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?

 

[sleepysurya]

Found it thanks! Is this rate applicable for retail banking too? As the section is for business banking. Also in HDFC we get a notification to accept the inward remittance. Does the same happen with BOB too?

Rate for retail - I guess so. Notification part - don't know. SBI & even Axis people call and confirm.

 

[WhoU]

Yes. One thing to keep in mind is that PSU banks can be annoying to deal to get FIRC which may be required for tax purposes.

I don’t have to give any FIRC to HDFC. Is that mandatory?

 

[Dragon_slayer]

So PNB is giving best rates ? Does anyone have any experience receiving remitance on PNB, it is good / bad ? Are there any extra charges which they take?

 

[787]

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.

 

[787]

I don’t have to give any FIRC to HDFC. Is that mandatory?

the bank gives you firc advice. like a receipt four your forex transaction.

 

[Dragon_slayer]

I checked the rates for Indian overseas bank and PNB, it seems IOB is offering even better rates than PNB ( 2 paise better ), but I also looked at company financials for both these banks and it looks like PNB has better financial so less risky.

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

 

[787]

I checked the rates for Indian overseas bank and PNB, it seems IOB is offering even better rates than PNB ( 2 paise better ), but I also looked at company financials for both these banks and it looks like PNB has better financial so less risky.

It’s just a transaction, so even if you feel it’s not financially strong enough, it does not matter as you can just NEFT/RTGS the amount the same day to another relatively safe bank.

 

[787]

IMHO, Indian Overseas Bank is the best for Forex card rates.

 

[Dragon_slayer]

I mean, just for two paise better rates, why take any risks, its not worth it. But I understand your point too.

It’s just a transaction, so even if you feel it’s not financially strong enough, it does not matter as you can just NEFT/RTGS the amount the same day to another relatively safe bank.

 

[787]

yes but IOB as a bank and to facilitate remittances is much better. Their compliance with LRS rules and understanding of inward purpose codes makes it much easier as they seem to specialise in inward outward remittance.

PNB as usual you have to navigate their pre and post-lunch times!

 

[Dragon_slayer]

Do you have any personal experiences to share about both these banks ?

 

[787]

Do you have any personal experiences to share about both these banks ?

Yes all three banks.

Hdfc as imperia
Pnb and iob as standard accounts.

First preference hdfc imperia. Rates are great and service is better.

If not then go with iob or pnb wherever you have an account. Iob preferable to pnb if have accounts in both.

 

[Dragon_slayer]

Yes all three banks.

Hdfc as imperia
Pnb and iob as standard accounts.

First preference hdfc imperia. Rates are great and service is better.

If not then go with iob or pnb wherever you have an account. Iob preferable to pnb if have accounts in both.

Are there any extra charges on remitance by IOB, example: if the TT buy rate for USD is 83, then would they settle 1000$ tx as 1000*83 = 83,000 INR or there are some hidden charges in between

 

[Harry1]

Yes all three banks.

Hdfc as imperia
Pnb and iob as standard accounts.

First preference hdfc imperia. Rates are great and service is better.

If not then go with iob or pnb wherever you have an account. Iob preferable to pnb if have accounts in both.

Why hdfc when rates are so bad compared to pnb/iob?

 

[Dragon_slayer]

I just talked with IOB bank customer support; they said they take 0.95% of the transaction amount as service fees.

But when I talked with IOB remitance team they mention charges much less than this. About 0.2%

 

[787]

I just talked with IOB bank customer support; they said they take 0.95% of the transaction amount as service fees.

But when I talked with IOB remitance team they mention charges much less than this. About 0.2%

This is something new.

Usually they used to take a Rs1000 fixed charge for remittances.
And the variable charge is only the gst for forex transactions which is on some slab basis.

 

[Dragon_slayer]

It shows some charges here on Page 3

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

 

[dmittal]

Indian Overseas Bank gives the best forex rates for inward remittance. I actually created a site for comparison - https://forex.geekdevs.com

 

[sleepysurya]

Indian Overseas Bank gives the best forex rates for inward remittance. I actually created a site for comparison - https://forex.geekdevs.com

The rates for SBI seem to be incorrect (approx 60 paise less)
Reference - https://www.sbi.co.in/documents/16012/1400784/FOREX_CARD_RATES.pdf

 

[dmittal]

The rates for SBI seem to be incorrect (approx 60 paise less)
Reference - https://www.sbi.co.in/documents/16012/1400784/FOREX_CARD_RATES.pdf

You're right, I'll have a look. I made this site only for myself but if there's interest I'll fix the issues. I was scraping other banks too but it stopped working.