How to withdraw money from US Stocks account

Investing in US stocks from India has become remarkably accessible with INDmoney. This has allowed Indian investors to diversify their portfolios and participate in the growth of global giants like Apple, Nvidia, Tesla etc.  However, a crucial aspect of investing in US stocks from India is understanding how to access your returns. 

In this blog, we will guide you through the process of withdrawing money from your INDmoney US Stocks account. The article will cover everything from the initial withdrawal request to the funds landing in your Indian bank account.

How to withdraw money from INDmoney?

Withdrawing money from INDmoney depends on the type of investment, US stocks, mutual funds, or INR balance. Before we dive into the step-by-step instructions of how to withdraw money from the US stocks account, it is essential to grasp a few key concepts that underpin the withdrawal process on INDmoney.

• The Role of a Bank Account: When you open a US Stocks account with INDmoney, a US-based brokerage account is created for you. To facilitate seamless fund transfers between India and the US, INDmoney partners with several banks like Federal Bank, IDFC Bank, HDFC Bank, Axis Bank and more.
• SWIFT Transfers: Your money travels from your US brokerage account to your Indian bank account via the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. This is a secure and reliable system for international money transfers.
• Timeline for Withdrawals: Due to the nature of international bank transfers and currency conversion, the withdrawal process for US stocks is not immediate. Typically, you can expect the funds to reflect in your Indian bank account within 2 days if you have an IDFC Bank account, or 3 to 5 business days for other bank accounts.
• Withdrawal Charges: INDmoney charges zero fees for withdrawing funds from your US Stocks account. You can transfer money back to your Indian bank account without any platform charges, regardless of the bank you use. While INDmoney itself doesn’t charge anything, the intermediary bank may charge a fee.

How to withdraw money from INDmoney US Stocks amount?

Step 1: Open the INDmoney app and go to the US Stocks section.

Step 2: Tap on Wallet Balance.

Step 3: Click on Withdraw and then tap on Withdraw again from the Pop-Up

Step 4: Enter the amount you want to withdraw.

Step 5: Select the bank account you want to receive the funds in.

Step 6: Confirm the withdrawal request.

The amount (after currency conversion and charges) will be credited to your linked Indian bank account in 3–5 business days.

Let’s understand this entire withdrawal process in a little more detail

Step 1: Ensure Your Funds are Available for Withdrawal in Your US Stocks Account

Before you initiate a withdrawal, you need to make sure that the funds you wish to withdraw are settled in your US Stocks wallet. If you've recently sold some of your US stocks, there's a settlement period (typically T+1 for Alpaca and DW, where 'T' is the transaction date) before the proceeds are available for withdrawal. You can check the available balance in your US Stocks wallet on the INDmoney app.

Step 2: Navigate to the US Stocks Dashboard

Open the INDmoney app on your smartphone. On the home screen, you'll see various investment options. Tap on the "US Stocks" section to go to your US Stocks dashboard. This is your central hub for managing your US investments.

Step 3: Locate the "Wallet Balance" Tab

Once you're on the US Stocks dashboard, look for a "Wallet Balance" tab. This will be the section where you can view your cash balance and initiate transactions.

Step 4: Initiate the Withdrawal

Within the Wallet section, you'll find a "Withdraw" button. Tap on it to begin the withdrawal process.

Step 5: Enter the Withdrawal Amount

You will be then prompted to enter the amount you wish to withdraw in US dollars. You can choose to withdraw the entire available balance or a partial amount. Double-check the amount you've entered to avoid any errors. The app also shows a tentative ETA for when the funds are expected to reach your bank account.

Step 6: Review and Confirm

After entering the amount, the app will display a summary of the transaction. This will typically include the withdrawal amount, the applicable fees, and the estimated amount you will receive in your Indian bank account after currency conversion. Carefully review all the details. If everything looks correct, confirm your withdrawal request.

Step 7: Withdrawal Process Complete

Once you've confirmed the withdrawal, your request is processed. The funds are transferred from your US brokerage account to your linked Indian bank account via the SWIFT network. As mentioned earlier, this process usually takes 3 to 5 business days. You can monitor the status of your withdrawal request within the INDmoney app.

INDmoney Charges on US Stocks Withdrawal

INDmoney charges $0 for withdrawals from your US Stocks account. This means there are no platform fees for bringing your funds back into your Indian bank account, irrespective of which bank you use. This zero-fee withdrawal policy makes managing your international investments more cost-effective. While INDmoney itself doesn’t charge anything, there is a possibility that the intermediary (Nostro) bank may levy a fee during the transfer process.

Pro Tips for Seamless Withdrawal from INDmoney US Stocks Account

To ensure a smooth and hassle-free withdrawal experience, keep the following points in mind:

• Bank Account Details: Ensure that the Indian bank account linked to your INDmoney account is active and the details are accurate. Any discrepancy can lead to delays or failure of the transaction.
• Currency Conversion: The final amount you receive in your Indian bank account will depend on the prevailing USD to INR conversion rate at the time of the transaction.
• Tax Implications: Remember that any capital gains from your US stock investments are subject to taxation in India. It's advisable to consult with a tax professional to understand your tax liabilities.
• Distinguishing from INDstocks Withdrawals: INDmoney offers an "Instant Withdrawal" feature for INDstocks, where you can withdraw up to ₹1 lakh instantly to your bank account. However, this feature is not applicable to US stock withdrawals due to the international nature of the transaction.

INDmoney: Your Gateway to Global Investing

INDmoney has made investing in the US stocks like Apple, Tesla, Nvidia, Google etc. a reality for many Indian investors. By understanding the withdrawal process clearly, you can manage your investments with greater confidence. While the process for withdrawing from your US Stocks account involves a few more steps, and a little more time compared to a domestic transfer, it is a secure and well-established system. By following this guide, you can ensure that you can access your funds whenever you need them, making your global investment journey a rewarding one.

Disclaimer:

US stocks are offered by NSE IFSC Receipts / Global Access. SIP in US stocks & ETF are offered under Global Access. Global Access is offered in tie-up with US SEC registered brokers. Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is for information purposes only. INDmoney Global (IFSC) Private Limited, Registered office address: Office No. 507, 5th Floor, Pragya II, Block 15-C1, Zone-1, Road No. 11, Processing Area, GIFT SEZ, GIFT City, Gandhinagar – 382355. IFSCA Broker-Dealer Registration No. IFSC/BD/2023-24/0016, IFSCA DP Reg No: IFSC/DP/2023-24/010.