Best Bank Account for Inward Remittance

[WhoU]

I have HDFC salary and BOB savings account. I get RSUs and ESPPs and sell them to get money in my Indian account.

I use inward remittance quite often and HDFC is a pain with calling RM and asking them to get approval for better rates etc.

Do you guys have experience with this? Which bank gives best inward remittance rate with no manual process involved?

 

[sharpened]

IOB first position and PNB second. Go to the forex desk and give them a heads up but there's minimum compliance for inward. Outward is a headache and a half

 

[0xfallup]

@kochiro . .

 

[IDontThinkSo]

I am not sure what you meant by extra fees. Every bank typically charges for services such as SWIFT/wire fees, FIRC (if applicable), markups on conversion, and GST where applicable. Private banks often have a higher margin on forex transactions, offering worse rates compared to public sector banks (PSUs).

IOB is generally a good option for inward remittance, as their rates are competitive. Occasionally, some banks might offer better rates than IOB on a case-by-case basis due to intermediary banks, but the difference is usually negligible.

However, being a government entity, the experience with IOB can depend significantly on the branch.

For IOB, the exchange rate is typically around 20-30 paise less than the market rate, which is quite favorable compared to other banks.

Other options include online apps/platforms compliant with OPGSP, such as Wise, PayPal, Payoneer, Mulya, Skydo etc

Skydo might offer better charges than other platforms. Although all platforms usually provide live forex market rates, their fees can go up to 2.5% or more of the transaction amount.

IOB's conversion credit is quite comparable than those offered by apps as well. However, being a PSU, they might be challenging regarding FIRC issuance and could require a branch visit if the branch manager is not competent.

Other PSU options include BoB and PNB, but the branch's understanding of forex transactions can vary as not all branches do forex regularly. It is good to find a branch that is well-versed in forex services, similar to how SBI and other PSUs have specialized "NRI" branches.

 

[mayankpatel]

I am not sure what you meant by extra fees. Every bank typically charges for services such as SWIFT/wire fees, FIRC (if applicable), markups on conversion, and GST where applicable. Private banks often have a higher margin on forex transactions, offering worse rates compared to public sector banks (PSUs).

IOB is generally a good option for inward remittance, as their rates are competitive. Occasionally, some banks might offer better rates than IOB on a case-by-case basis due to intermediary banks, but the difference is usually negligible.

However, being a government entity, the experience with IOB can depend significantly on the branch.

For IOB, the exchange rate is typically around 20-30 paise less than the market rate, which is quite favorable compared to other banks.

Other options include online apps/platforms compliant with OPGSP, such as Wise, PayPal, Payoneer, Mulya, Skydo etc

Skydo might offer better charges than other platforms. Although all platforms usually provide live forex market rates, their fees can go up to 2.5% or more of the transaction amount.

IOB's conversion credit is quite comparable than those offered by apps as well. However, being a PSU, they might be challenging regarding FIRC issuance and could require a branch visit if the branch manager is not competent.

Other PSU options include BoB and PNB, but the branch's understanding of forex transactions can vary as not all branches do forex regularly. It is good to find a branch that is well-versed in forex services, similar to how SBI and other PSUs have specialized "NRI" branches.

Thanks for the detailed response.

 

[IDontThinkSo]

I sent an email to fedcar@iobnet.co.in requesting charges schedule and gave them a sample figure of $5000.

Amount in USD	$5000
Rate	83.23
Total in INR	416150
For Amount >1L and <10L	316150
For Remittance 1000 + (316150/200)	2581
FCY conversion GST (18% of 2581)	465
GST on remittance (150 +18%)	177
Total deduction	642
Final credit	415508

This is quite promising. Also they did not mention, but I assume they used SWIFT for example


Though I am not sure why they did not deduct other charges in the final amount and only GST. FIRC is 250 which they did not include in the calculation.

I did some digging and found their charges schedule, but still not sure about the deduction.

https://iob.in/upload/CEDocuments/ScheduleofChargeswef10022020.pdf

So assuming they provided the correct details, its better than all the app/platform as well.


