How to receive funds from abroad

[PahulGoyal]

I had invested in an app based in cyprus. Now i want to withdraw from them but they are asking for an international bank account number. Can anyone tell me how do I receive this money now? How do I open an international bank account with low or very less charges?
The one I found out is through wise but i have never used it before so I don't know if it will work fine or not.

 

[anuragmukherjee28]

Withdrawing funds from an app based in Cyprus and requiring an international bank account number can be tricky, especially if you're unfamiliar with the process. Here's what you can do:
Understanding International Bank Account Numbers:
An international bank account number (IBAN) is a standardized format used to identify bank accounts internationally. It typically consists of a country code, bank code, branch code, and account number. It's important to ensure you have the correct IBAN format for the receiving bank in Cyprus.
Wise as a Potential Solution:
Wise (formerly TransferWise) is a popular option for international money transfers and receiving funds. It offers multi-currency accounts with local bank details in various countries, including Cyprus. You can receive your funds from the app in Cyprus to your Wise account and then withdraw them to your Indian bank account through their transfer service, potentially at lower fees than traditional banks.
Here's how Wise might work for you:

1. Open a Wise account: It's a free and quick process that only requires basic information.
2. Get your Cyprus IBAN: Wise will provide you with a local Cyprus IBAN within your account, which you can share with the app.
3. Receive your funds: The app should be able to send your money to your Cyprus IBAN provided by Wise.
4. Withdraw to your Indian bank account: Transfer the funds from your Wise account to your Indian bank account. Wise offers competitive exchange rates and transparent fees for transfers.

Alternatives to Wise:

• Other online money transfer services: Consider services like WorldRemit, Skrill, or Remitly that offer international transfers to India. Compare their fees and features before choosing.
• Opening a foreign currency account with your Indian bank: Some Indian banks offer foreign currency accounts, including ones denominated in euros. This could be an option if you plan to receive or hold euros frequently.

Important Reminders:

• Double-check the withdrawal process with the app: Ensure you provide the correct IBAN format and follow their instructions precisely.
• Compare fees and exchange rates: Different services will have varying fees. Choose the option that offers the best combination of convenience and cost-effectiveness.
• Understand tax implications: Depending on the amount you receive and Indian tax regulations, you might need to declare it or pay taxes. Consult a financial advisor for guidance.

Wise can be a good option for your situation, but it's always wise to research and compare other options before making a decision. Ensure you understand the process, fees, and potential tax implications involved. Good luck with withdrawing your funds!

 

[PahulGoyal]

Thanks a lot for your reply.
I could not find any option to receive money in other apps that you mentioned except wise. Wise provided me a bank account number but others didn't. Maybe there is an option but I couldn't find it. What I saw is that the sender needs to create account on the respective app and then they can send money to same app user or a bank account number, I can't ask a company to create this account on these websites to send me money and I needed IBAN which wise did provide. The company has sent funds to my wise account but I haven't received them yet. Let's see if and how much I receive.

 

[Juliaasdz]

How can I respond to a thread?
Perhaps I'm doing something incorrectly?
Kindly advise.
Thanks a lot.

 

[anuragmukherjee28]

How can I respond to a thread?
Perhaps I'm doing something incorrectly?
Kindly advise.
Thanks a lot.

just open the thread where you want to contribute and you find a text box like this in the extreme end, start typing and then click "post reply"and you would be able to participate in any thread of your choice