I am a US citizen who has taken a job in India. I will be there for at least a year, if not longer. I have savings accounts in the USA I want to continue to contribute to, as well as some financial obligations, such as a storage unit in the USA, that I'll need to continue paying for while in India.
I've looked at the currency in India, and it's declining at a steady rate, so even though some savings account interest rates are 7% APR, I would lose the gains with the inflation rate. Thus, any money intended for savings is something I want to move out of India as soon as possible.
To be clear, opening a savings account in India is something I would look at only for short term savings, where I intend to use the money within one year, not long term savings, like real estate investing, go to hell funds, or retirement savings.
Most of the stuff I've seen on the Internet is geared for sending money from USA to India, but I need to go the other way. My pay would be in Indian rupees, so I don't need to transfer money to India, I need to transfer money from India not to India.
I have looked at Citibank and HSBC, which both offer global transfer between Citibank/HSBC accounts opened in both countries, but it involves tying up thousands of dollars in accounts in both countries in order to avoid paying monthly maintenance fees on each account.
If anyone is an expat in India or has experience with transferring money out of India to the USA, what is a good procedure to follow to not lose on exchange rates and fees?