I want to buy a few Bitcoins using my bank account/ credit card from here in India. How do I do that? MtGox has an option to do wire transfer. Is it the only way to do it? If I transfer $1000, how much of it will reach my MtGox account?
If you can send an International wire transfer (USD) there will be fees charged by your own bank to convert from INR to USD, as well as a wire transfer fee. Then some fees charged by Mt. Gox exchange to receive the funds I believe, but a relatively small amount.
The conversion from INR to USD is probably the part that will be the most expensive as banks don't always give competitive rates.
This problem isn't unique to India, but those in many other nations have more options. For instance, in many countries the P2P market CurrencyFair can be used to get a good rate converting to some other currency like USDs.
Since neither CurrencyFair nor Transferwise work in INR funds yet, that will not yet be an option for you.
So an international wire of USDs is probably your best and least expensive method, especially for a little larger amount of $1K USD worth or so.
You might also look at ECurrencyZone, which allows Rupees to be deposited into an account at any of the following: ICICI Bank, IDBI Bank, HDFC Bank, AXIS Bank, PNB Bank, State Bank of India, or Bank Of Baroda. Bitcoins are then delivered for those funds.
The only exchange located within India is Buy Sell Bitcoin. They support Cheque and NEFT (Net banking) transactions. See the comments for this answer for more specifics.
LocalBitcoins.com lists traders with two different payment options for India:
There seems to be two traders selling bitcoins online in India with two different payment options:
SWIFT bank transfer ( https://localbitcoins.com/ad/15881/purchase-bitcoin-bank-international-bank-wire-swift-india )
Online transfer or cash deposit to the ICICI bank (this ad: https://localbitcoins.com/ad/3772/purchase-bitcoin-icici-bank-online-transfer-or-cash-deposit-india )
With some luck you might find international traders with PayPal, OKPay, Dwillo and Western Union payment options. Payment providers with chargeback option, like PayPal, are not very popular because the buying party can make a claim to get funds back after receiving bitcoins and thus scam the seller
With LocalBitcoins.com all verification steps are optional and you can start trading right away.
INRBTC allows you to buy/sell bitcoins in Indian Currency using the unique trading platform.
Place your order details and submit. you will be asked to deposit 10% of your order value in Bitcoins, after the deposit is sent, the order will be confirmed.
As soon as your order is matched, a trade will be executed and you will be sent the trade details.
If the other party does not honor the Trade, you will be paid 5% of the order value as compensation from the counter-parties deposit.
After the successful completion of trade, the deposit will be refunded after deduction of commission.
More information about the Trading platform is available at INRBTC Info.
User reviews on using this platform is available at Reviews.
SWIFT wire transfers have lots of fees associated with them. Your bank will charge a fee, the recipient's bank will charge a fee and correspondent banks that help route the money will take their cut. You can predict beforehand how much the sending and receiving banks will charge but not how much the correspondent banks will take. So there is no way to say with certainty how much it will cost.
Also with Mt. Gox you have to go through various verification steps. I suggest you read about those first before you wire them any money. You don't want any surprises later on!
Another option is to buy locally at localbitcoins.com. I see a lot of Indians selling BTC there.
protected by Community♦ Nov 27 '13 at 12:42
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
Would you like to answer one of these unanswered questions instead?