Bank offering best forex rate

[devilbingo]

Hi, I have some money in USD (~2000) in my US stock broker account, and I want to wire transfer the amount to Indian bank account. Which bank will offer the best forex rate for this purpose? I only have account at IDFC but I'm open to opening an account wherever I get the best rates.

 

[hockey]

Nationalized banks are better from personal experience. I prefer PNB

 

[AritraSaha]

Hi, I have some money in USD (~2000) in my US stock broker account, and I want to wire transfer the amount to Indian bank account. Which bank will offer the best forex rate for this purpose? I only have account at IDFC but I'm open to opening an account wherever I get the best rates.

Check Indian Overseas Bank

 

[devilbingo]

Nationalized banks are better from personal experience. I prefer PNB

Okay, so here https://www.pnbindia.in/downloadprocess.aspx?fid=A+rrvZeJc+PIaxfEqVTIQQ== is the PNB rates, so if I am reading correctly bank will give me the rate mentioned under TT buy right? Is there any additional charge associated apart from GST?

 

[hockey]

Okay, so here https://www.pnbindia.in/downloadprocess.aspx?fid=A+rrvZeJc+PIaxfEqVTIQQ== is the PNB rates, so if I am reading correctly bank will give me the rate mentioned under TT buy right? Is there any additional charge associated apart from GST?

Cant say about exact rates but PNB gave me best rates out of all major banks (SBI/HDFC/ICICI/AXIS/INDUSIND)
My monthly volume being high though.

 

[Walter White]

Hi, I have some money in USD (~2000) in my US stock broker account, and I want to wire transfer the amount to Indian bank account. Which bank will offer the best forex rate for this purpose? I only have account at IDFC but I'm open to opening an account wherever I get the best rates.

Indian Overseas Bank/PNB

 

[aayusharyan]

Hi, I have some money in USD (~2000) in my US stock broker account, and I want to wire transfer the amount to Indian bank account. Which bank will offer the best forex rate for this purpose? I only have account at IDFC but I'm open to opening an account wherever I get the best rates.

I am not sure about whether it will work with Stock Broker or not, so you need to do your research, but you can look into Wise. They have really good exchange rates. I use it personally as well as for my Pvt. Ltd.

 

[devilbingo]

I am not sure about whether it will work with Stock Broker or not, so you need to do your research, but you can look into Wise. They have really good exchange rates. I use it personally as well as for my Pvt. Ltd.

Thanks, will check!

 

[RAMESH BABU N]

Needs basic understanding....

1. 2000 USD means 1.6L INR.

2. All banks have a CARD RATE and a FINER RATE. Card rate is used for low value trxns. Finer rates are for large trxns - usually 5L (or 10L or more depending on each bank's policy). Finer rate is given for a particular trxn n can't be used for other trxns. It is also customer dependent.

3. Card rate is for all trxns in a day - across All fore dealing branches of a bank - finer rate given by their FD - Foriegn Dept or Treasury Dept by their own Dealer.

4. Depending upon the value, customer, currency, time n type of trxn, the finer rate is decided by the bank's Dealer.

Based on the above, for a paltry sum of 2000 USD - you will get only the applicable card rate.

 

[RAMESH BABU N]

I worked in SBI's Forex Exclusive Overseas Branch at Visakhapatnam for 4 years - handled all.
Imports - HSL - hindustan shipyard Ltd - each bill in millions of USD.
Exports - MMTC - ship loads of iron ore - again in millions.
Remittances - all other customers - marine, industrial, NRI, students, Travellers......
Others - Bank Guarantees, Bid Bonds,

Daily, we used to do around 700-900 trxns - all in FOREX. No domestic trxns.

 

[RAMESH BABU N]

Additionally, I was handling Card Rates Calculation based on the mid-day rates of our Singapore OBU and the Bank's overall Forex net position - obtained from our FD Calcutta.

And, also handling Correspondent Relations with 117 international banks - TO MANUALLY authenticate trxns with them by using highly Confidential Test Keys.

 

[devilbingo]

Thanks for the information @RAMESH BABU N sir!

 

[paxauquabriba-4876]

Hi, I have some money in USD (~2000) in my US stock broker account, and I want to wire transfer the amount to Indian bank account. Which bank will offer the best forex rate for this purpose? I only have account at IDFC but I'm open to opening an account wherever I get the best rates.

Open a Resident foreign currency account for the long term to avoid fx conversion charges

 

[devilbingo]

Open a Resident foreign currency account for the long term to avoid fx conversion charges

But I am not an NRI

 

[paxauquabriba-4876]

But I am not an NRI

Yep its for Resident

 

[devilbingo]

Yep its for Resident

According to this HDFC link https://www.hdfcbank.com/nri-bankin...ngs-account/rfc-savings-account/documentation you need to be an NRI who stayed in foreign country for less than 1 year.

 

[RAMESH BABU N]

I suggest as under.
Get back 2K USD by wire trfr.
Convert into INR.
Keep it as a FD. Get 8-9% interest.
Take any credit card against it. Enjoy rewards or cashback.
The above is assured way.

But, if you intend to travel abroad shortly, keep it as it is. You will not get the above benefits - but may gain if USD goes up. Remember, that It might go down also.

You choose.

 

[paxauquabriba-4876]

According to this HDFC link https://www.hdfcbank.com/nri-bankin...ngs-account/rfc-savings-account/documentation you need to be an NRI who stayed in foreign country for less than 1 year.

Reserve Bank of India - Frequently Asked Questions

Kindly check the above options & hopefully u find to your needs but again LONG TERM option rather than one off transaction.

 

[paxauquabriba-4876]

I suggest as under.
Get back 2K USD by wire trfr.
Convert into INR.
Keep it as a FD. Get 8-9% interest.
Take any credit card against it. Enjoy rewards or cashback.
The above is assured way.

But, if you intend to travel abroad shortly, keep it as it is. You will not get the above benefits - but may gain if USD goes up. Remember, that It might go down also.

You choose.

Well said. High%FD+CreditCard+Cashback.
Nobody can top this offer benefits.

 

[RAMESH BABU N]

One more aspect....

Look for small banks which have ADVERSE Forex business balance sheet (I.e who finance imports). Their card rates will be slightly better for you - selling USD for getting INR.

Some travel agrents/AFDs - authorized Forex dealers - also buy USD n give you INR. You need to have a valid passport for this.