3 Replies to “My friends from Italy has to transfer money to any of my indian bank account? they r asking for my bank IBAN?”

  1. IBAN stands for “International Bank Account Number”: it’s a code that identifies each and every bank account in the world as unique.
    Italian IBANs usually start with ‘IT’, thetrfore I suppose that indian IBANs start with ‘IN’ but don’t take it for granted. Probably it’s mentioned in the reports your banks send you from time to time.

    Your friends ask you for your bank account’s IBAN because it’s required by the italian banks in order to carry out the money transfer transaction.

    Don’t worry, it’s safe to tell your friends your IBAN.
    I would rather advise you to suggest your friends to transfer money in a different way, such as Western Union or MoneyGram: in Italy, banks charge the international money transfers with very high fees.

    .


  2. Your friends can try a variety of other ways to send you money and save themselves a packet on transfer charges.

    Remember, most banks charge a fee for converting currency (on incoming funds) unless it is a foreign currency account. If you aren’t an NRI you will be taxed on the amount.

    The attached link gives a good comparison of money transfer options to India. Check it out.

    Cheers!


  3. yes, you would be charged taxes on the money once it is transferred. the best way is for them to get a cashiers check from their bank and bring it over with them. to keep it safe they might want to do several smaller cashier checks. they could also do travelers checks depending on the amount that they want to bring over here with them. that way if anything happened they would be able to get their money back. or they could western union it here. but if the money is in any way put into your account you will have to pay taxes on it for the amount of time that it is in your account (s). the IRS doesn’t care who’s money it is or why it is there. all they care about is that it was /is in your account.





Leave a Reply

Your email address will not be published. Required fields are marked *

sixteen − four =