Wht are the regulations and kind of bank acc. to get salary paid from Australia while wrkng at home in India.?

The company I work for is a small business based in Australia. I get paid every fortnight (apprx. 750 AUD). I am an Indian citizen and permanent resident of India. Till now my payments came thru Western Union. But now I want to have a proper bank account to which my salary money is remitted to every fortnight.


I need to know how do I go about doing so. I do not have a PAN number too.


Would a saving acc. with some bank like HDFC or SBI suffice, their BSB number can be used to make international transfer?


How expensive would this(fortnightly transfer) cost me?


What are the forex regulations involved?


What are the upper limits for such remittences?


Do I require a PAN number for such payments?


Is the forex rate used by banks a floating rate?





I would be grateful beyond words if anyone could help me regarding this!





Thanks


Wonder Angel|||Hi there,





Get an account with SBI. Its remttance charges are the cheapest and you will be able to get the money fast into your back account also. They charge Rs 300 for remitting foreign currency to your savings account. Conversion rate will of course depend on the rate of AUD that day. They do not have a fixed rate.





You can also open a current account and keep the money in AUD itself.





You can even ask your employers to pay you monthly. This way you can save Rs 300.





You wiil need the Swift Code of the branch in which you open your savings account. If your branch is not connected to the Swift System, it will come through a branch which is connected to the Swift Code.





You will also need the IBAN no. This is the swift code of the SBI branch located in Australia through which the money will come to India.





You do need to ask your employers if they will be willing to pay the transfer fees because this can prove to be costly if they do not do this since it will then get deducted from your 750 AUDs. You will have to work this out with your employers.





Also if the amount being transferred is above 5000 AUDs (I think) the SBI branch in Australia will deduct an additional 15-20 AUDs.





You do not need a PAN no. to receive these payments. But then you will have to fill out a Form 16 for opening an account. And anyway you will need a PAN No. because you will have pay your taxes.





There is nothing else to worry about.





So here is what you do:


Get a PAN No.


Open a savings account in SBI.


Get the Swift Code details. Get the route of the money very clearly.


Ask your employers if they are willing to bear the transfer fees.


And if you trust your employers ask them to transfer the money once in a month or two months (just keep the amount lower than 3000 - 5000 AUDs so that the additional deduction does not happen).





Hope this helps.|||Your better open a "PAYPAL" account through web site "PAYPAL.COM". Your employer at Austrialia can transfer immediately through PAYPAL account. You better open Paypal.com where you will get full information. The fund can be transferred immediately to your back account in India as Western Union does.