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Check Indian Overseas BankHi, 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.
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?Nationalized banks are better from personal experience. I prefer PNB
Cant say about exact rates but PNB gave me best rates out of all major banks (SBI/HDFC/ICICI/AXIS/INDUSIND)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?
Indian Overseas Bank/PNBHi, 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.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.
Thanks, will check!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.
Open a Resident foreign currency account for the long term to avoid fx conversion chargesHi, 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.
But I am not an NRIOpen a Resident foreign currency account for the long term to avoid fx conversion charges
Yep its for ResidentBut I am not an NRI
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.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.
Well said. High%FD+CreditCard+Cashback.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.