Launch HN: Inri (YC W23) – Wealthfront for Investing in India • Hacker News Board

Re: Launch HN: Inri (YC W23) – Wealthfront for Investing in India

#101

Post by nish93 » Mon, Apr 03, 2023, 3:29 AM UTC

sumedh wrote: post #95

> He couldn't go ahead with the process because bank account opening was a challenge For NRI's who do go to India, just go to any big bank like ICICI, HDFC etc. They will give you special treatment simply because of you are an NRI. Once your bank account is setup, open a Zerodha NRO account by submitting the docs to their local office. It can be done in two weeks if you have all your docs. But yes it is a bit of a ha…

That's true, but going to India is not frequent for a lot of NRIs/OCIs. Also, NRO account essentially means you are putting restrictions on repatriation of that money. For people who want to repatriate back, NRE is much better and those processes are very painful for demat accounts.

Re: Launch HN: Inri (YC W23) – Wealthfront for Investing in India

#102

Post by unmole » Mon, Apr 03, 2023, 7:39 AM UTC

jitix wrote: post #100

unmole wrote: post #61

Earlier quoted context omitted.

> I see, my status changed from US tax resident to student in Canada so the taxes now apply. If you stay in Canada for more than 183 days in a year, you are deemed a resident of Canada. I don't understand why the tax applies. > Still I feel it’s unfair in a globalized economy considering it’s reducing liquidity, as in you have to be a tax resident of some other country to avoid this steep tax. It's not an additional…

Interesting. I'll check with our CA then. I've paid a significant amount of these 5% taxes over the past 2 years to ebixcash. They outright reject transfers beyond 700k INR otherwise.

It's probably because EbixCash isn't set up to handle remmitances by non-residents. Using a bank where you have an NRO account should allow you to remit upto 1 million USD.

Re: Launch HN: Inri (YC W23) – Wealthfront for Investing in India

#103

Post by jagan120 » Mon, Apr 03, 2023, 3:37 PM UTC

nish93 wrote: post #54

ublaze wrote: post #47

Earlier quoted context omitted.

That's too expensive. I'd prefer a monthly/yearly fee.

Hmm, we have tiers that reduce the % once your AUM grows. How much monthly fee would you pay btw?

Would rather invest in US Indices for nominal fees that are less than .1%. 1% is a very high fee that reduces the hassle of opening a Zerodha NRO account. 1% is 4 times the fee of Wealthfront, the company you are trying to replicate.

Re: Launch HN: Inri (YC W23) – Wealthfront for Investing in India

#104

Post by nish93 » Sat, Apr 08, 2023, 3:59 AM UTC

jagan120 wrote: post #103

nish93 wrote: post #54

Earlier quoted context omitted.

Hmm, we have tiers that reduce the % once your AUM grows. How much monthly fee would you pay btw?

Would rather invest in US Indices for nominal fees that are less than .1%. 1% is a very high fee that reduces the hassle of opening a Zerodha NRO account. 1% is 4 times the fee of Wealthfront, the company you are trying to replicate.

This is also a more efficient way of investing, which leads to higher returns because of low tracking errors. The fee more than covers for itself with the return delta you get here, refer the comment on investing in India ETF vs investing here.

Re: Launch HN: Inri (YC W23) – Wealthfront for Investing in India

#105

Post by nish93 » Sat, Apr 08, 2023, 6:49 PM UTC

nish93 wrote: post #40

Thanks for the amazing response and great questions so far! Just to add - if you are in Bay Area, we are doing an event to clarify all these and similar doubts here - https://lu.ma/inri Keep posting your questions and we're happy to answer! Do try out the platform if you're interested.

Less than 4 hours to go for the event. See you all Bay Area folks at Hacker Dojo today! We and some Indian snacks will be waiting :')