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?

 

[Ezio]

look for IDFC/IOB

Some person on some other thread mentioned that PSU banks don't provide FIRC. Do you have any experience of getting FIRC from IOB?

 

[sunit123]

1


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?

1. For salary income, current account not required...As per T&C of savings account, it cannot be used for professional purpose therefore Current account is required....In India, Salary accounts are savings account only....Still, you may confirm with your employer or CA i.e. whether current account required or not.
2. Right. If it is salary then FIRC is required and IT department may ask for the same
3. Yes (Among private banks)...Indusind bank was also suggested by many senior members of this forum.

 

[sky_walker_rules]

Some person on some other thread mentioned that PSU banks don't provide FIRC. Do you have any experience of getting FIRC from IOB?

i m using idfc salary account n they give 10p less exchange rate whats shown in google

 

[Ezio]

i m using idfc salary account n they give 10p less exchange rate whats shown in google

How did you open the salary account? Was it online or after going to the branch?

And did you negotiate the exchange rate before you opened the account?

 

[Ezio]

1. For salary income, current account not required...As per T&C of savings account, it cannot be used for professional purpose therefore Current account is required....In India, Salary accounts are savings account only....Still, you may confirm with your employer or CA i.e. whether current account required or not.
2. Right. If it is salary then FIRC is required and IT department may ask for the same
3. Yes (Among private banks)...Indusind bank was also suggested by many senior members of this forum.

1. Got it. Thanks man.
2. Oh ok.
3. Got it. Will look at IndusInd bank

 

[xxScriptzxx]

i m using idfc salary account n they give 10p less exchange rate whats shown in google

Hdfc or icici salary is ibr - 4 paise. They are the best in the segment

 

[moneyMaker]

IndusInd bank

Still think IDFC is way better, I had a bad experience with IndusInd bank

 

[sky_walker_rules]

Hdfc or icici salary is ibr - 4 paise. They are the best in the segment

cross check hdfc,they r worst

 

[sky_walker_rules]

How did you open the salary account? Was it online or after going to the branch?

And did you negotiate the exchange rate before you opened the account?

yes,go to branch n negotiate

 

[xxScriptzxx]

cross check hdfc,they r worst

I started using them since 6 months. They have special tie ups with corporates. Being getting ibr - 5 paise. Icici is the best with ibr - 4 paise

 

[mojo_jojo123]

which one is better hdfc irb 5 paisa rate + charges , vs SBI tt buy rate + charges ? anyone expert can guide me ?

 

[cesc007]

which one is better hdfc irb 5 paisa rate + charges , vs SBI tt buy rate + charges ? anyone expert can guide me ?

When you say IBR + 4 paise, do you actually mean 4 paise or 40 paise?

 

[xsourabh]

Try using Skydo for inward remittances. I have tried that and using for last few months for getting EUR payments from EU companies. They have the exact XE rates up to 4digits and FIRC is immediate. Also, transfer process and disposal is almost immediate- max 1 day. Fees is flat 19$ for up to USD 2000 & 29$ for over USD 2000.

Only limitation is the try won’t do a single transaction over $10K or equivalent. But has worked perfectly for me since I get in the range of EUR 3000 to EUR 7000 for each transaction.

Also, if I refer you will get 2 free inwards and then you can refer others to earn 2 free inwards for each referral.

 

[Dragon_slayer]

Fees is flat 19$

This is still higher than what you would pay to IOB after including all costs.

 

[xsourabh]

This is still higher than what you would pay to IOB after including all costs.

The fees of $19 is higher than IOB charges of 1000+GST, but there is also a difference of 25-30p in exchange rates. So in last 10+transactions, Skydo has always offered better returns for me. But can be different for different accounts, not sure.

 

[kiwi]

Still think IDFC is way better, I had a bad experience with IndusInd bank

How in terms of remittance rate ? Is idfc comparable to iob ?

 

[kiwi]

Try using Skydo for inward remittances. I have tried that and using for last few months for getting EUR payments from EU companies. They have the exact XE rates up to 4digits and FIRC is immediate. Also, transfer process and disposal is almost immediate- max 1 day. Fees is flat 19$ for up to USD 2000 & 29$ for over USD 2000.

Only limitation is the try won’t do a single transaction over $10K or equivalent. But has worked perfectly for me since I get in the range of EUR 3000 to EUR 7000 for each transaction.

Also, if I refer you will get 2 free inwards and then you can refer others to earn 2 free inwards for each referral.

Skydo | Receive International Business Payments at Low Cost

Skydo makes receiving international business payments affordable, easy and seamless. Get GST compliant FIRA and real time payment tracking. Cheapest solution for businesses and freelancers compared to banks, Paypal and Wise.

www.skydo.com

says
You pay$29
For payments ofUSD 2,001 to USD 10,000

Does that mean for 20K USD it will be $29x2 ?

 

[xsourabh]

Skydo | Receive International Business Payments at Low Cost

Skydo makes receiving international business payments affordable, easy and seamless. Get GST compliant FIRA and real time payment tracking. Cheapest solution for businesses and freelancers compared to banks, Paypal and Wise.

www.skydo.com

says
You pay$29
For payments ofUSD 2,001 to USD 10,000

Does that mean for 20K USD it will be $29x2 ?

They earlier didn't allow above $10K, but now have started I heard for 0.3% above $10K, however that would need prior account approval it seems. I have only used for payments below $10K.

 

[kiwi]

They earlier didn't allow above $10K, but now have started I heard for 0.3% above $10K, however that would need prior account approval it seems. I have only used for payments below $10K.

then say for 40K usd , this will have charges of 120 USD. Still is this better than IOB ?

I really didn't understand the earlier IOB example specifically this row For Remittance 1000 + (316150/200)2581

Post in thread 'Best Bank Account for Inward Remittance'

Jun 11, 2024

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

...

• IDontThinkSo

• 
• 

 

[prashant0085]

When I researched it during 2021, I found out 2 banks with best conversion rate IOB and BOB. I choose BOB as I already had that account.

So I choose bank of baroda. I got charged following:

Amount I would receive $7140 and I was just charged GST + minus 30/40 paisa rate compared to market



Since then I have been using bank of baroda. Only thing that changed now is client. Previous client used to send payments via DEEL, the current client directly sends to my account via swift thus the bank of new york deducts 45-50 USD per txn.