<p>If you can send an International wire transfer (USD) there will be fees charged by your own bank to convert from INR to USD, as well as a wire transfer fee.  Then some fees charged by Mt. Gox exchange to receive the funds I believe, but a relatively small amount.</p>

<p>The conversion from INR to USD is probably the part that will be the most expensive as banks don't always give competitive rates.</p>

<p>This problem isn't unique to India, but those in many other nations have more options.  For instance, in many countries the P2P market <a href="http://currencyfair.com" rel="nofollow">CurrencyFair</a> can be used to get a good rate converting to some other currency like USDs.  </p>

<p>Since neither CurrencyFair nor Transferwise work in INR funds yet, that will not yet be an option for you.</p>

<p>So an international wire of USDs is probably your best and least expensive method, especially for a little larger amount of $1K USD worth or so.</p>

<p>You might also look at <a href="http://www.ecurrencyzone.net/buy.php" rel="nofollow">ECurrencyZone</a>, which allows Rupees to be deposited into an account at any of the following: ICICI Bank, IDBI Bank, HDFC Bank, AXIS Bank, PNB Bank, State Bank of India, or Bank Of Baroda.  Bitcoins are then delivered for those funds.</p>

<p>The only exchange located within India is <a href="http://buysellbitco.in" rel="nofollow">Buy Sell Bitcoin</a>.  They support Cheque and NEFT (Net banking) transactions.  See the comments for this answer for more specifics. </p>

CC BY-SA 3.0
2013-08-05T08:46:09.387Z
Well buysellbitco.in now supports only Cheque and NEFT ( Net banking ) payments. Also it is supporting now ICICI and Axis Bank account.
MRG
CC BY-SA 3.0
2013-04-08T22:14:38.270Z
2013-08-06T20:56:56.680Z
2013-08-06T20:56:56.680Z
Stephen Gornick
<p>LocalBitcoins.com lists traders with two different payment options for India:</p>

<p><a href="https://localbitcoins.com/country/IN" rel="nofollow">Buy bitcoins online and by cash listings in India</a></p>

<p>There seems to be two traders selling bitcoins online in India with two different payment options:</p>

<ul>
<li><p>SWIFT bank transfer ( <a href="https://localbitcoins.com/ad/15881/purchase-bitcoin-bank-international-bank-wire-swift-india" rel="nofollow">https://localbitcoins.com/ad/15881/purchase-bitcoin-bank-international-bank-wire-swift-india</a> )</p></li>
<li><p>Online transfer or cash deposit to the ICICI bank (this ad: <a href="https://localbitcoins.com/ad/3772/purchase-bitcoin-icici-bank-online-transfer-or-cash-deposit-india" rel="nofollow">https://localbitcoins.com/ad/3772/purchase-bitcoin-icici-bank-online-transfer-or-cash-deposit-india</a> )</p></li>
</ul>

<p>With some luck you might find international traders with PayPal, OKPay, Dwillo and Western Union payment options. Payment providers with chargeback option, like PayPal, are not very popular because the buying party can make a claim to get funds back after receiving bitcoins and thus scam the seller</p>

<p>With LocalBitcoins.com all verification steps are optional and you can start trading right away.</p>

CC BY-SA 3.0
2013-06-07T18:25:18.883Z
2013-06-07T18:25:18.883Z
Mikko Ohtamaa
<p><a href="https://inrbtc.com" rel="nofollow">INRBTC</a> allows you to buy/sell bitcoins in Indian Currency using the unique trading platform.</p>

<p>Place your order details and submit. 
you will be asked to deposit 10% of your order value in Bitcoins, after the deposit is sent, the order will be confirmed.</p>

<p>As soon as your order is matched, a trade will be executed and you will be sent the trade details.</p>

<p>If the other party does not honor the Trade, you will be paid 5% of the order value as compensation from the counter-parties deposit.</p>

<p>After the successful completion of trade, the deposit will be refunded after deduction of commission.</p>

<p>More information about the Trading platform is available at <a href="https://inrbtc.com/info" rel="nofollow">INRBTC Info</a>.</p>

<p>User reviews on using this platform is available at <a href="https://bitcointalk.org/index.php?topic=231585.0" rel="nofollow">Reviews</a>.</p>

