Best bank for inward remittance ?

[PreciousTincture]

I get decent chunk of foreign payments in my bank. when i compared Inw. Remittance rates ( TT Buy) of different banks i was shocked. Compared HDFC rates with govt banks like SBI & PNB. the difference was hugee. 1.1 to 1.3 Rs/dollar . this would help me save shit load annually ( 1L+ )
Existing Axis RM are asking me to use them and they will give a better rate. but i'm not sure if they can match PNB/SBI.

Then im unaware of how good/reliable PNB/SBI banking is. what should i do? i don't want to call the bank for every single payment. need to be smooth.

 

[aashishnb]

Normally SBI is the best, but you can negotiate with your existing RM and ask them to come as close to SBI if not match it.

 

[harshitharlalka]

Here you go, you can compare TTBuy Rates of different banks and IOB is always the best.

Indian Overseas Bank : Inward Foreign Remittance Experience

 

[PreciousTincture]

@harshitharlalka i wanna receive my professional income. every month. do i need to fill forms / call them / tell them purpose every time?

 

[harshitharlalka]

@harshitharlalka i wanna receive my professional income. every month. do i need to fill forms / call them / tell them purpose every time?

Can't comment on this. For me, I did multiple remittances and just informed my branch manager and nothing more than that. Didn't need to fill any form.

Even in your case, you ideally wouldn't need to do any of that. Although you might need an e-FIRC which I've heard is not streamlined to get from IOB

 

[aashishnb]

There are various other sites as well, but you can get live FX rates without any charges on https://www.fxstreet.com/rates-charts/rates. These seem to be quite close to realtime.

Request members to share other sources as well.