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?

 

[Dragon_slayer]

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

View attachment 81867

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.

Move to IOB, Swift charges are 30$ for them, I use it regularly

 

[mdmahin]

For inward remittance in USD, I’d recommend HDFC Bank or ICICI Bank – they have competitive forex rates, low fees, and quick processing. If you want a seamless experience, Wise is also great for better rates and transparency. Always compare fees and rates before choosing.

 

[Dragon_slayer]

For inward remittance in USD, I’d recommend HDFC Bank or ICICI Bank – they have competitive forex rates, low fees, and quick processing. If you want a seamless experience, Wise is also great for better rates and transparency. Always compare fees and rates before choosing.

Provide sample quotes. Only then everyone can make a informed decision.

For IOB, a 2000$ remitance costs 12$ , all including all fees.

 

[roygarg]

Sorry for noob question. When selling on E Trade, which option to select? INR or USD?



Also, when I select INR, I get this message.

 

[telescope]

Sorry for noob question. When selling on E Trade, which option to select? INR or USD?

View attachment 83153

Anything is fine. If sending in inr, then sending bank will apply currency conversion. If sending usd, then indian bank will do the currency conversion.

 

[roygarg]

Anything is fine. If sending in inr, then sending bank will apply currency conversion. If sending usd, then indian bank will do the currency conversion.

Thanks. So how to know if the sending bank or the receiving bank is offering better exchange rate?

 

[cesc007]

Thanks. So how to know if the sending bank or the receiving bank is offering better exchange rate?

As per my experience , indian banks always gave better rates. Its always better to check with customer support if you are unclear

 

[telescope]

Thanks. So how to know if the sending bank or the receiving bank is offering better exchange rate?

This is tricky question. Try to know the exchange rate from the sending bank, if that's not possible then select usd and let indian bank handle the conversion. PSU banks have better rates than pvt banks.

 

[roygarg]

Anyone familiar with using E Trade? I am facing issues when adding Wire details. The receiving bank account name is already greyed out and even then an error pops up to add name as per account. Also, the second error asks for IFSC code. There is no box for IFSC code.

 

[telescope]

Anyone familiar with using E Trade? I am facing issues when adding Wire details. The receiving bank account name is already greyed out and even then an error pops up to add name as per account. Also, the second error asks for IFSC code. There is no box for IFSC code.

View attachment 83158

Sort code for receiving bank (optional) is probably the field for IFSC code. Click on the i button.

 

[roygarg]

Sort code for receiving bank (optional) is probably the field for IFSC code. Click on the i button.

The sort code is for Wires to the UK.

 

[roygarg]

Anyone familiar with using E Trade? I am facing issues when adding Wire details. The receiving bank account name is already greyed out and even then an error pops up to add name as per account. Also, the second error asks for IFSC code. There is no box for IFSC code.

View attachment 83158

Update: Was a bug. Finally added Wire details.

Anyone with experience with HDFC bank, which documents does HDFC ask for to complete the transfer?

 

[telescope]

Update: Was a bug. Finally added Wire details.

Anyone with experience with HDFC bank, which documents does HDFC ask for to complete the transfer?

Are you a resident of US? How did you managed to get etrade account

 

[roygarg]

Are you a resident of US? How did you managed to get etrade account

Nope indian resident. Wifes company grants rsus and they use etrade for these grants.

 

[telescope]

Update: Was a bug. Finally added Wire details.

Anyone with experience with HDFC bank, which documents does HDFC ask for to complete the transfer?

Please let us know the exchange rate you got and fees charged by hdfc.

 

[roygarg]

Please let us know the exchange rate you got and fees charged by hdfc.

Will do but decided to do the transfer in April once new financial year starts.

 

[yolofino]

Wise is good enough if the other party keep funds in Wise. Otherwise Skydo is a great alternative as well.

 

[shashankverma]

Move to IOB, Swift charges are 30$ for them, I use it regularly

So Swift charge I thought is charged by intermediary bank.
How will it change if the sender is same and receiver is iob or bob?
Am I missing something?
I checked and found TT Buy rate of IOB is 07 paise better then BOB
Are there some other charges as well?
I expect to receive around 3,00,000 Rs RSU
How much difference it would make if I use IOB instead of BOB?

 

[shashankverma]

So Swift charge I thought is charged by intermediary bank.
How will it change if the sender is same and receiver is iob or bob?
Am I missing something?
I checked and found TT Buy rate of IOB is 07 paise better then BOB
Are there some other charges as well?
I expect to receive around 3,00,000 Rs RSU
How much difference it would make if I use IOB instead of BOB?

Anyone please help

 

[Vinay13]

I

Anyone please help

Intermediary bank charges around 10 dollars..depends on bank and amount.
Best rate i have seen is IDFC giving 5ps on IBR.
Worse is HDFC.
Extra charges will be 100rs processing fees and GST