Last updated on September 23rd, 2020
When I was living in India, life was really simple. When I got my first job, the first thing that I did was to open a savings account. Over the years, I didn’t do much different, just changed banks with each job.
That changed as soon as I landed in Australia. I was blissfully unaware of any such thing as NRO/NRE account until one day. I wanted to transfer some money from my Indian savings account to Australia.
My reasoning was simple. I used Transferwise or Instarem to transfer funds from Australia to India. Naturally, I assumed that I can transfer funds the other way around using similar services. Sadly, things are not that simple when you get the tag of NRI.
Hello, Mr. Non-Returning Indian (NRI)
In simple terms,