Exercising options via Carta wire transfer from India - documents required

Hi everyone!

Has anyone successfully completed a wire transfer from India to Carta to purchase ESOPs?

My bank (Axis) has rejected my wire transfer multiple times, each time asking for a different document. If you've gone through this process, I'd really appreciate any advice on what documents were required or how you got the transfer to go through.

Thanks!

The repeated rejections you're seeing are a known pain point with Indian bank wires to Carta's US account. A few things that tend to unblock it:

1. Try a different bank or service. Even though you're on Axis (which generally works better than some others), if they keep asking for new documents, it may be worth trying an international money transfer service like Wise as an alternative to a traditional wire.

2. Share Carta's Equity Transaction Payment Terms with your bank. This document clarifies that Carta is the escrow administrator accepting funds on behalf of the company, which sometimes resolves the bank's concern: Carta Payment Terms

3. If there's a regulatory angle (FEMA). If your bank or a legal advisor is flagging a requirement for an India-specific fair value determination under FEMA, that's outside what Carta provides directly. You'd need to engage a third-party firm for that piece, then record the exercise in Carta once those requirements are satisfied.

Hope one of these helps get it unblocked. Feel free to share which documents Axis has been asking for, as that context might help others weigh in too!

Thank you so much Brent Devey

It’s a miss from the bank’s side. They did not attach an internal customer declaration form in the last transfer.

I initiated a new transfer today. I will get the response in the next few days.