How to pay on Escrow.com from India

[LOLed]

I recently offered >$5000 for a domain name on GoDaddy.com but I didn't know that they process transactions of that amount via Escrow.com

I always choose GoDaddy because they accept most Indian payment methods like Debit card and net banking but it seems that Escrow.com only accepts Wire Transfer. I talked to some banks and they say that they don't allow international wire transfer for purchasing something. Are there any other options?

 

[mAd MaX]

I recently offered >$5000 for a domain name on GoDaddy.com but I didn't know that they process transactions of that amount via Escrow.com

I always choose GoDaddy because they accept most Indian payment methods like Debit card and net banking but it seems that Escrow.com only accepts Wire Transfer. I talked to some banks and they say that they don't allow international wire transfer for purchasing something. Are there any other options?

You can pay via PayPal if Escrow.com allows you to pay more than $5k.

Information provided by banks are totally false but you need to provide an invoice to send money under LRS (liberalised remittance scheme) if you want to mention any reference no. Otherwise, you can send money without any reference no as gift, generally within $5k (PSU banks are much more relaxed on this).

 

[LOLed]

You can pay via PayPal if Escrow.com allows you to pay more than $5k.

Information provided by banks are totally false but you need to provide an invoice to send money under LRS (liberalised remittance scheme) if you want to mention any reference no. Otherwise, you can send money without any reference no as gift, generally within $5k (PSU banks are much more relaxed on this).

Thanks for replying. The amount is 6K and Sedo has nothing to do with this transaction. I visited ICICI and SBI branches and they say that they do not allow Wire Transfer for purchasing goods. Can you help with which bank allows international wire transfer? I can provide them the invoice. I live in a small Indian city so it is extremely difficult to explain to the bank staff why I am sending the money.

 

[mAd MaX]

Thanks for replying. The amount is 6K and Sedo has nothing to do with this transaction. I visited ICICI and SBI branches and they say that they do not allow Wire Transfer for purchasing goods. Can you help with which bank allows international wire transfer? I can provide them the invoice. I live in a small Indian city so it is extremely difficult to explain to the bank staff why I am sending the money.

You don't need to explain anything to them. Under LRS they are bound to process your request if you provide them with the invoice.

If they deny you of availing this service you can talk to the regional RBI branch about this denial of banking service.
https://m.rbi.org.in/Scripts/FAQView.aspx?Id=115

 

[LOLed]

You don't need to explain anything to them. Under LRS they are bound to process your request if you provide them with the invoice.

If they deny you of availing this service you can talk to the regional RBI branch about this denial of banking service.
https://m.rbi.org.in/Scripts/FAQView.aspx?Id=115

I tried paying online, but I don't see a relevant purpose. Called the bank and they said I should select the closest purpose. I think I might be able to pay if I select "Gift" but I am not sure. My home branch does not even understand what I am trying to do, it is very frustrating lol.

Has anyone made a wire transfer from India before and might be able to help me?

 

[mAd MaX]

I tried paying online, but I don't see a relevant purpose. Called the bank and they said I should select the closest purpose. I think I might be able to pay if I select "Gift" but I am not sure. My home branch does not even understand what I am trying to do, it is very frustrating lol.

Has anyone made a wire transfer from India before and might be able to help me?

Purpose code: S0019 (Outward Remittance)

Purpose Code: P0019 (Inward Remittance)

Expect money to be debited on the day of submitting the request but they will hold the money to their pool account as long as possible if you don't follow them up. General swift timing for any transaction is 1 working day but banks in India don't play by that rule, they have their own.

 

[Crysis]

I tried paying online, but I don't see a relevant purpose. Called the bank and they said I should select the closest purpose. I think I might be able to pay if I select "Gift" but I am not sure. My home branch does not even understand what I am trying to do, it is very frustrating lol.

Has anyone made a wire transfer from India before and might be able to help me?

Yes, The bank officials are clueless. I did a wire transfer from India before for acquiring domain names but it was for an amount less than $5000.

 

[LOLed]

Thanks for your response guys. My bank wants a signed agreement between me and the seller. Why would they need this? I bid on GoDaddy and never contacted the seller directly before.

 

[Soofi]

Thanks for your response guys. My bank wants a signed agreement between me and the seller. Why would they need this? I bid on GoDaddy and never contacted the seller directly before.

A godaddy invoice in this case should help.

 

[dhyinc]

folks, I need some urgent help...trying to acquire a domain name for 10k and bank is not allowing remittance from India to US...they want some custom certification, an CA to verify..etc..Did anyone do a remittance from India to US for domain names in this range

 

[LOLed]

folks, I need some urgent help...trying to acquire a domain name for 10k and bank is not allowing remittance from India to US...they want some custom certification, an CA to verify..etc..Did anyone do a remittance from India to US for domain names in this range

Talk to a CA. I was able to send the amount after I got a tax certificate from my CA. You'll be charged some TDS AFAIK.

 

[dhyinc]

Talk to a CA. I was able to send the amount after I got a tax certificate from my CA. You'll be charged some TDS AFAIK.

Thank you.But is it this complicated in India to remit..Banks dont understand what domains are and its a nightmare to explain it to them...

 

[LOLed]

Thank you.But is it this complicated in India to remit..Banks dont understand what domains are and its a nightmare to explain it to them...

Agreed. It took me 2 weeks before they let me do the wire transfer. Try a bank in any big city, they would probably understand.

 

[dhyinc]

I am in Bangalore.. jokers think that only big companies buy domain names and not individuals

 

[LOLed]

I am in Bangalore.. jokers think that only big companies buy domain names and not individuals

It's your money, not theirs. Just talk to a CA, get all the proper documents (invoice, CA certificate etc..) and ASK them to do the transfer.

 

[dhyinc]

I finally managed to do with the help of @Rob Monster , amazing CEO and a great team at Epik. If you want to do escrow, no better service than Epik. CEO gets involved and helps resolve problems, not seen it anywhere else.

 

[dhyinc]

Banks wanted me to transfer funds to a individual and not entities, so @Rob Monster provided his personal account to which I transferred and funds were transferred to my escrow account at Epik. Where can you get this kind of awesome service...

Thank you @DanSanchez for your always willing to help attitude

 

[Sutruk]

Banks wanted me to transfer funds to a individual and not entities, so @Rob Monster provided his personal account to which I transferred and funds were transferred to my escrow account at Epik. Where can you get this kind of awesome service...

Thank you @DanSanchez for your always willing to help attitude

This is the way to make things working, and to make a business successful. Congrats for the good work Rob and Dan.

 

[LOLed]

Banks wanted me to transfer funds to a individual and not entities, so @Rob Monster provided his personal account to which I transferred and funds were transferred to my escrow account at Epik. Where can you get this kind of awesome service...

Thank you @DanSanchez for your always willing to help attitude

You didn't have to submit a CA certificate? Were you asked to pay TDS or anything?

 

[dhyinc]

no nothing...