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My country of resident is India. I have to send frequent wire transfer to workers based in other countries. Bank charges about Rs. 1000 per transaction and CA Certificate for Form 15CB costs Rs. 2500 per transaction. That's about $56-$60 per wire transfer ? For amount as low as $1,500 it's approx. 4% transaction fees ( excluding Service TAX and currency conversion fees ) which is more than credit card currency conversion markup fees of approx. 3.5%.

I have never experienced such high cost of wire transfer in any other country. Is my estimate correct? CA Certificate costs varies from CA to CA or it's same ? How can i reduce transaction fees if i need to send several wire transfer per week amounting $1500.

Thomas Coulson
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Both the charges are reasonable. The CA charges vary from CA to CA, you can shop around, plus if you use a CA who is also being retained for your overall taxes, it should be lower.

Normal SWIFT wires do cost in the range specified. Try some Global Banks they have a better mechanisms that using SWIFT and if your volumes are right, they may offer you better services at lower cost.

Dheer
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