CC BY-SA 3.0
2013-06-07T16:46:47.793Z
This is with reference to the comment on INRBTC. The address details are given on the website in the contact section. Atleast 12 hours a days there is an online support available to answer questions about our services. They will also be available until the transaction is complete both ways. SSL certificate has also been implemented for the site.
INRBTC
CC BY-SA 3.0
2013-06-08T17:58:17.820Z
It looks that a user id was created especially to put a negative comment on INRBTC.
INRBTC
CC BY-SA 3.0
2013-09-19T18:55:36.697Z
Am I understanding correctly that one loses 95% of one's order's value if the matching partner doesn't honor the trade? Either I don't get the description of your service (in which case you might want to improve it) or your service is outright terrible, how would your service benefit your users?
Murch
CC BY-SA 3.0
2013-09-26T13:35:27.713Z
@Murch, when you submit a order you only deposit 10% the order value. When the counter party does not honor the trade, you got 5% of the counter-parties deposit as a form of compensation. Your deposit will be refunded back to you.
INRBTC
CC BY-SA 3.0
2013-09-26T14:36:19.467Z
That makes more sense, but in that case you might want to clarify by writing "you will be paid 5% of the order value *from the counter-parties deposit* as compensation", because right now as it is written in your answer it is still ambiguous. :)
Murch
CC BY-SA 3.0
2013-09-26T16:01:08.250Z
thank you for the useful input. made the changes accordingly.
INRBTC
CC BY-SA 3.0
2013-05-25T10:07:52.263Z
2013-11-30T17:10:23.077Z
2013-11-30T17:10:23.077Z
INRBTC
<p>SWIFT wire transfers have lots of fees associated with them. Your bank will charge a fee, the recipient's bank will charge a fee and correspondent banks that help route the money will take their cut. You can predict beforehand how much the sending and receiving banks will charge but not how much the correspondent banks will take. So there is no way to say with certainty how much it will cost. </p>

<p>Also with Mt. Gox you have to go through various verification steps. I suggest you read about those first before you wire them any money. You don't want any surprises later on!</p>

<p>Another option is to buy locally at localbitcoins.com. I see a lot of Indians selling BTC there. </p>

CC BY-SA 3.0
2013-05-27T22:02:57.520Z
2013-05-27T22:02:57.520Z
Abdussamad
<p>I want to buy a few Bitcoins using my bank account/ credit card from here in India. How do I do that? MtGox has an option to do wire transfer. Is it the only way to do it? If I transfer $1000, how much of it will reach my MtGox account?</p>

CC BY-SA 3.0
2013-04-09T08:52:40.963Z
opposite question: http://bitcoin.stackexchange.com/questions/5892/how-can-i-convert-bitcoin-to-indian-rupees
o0'.
CC BY-SA 3.0
2013-09-13T16:01:13.807Z
possible duplicate of [How do you obtain bitcoins?](http://bitcoin.stackexchange.com/questions/91/how-do-you-obtain-bitcoins)
Murch
<mtgox><banks><wire-transfers><funds><india>
How do I transfer funds from India to an exchange?
Bhargava
# How do I transfer funds from India to an exchange?

(Asked by: username_0 on 2013-04-08)

I want to buy a few Bitcoins using my bank account/ credit card from here in India. How do I do that? MtGox has an option to do wire transfer. Is it the only way to do it? If I transfer $1000, how much of it will reach my MtGox account?

**Tags:** mtgox, banks, wire-transfers, funds, india

> **Comments:**
> **username_1**: opposite question: http://bitcoin.stackexchange.com/questions/5892/how-can-i-convert-bitcoin-to-indian-rupees  
> **username_2**: possible duplicate of [How do you obtain bitcoins?](http://bitcoin.stackexchange.com/questions/91/how-do-you-obtain-bitcoins)  

---

## 4 answers

### Answer by username_3 on 2013-04-08. Score: 3 | Accepted answer

If you can send an International wire transfer (USD) there will be fees charged by your own bank to convert from INR to USD, as well as a wire transfer fee. Then some fees charged by Mt. Gox exchange to receive the funds I believe, but a relatively small amount.

The conversion from INR to USD is probably the part that will be the most expensive as banks don't always give competitive rates.

This problem isn't unique to India, but those in many other nations have more options. For instance, in many countries the P2P market [CurrencyFair](http://currencyfair.com) can be used to get a good rate converting to some other currency like USDs.

