resources including "virtual assistants" at affordable rates to solve almost any problem. And being based in India I'm sure they would know the solution to your problem.

Good luck!