Invest as dollars in India
I resides in India (currency:Rupees).I have my payment from a US based company in dollars.They sent me the amount via Paypal.Paypal converts the payment to rupees while transferring to my Indian bank account.But i just want to keep the money in dollars itself and want to get rid of any kind of conversions.
How can i achieve this ? I am free to open a new bank account .
What is the best advise you folks can give me to keep my foreign currency in my bank account free from any conversion ?
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As an Indian resident you can open an Resident Foreign Currency Account, i.e. an USD account. This facility is provided by all major banks.
I am not sure if PayPal would transfer money to these accounts or would convert. The alternative is to give this account number along with other Bank details to the company in US and ask them to send money via remittance services.
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