Guidance requested: Wire transfer from US broker (E*TRADE) to Indian bank account

[sainath769]

I work for a US MNC and I have ESPP shares in E*TRADE. I’m planning to sell them and wire the money (around $30,000) to my Indian bank account.
Since I’m doing this for the first time, I need some guidance:
Is it easy to receive a wire transfer of this amount in India?

• What bank details do I need to provide for the wire (SWIFT, purpose code, etc.)?
• Any charges I should expect from the Indian bank or intermediary banks?
• Anyone here who has done a wire transfer from E*TRADE to India—how was your experience?

 

[Vinay13]

Which bank accounts you have?
Indian banks will charge conversion ranging from 5ps to 2rs per dollar based on bank.
Yes you need swift code purpose code p0021

 

[sainath769]

Which bank accounts you have?
Indian banks will charge conversion ranging from 5ps to 2rs per dollar based on bank.
Yes you need swift code purpose code p0021

I have HDFC ,ICICI ,IDFC . I can create new bank account if there is better charges

 

[Vinay13]

Contact IDFC RM or BM explain him your situation he should able to get you 5ps-20ps on IBR rate depends on your company and how much you will remit yearly otherwise open IOB account.

 

[aashishnb]

I work for a US MNC and I have ESPP shares in E*TRADE. I’m planning to sell them and wire the money (around $30,000) to my Indian bank account.
Since I’m doing this for the first time, I need some guidance:
Is it easy to receive a wire transfer of this amount in India?

• What bank details do I need to provide for the wire (SWIFT, purpose code, etc.)?
• Any charges I should expect from the Indian bank or intermediary banks?
• Anyone here who has done a wire transfer from E*TRADE to India—how was your experience?

Some employers allow the facility to encash/buyback the ESOP shares for employees and pay in cash. Please check if your organization allows it - may help save some hassle of FX if they're willing to pay in INR.
More importantly, please check the tax impact. The ESOP must've already been taxed when it vested, so in all likelihood, you'll only have to pay Capital Gains Tax now when you sell the shares.

 

[ranjanpr17]

I did some research in last month I was able to negotiate following rates for US inward remittance

Axis burgundy- 400 + gst processing fee, above 10K USD rate - ₹88.6
Indusind - no processing fee, above 10K USD remittance rate ₹88.75 + 0.005% for RBI processing not charged by bank
IOB - 500+gst, above 5k USD remittance rate ₹88.9
HDFC - not worth mentioning
Hope it helps.

 

[tfbeginner210]

I too need to do an inward remittance from my Etrade account.
Found that IOB has the best TTBuy rate - so planning to create an online account.

I was also thinking of directly transferring it to INDMoney's partner broker Alpaca - unsure if that is possible; couldn't find much even on reddit.
This is possible with Vested though.

@sainath769 - Did you go ahead with the transfer? Any new learnings/suggestions?