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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?

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    opposite question: bitcoin.stackexchange.com/questions/5892/… – o0'. Apr 9 '13 at 8:52
  • With regard INRBTC, there is no contact information on the website with the exception of an email address. Whois lookup's for the domain display's no address and no telephone number. This despite regulations that domain contact information is mandatory (it isnt a so called "private registration", its a public registration with null info). I'd love for INRBTC to post more information, but at this point I would NOT recommend anybody use their services. – user5382 Jun 2 '13 at 9:03
  • possible duplicate of How do you obtain bitcoins? – Murch Sep 13 '13 at 16:01
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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.

  • Well buysellbitco.in now supports only Cheque and NEFT ( Net banking ) payments. Also it is supporting now ICICI and Axis Bank account. – MRG Aug 5 '13 at 8:46
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LocalBitcoins.com lists traders with two different payment options for India:

Buy bitcoins online and by cash listings in India

There seems to be two traders selling bitcoins online in India with two different payment options:

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.

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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.

  • This is with reference to the comment on INRBTC. The address details are given on the website in the contact section. Atleast 12 hours a days there is an online support available to answer questions about our services. They will also be available until the transaction is complete both ways. SSL certificate has also been implemented for the site. – INRBTC Jun 7 '13 at 16:46
  • It looks that a user id was created especially to put a negative comment on INRBTC. – INRBTC Jun 8 '13 at 17:58
  • Am I understanding correctly that one loses 95% of one's order's value if the matching partner doesn't honor the trade? Either I don't get the description of your service (in which case you might want to improve it) or your service is outright terrible, how would your service benefit your users? – Murch Sep 19 '13 at 18:55
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    @Murch, when you submit a order you only deposit 10% the order value. When the counter party does not honor the trade, you got 5% of the counter-parties deposit as a form of compensation. Your deposit will be refunded back to you. – INRBTC Sep 26 '13 at 13:35
  • That makes more sense, but in that case you might want to clarify by writing "you will be paid 5% of the order value from the counter-parties deposit as compensation", because right now as it is written in your answer it is still ambiguous. :) – Murch Sep 26 '13 at 14:36
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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.

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