Along with this, I also asked if they provide preferential rates for SB-HNI to which this is what they reply:

Preferential exchange rates are provided based on the MT103 received and not the type of the customer.
NOTE: MT103 is for SWIFT

 

[paxauquabriba-4876]

is iob online acnt possible or only branch ?

sb ? (SB-HNI)
MT103 ?
FIRC is 250 ?

 

[IDontThinkSo]

is iob online acnt possible or only branch ?

Online is possible:

https://vkyc.iob.in/customerVkyc/#/digitalAccount

SB-HNI

https://www.iob.in/SB-HNI

MT103 ?

This is a document type for SWIFT. Internal to forex, you can ignore this for normal usage. Does not matter to consumers much.

FIRC is 250 ?

Yes, FIRC is 250 extra. I guess there would be GST on top of that too.

 

[Dragon_slayer]

IOB is the best option available. Open a simple 1000 balance account. Before opening account talk with the people in branch, it would be helpful to maintain a good relationship with someone from bank. As only that person will really help you solve your IOB account issues without you having to visit bank. There customer support is useless.

 

[soleja1]

Axis bank is good imo

 

[sunit123]

Can anyone confirm if they are getting FIRC from a PSU Bank like BOB, PNB or Canara Bank. I’m planning to open an account with either of these three bank.

No...I received notice from GST department to share FIRC but i was unable to submit as bank employees do not know what is FIRC...They will keep kicking u from one branch to another

 

[dmittal]

any luck fixing it?
I can help if you want 🙂

Finally got around to fixing it. Sorry, it took so late.

 

[Ezio]

Tell your HDFC Imperia RM to give better rates.
I have imperia and for USD and GBP inward remittance, I get about 10 paise lower than interbank rate (XE) and likewise for outward remittance, I get 10 paise higher than XE interbank rate.

If not imperia, then you should use Indian overseas bank and pnb as they have the best forex card rates applicable to all their customers.

How do you get your RM to do that? I have an Imperia account but my RM is useless. She is repeating the same thing that you will be getting the rates as seen on Google.

 

[Ezio]

IOB is the best option available. Open a simple 1000 balance account. Before opening account talk with the people in branch, it would be helpful to maintain a good relationship with someone from bank. As only that person will really help you solve your IOB account issues without you having to visit bank. There customer support is useless.

Can you please let me know which savings account is that?
If I go and ask them for a salary account, will they be able to open a 0 balance account for me?

 

[moneyMaker]

IOB or IDFC, maybe current a/c if possible.

 

[Ezio]

IOB or IDFC, maybe current a/c if possible.

Current A/c?
Can you help me with this?

I cannot see the option to DM you.

 

[Dragon_slayer]

Can you please let me know which savings account is that?
If I go and ask them for a salary account, will they be able to open a 0 balance account for me?

Normal Savings account, requires 1000 MAB

 

[Dragon_slayer]

How do you get your RM to do that? I have an Imperia account but my RM is useless. She is repeating the same thing that you will be getting the rates as seen on Google.

They will give you lower rates and put other charges , to increase overall fees.

I had an Imperia account, its useless.

 

[sky_walker_rules]

look for IDFC/IOB

 

[sunit123]

1. If it is personal payment, it is okay to receive in savings accout else open current account
2. IOB and PSU banks do not provide FIRC...IT or GST department will ask for the same...psu bank employees dont know what is FIRC
3. Among private banks, indusind bank is best for accepting inward remittance..

 

[Ezio]

1

1. If it is personal payment, it is okay to receive in savings accout else open current account
2. IOB and PSU banks do not provide FIRC...IT or GST department will ask for the same...psu bank employees dont know what is FIRC
3. Among private banks, indusind bank is best for accepting inward remittance.

1. This will be my salary basically, every month. Do you still think I should open a current account? And any reason why a current account would be better than a savings account.
2. Damn, so any PSU bank is a no-go then?
3. So IndusInd bank provides the best rate according to you?