Since neither CurrencyFair nor Transferwise work in INR funds yet, that will not yet be an option for you.

So an international wire of USDs is probably your best and least expensive method, especially for a little larger amount of $1K USD worth or so.

You might also look at [ECurrencyZone](http://www.ecurrencyzone.net/buy.php), which allows Rupees to be deposited into an account at any of the following: ICICI Bank, IDBI Bank, HDFC Bank, AXIS Bank, PNB Bank, State Bank of India, or Bank Of Baroda. Bitcoins are then delivered for those funds.

The only exchange located within India is [Buy Sell Bitcoin](http://buysellbitco.in). They support Cheque and NEFT (Net banking) transactions. See the comments for this answer for more specifics.

> **Comments:**
> **username_4**: Well buysellbitco.in now supports only Cheque and NEFT ( Net banking ) payments. Also it is supporting now ICICI and Axis Bank account.  

---

### Answer by username_5 on 2013-06-07. Score: 1

LocalBitcoins.com lists traders with two different payment options for India:

[Buy bitcoins online and by cash listings in India](https://localbitcoins.com/country/IN)

There seems to be two traders selling bitcoins online in India with two different payment options:

* SWIFT bank transfer ( <https://localbitcoins.com/ad/15881/purchase-bitcoin-bank-international-bank-wire-swift-india> )
* Online transfer or cash deposit to the ICICI bank (this ad: <https://localbitcoins.com/ad/3772/purchase-bitcoin-icici-bank-online-transfer-or-cash-deposit-india> )

With some luck you might find international traders with PayPal, OKPay, Dwillo and Western Union payment options. Payment providers with chargeback option, like PayPal, are not very popular because the buying party can make a claim to get funds back after receiving bitcoins and thus scam the seller

With LocalBitcoins.com all verification steps are optional and you can start trading right away.


---

### Answer by username_6 on 2013-05-25. Score: 1

[username_6](https://username_6.com) allows you to buy/sell bitcoins in Indian Currency using the unique trading platform.

Place your order details and submit.
you will be asked to deposit 10% of your order value in Bitcoins, after the deposit is sent, the order will be confirmed.

As soon as your order is matched, a trade will be executed and you will be sent the trade details.

If the other party does not honor the Trade, you will be paid 5% of the order value as compensation from the counter-parties deposit.

After the successful completion of trade, the deposit will be refunded after deduction of commission.

More information about the Trading platform is available at [username_6 Info](https://username_6.com/info).

User reviews on using this platform is available at [Reviews](https://bitcointalk.org/index.php?topic=231585.0).

> **Comments:**
> **username_6**: This is with reference to the comment on username_6. The address details are given on the website in the contact section. Atleast 12 hours a days there is an online support available to answer questions about our services. They will also be available until the transaction is complete both ways. SSL certificate has also been implemented for the site.  
> **username_6**: It looks that a user id was created especially to put a negative comment on username_6.  
> **username_2**: Am I understanding correctly that one loses 95% of one's order's value if the matching partner doesn't honor the trade? Either I don't get the description of your service (in which case you might want to improve it) or your service is outright terrible, how would your service benefit your users?  
> **username_6**: @username_2, when you submit a order you only deposit 10% the order value. When the counter party does not honor the trade, you got 5% of the counter-parties deposit as a form of compensation. Your deposit will be refunded back to you.  
> **username_2**: That makes more sense, but in that case you might want to clarify by writing "you will be paid 5% of the order value *from the counter-parties deposit* as compensation", because right now as it is written in your answer it is still ambiguous. :)  
> **username_6**: thank you for the useful input. made the changes accordingly.  

---

### Answer by username_7 on 2013-05-27. Score: 0

SWIFT wire transfers have lots of fees associated with them. Your bank will charge a fee, the recipient's bank will charge a fee and correspondent banks that help route the money will take their cut. You can predict beforehand how much the sending and receiving banks will charge but not how much the correspondent banks will take. So there is no way to say with certainty how much it will cost.

Also with Mt. Gox you have to go through various verification steps. I suggest you read about those first before you wire them any money. You don't want any surprises later on!

Another option is to buy locally at localbitcoins.com. I see a lot of Indians selling BTC there.


---

