Wednesday, December 7, 2022

Different between Add Money in Wallet Groww Indian Stocks vs US Stocks

Different between Groww Indian Stocks vs US Stocks – There is a big difference between Groww’s Indian Stocks vs US Stocks. The difference is, USD and INR, that’s it.

Process of adding money to Groww’s wallet

In the stocks section, a user can add money from the bank to Groww’s wallet directly through internet banking, UPI, etc. But to add money in US stocks the process is not as simple as Groww’s simple stocks wallet option.

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Different between Add Money in Wallet Groww Indian Stocks vs US Stocks

If you want to add money from your Indian bank to your US stocks wallet on Groww, first you must add money to the USA-based bank account (US beneficiary).

Different between Add Money in Wallet Groww Indian Stocks vs US Stocks
Image – Groww.com

Groww guides you on how to add money to Us stocks

To add the money the whole process is described by Groww on its platform for different bank accounts in India. First, you deposit money from your Indian bank account to USA based beneficiary’s account in USD.

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Conversion of INR to USD on Groww

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Here I mean to say that if you want to add $100 to US stocks on Groww then, by calculating how much INR is required to convert it to a $100 amount. For Example, if $1 = INR 79 then you deposit a total of 7900 INR to USA based beneficiary account.

Taxes on Groww to add money to Us stocks

But remember from GST to currency change taxes are applied during the completion of this whole process. Many taxes are applied during adding money from an Indian bank to a US stocks wallet on Groww (Usually from 500 rupees to so on, depending on the amount you have to add in the Us stocks wallet on Groww).

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Time taken by the process on Groww for successfully adding money from INR to USD

The process of adding money from an Indian bank to a US stocks wallet on Groww takes 3/4 days. You have to handle many emails, receipts, and PDFs during this process. Also, you need to submit a transaction statement on Groww to your bank within a limited period of time.

Ready to invest in US stock on Groww

After the whole process is completed (Which usually takes 3/4 days) by you the added balance in USD to your US stock wallet on Groww starts seeing. Now you are ready to invest in US stocks. On Groww the first withdrawal is free then you have to pay $9 per withdrawal.