Pre-arrival checklist if you're returning to India from USA
The pre-arrival checklist we give every family returning from the US
So you are moving back to India. You have planned the big stuff. The flight. The school. The flat.
It is the small stuff that bites later. Your broker restricts your account. Your bank sends an OTP to a number you no longer have. Your 401(k) login dies with your work email.
We make a pre-arrival checklist for every client moving back from the US.
One simple rule. If it is easy from the US and hard from India, do it now.
If you need help with any of the following, feel free to contact us. Our team of experts will be happy to help you:
Investing and portfolio management
Spending optimization, EMIs & credit cards
Insurance advisory
Tax planning
Will & estate planning
Most other financial queries or challenges
You can also email us at help@reymanwealth.com
1. Keep your US phone number
Every US bank and broker sends OTPs to your US number. Lose the number and you are locked out.
Port it. Don't cancel it. Keep your old plan running until the port is done.
Skip VoIP numbers. Banks often fail to send OTPs to Google Voice and similar apps.
Skip Google Fi too. It turns off international data if you are mostly abroad for 90 days.
Use US Mobile or Tello. Both are cheap prepaid carriers. Tello keeps your number as long as your plan is active. US Mobile needs you to use the line in the US first. So set it up before you fly.
Check every login. Once the port is done, confirm the number on each bank and broker.
Turn on Wi-Fi calling. Keep the SIM in a spare phone, or use an eSIM.
2. Brokerage accounts
Not every US broker wants you once you live in India. Here is where the big ones stand.
Broker | After you move | What to do now |
Robinhood | Needs a US home address. Long stays abroad get extra checks and limits. | Move your shares (ACATS) to IBKR before you leave. |
Fidelity | You can keep it. But no new mutual fund buys once you live abroad. Margin and options may be limited. | Link a US bank account now. Check your beneficiary. |
Charles Schwab | The US site is for US residents. People abroad go through Schwab International. | Ask Schwab what happens to your account once you move. |
Vanguard | Often reported to limit accounts of people abroad. | Check with Vanguard. Be ready to move out. |
IBKR | Works for India residents. | The usual place to move to. |
Bottom line | Unsure about your broker? Move to IBKR while you are still in the US. | |
On Robinhood? Move out.
Transfer. Don't sell. An ACATS transfer moves your shares as they are. Nothing is sold. So no capital gains at transfer.
Time your sales. When to sell is a tax call. Usually it is best done in your RNOR years.
Fractional shares won't move. Robinhood sells them and sends the cash.
Start early. A transfer takes about a week. Robinhood charges $100 for it. Crypto doesn't move with it.
Practical step: Open your IBKR account while you are still in the US. Start the transfer. Change your address to India after you land. |
We wrote a detailed article on how to reset your cost basis during the RNOR period to book tax free capital gains.
3. 401(k), IRA and RSU accounts
Here is the catch. Your 401(k) and RSU accounts are often tied to your work login. Your work login ends on your last day. So fix this first.
Switch to your personal email. And your ported US number. Do it before your last day.
Update your address and beneficiary. Name your spouse. HR can still help you now.
Check your vesting dates. Then pick your last day. Leave a week early and you could miss a vest.
Download your vesting history. You need the cost of every lot when you sell from India.
Don't cash out. Withdrawing is a tax question. Get it wrong and it costs you.
IRAs and Roth IRAs: Keep them open. Reset the login. That's it for now.
HSA and 529:
Keep them open. Don't withdraw. Reset the login.
Broker rules for people abroad change often. Check with each one close to your move date.
Need help? Let’s talk.
Reyman Wealth helps returning Indians with planning their return to India, planning your RNOR period, resetting your cost basis and overall financial planning.
4. US bank accounts
Keep one or two open. You need them for card bills, broker withdrawals, refunds and US trips.
Close the rest. Fewer logins to manage from India.
Empty your fintech apps / HYSAs - Most don't serve people abroad. Wealthfront, for one, says it can't.
Our go-to options are usually Chase / Bank of America.
Don't keep too much money in a US bank account anyway. Move money to your brokerage and invest it in a money market instrument.
US banks are notorious for blocking people for being outside the US.
Go paperless. Then nothing depends on a US mailbox.
Want an FCNR deposit? Start it while you are still in the US. Current FCNR deposit rates are down to around 4% so we're not recommending them per se.
5. Credit cards
Your US credit history stays in the US. Keep a card open and it stays alive. Handy if you ever visit or move back.
Keep your oldest free card. It holds your credit history.
Close annual-fee cards you won't use. Premium travel cards are the usual ones.
Add your spouse as an authorised user. On a good card. If they aren't already.
Cancel subscriptions. Netflix. Prime. The gym. Check a card statement to catch them all.
Have an Amex? Ask about its Global Card Relationship programme. It lets you apply for an Indian Amex using your US history. India is on the list.
Chase cards will typically accept an Indian address too.
6. Download your records
The IRS and Social Security sites do work from abroad. But logins and ID checks are much easier with a US address and phone. So save everything now.
7. Health and family
Use your US insurance. Book check-ups before it ends. Medical, dental, eyes.
Refill prescriptions. Carry copies of your medical records.
Get OCI cards for your kids. US-citizen kids need an OCI or a visa to live in India.
Check their US passports. Renewing is easier from the US.
Need help with a checklist specific to your case?
Our team of experts will be happy to help. Feel free to reach out.
Broadly:
None of this is tax planning. That is a separate chat. Your RNOR years are where we save you taxes.
But tick off this list and you land in India with every account still working. That's the goal.
If you're a returning NRI who needs help with any of the following, feel free to reach out. Our team of experts is always happy to help:
Tax planning for return to India
Planning RNOR status in India and NRA status in USA
Assistance with cost basis reset - Capital gains calculation and reporting requirements
Assistance with re-designation of Indian bank accounts - NRO/ NRE to resident accounts (in line with FEMA regulations)
Comprehensive evaluation of holdings/ assets from tax perspective.
Financial planning and Investing
Spending optimization, EMIs & credit cards
Insurance advisory
ITR Filing in India
Will & estate planning
Most other financial queries or challenges
You can also email us at help@reymanwealth.com
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