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?

 

[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

I've fixed the scraping. We'll now get data for Axis, HDFC, ICICI, SBI, IDBI, IOB, Canara and BOI. If anyone wants me to add any other bank let me know.

 

[Harry1]

I've fixed the scraping. We'll now get data for Axis, HDFC, ICICI, SBI, IDBI, IOB, Canara and BOI. If anyone wants me to add any other bank let me know.

Can you please add Indian bank too?

 

[WhoU]

I've fixed the scraping. We'll now get data for Axis, HDFC, ICICI, SBI, IDBI, IOB, Canara and BOI. If anyone wants me to add any other bank let me know.

Can you try with bob too? And how are you getting the historical data for each bank?

 

[dmittal]

Can you please add Indian bank too?

They provide an excel file, I'll have to see how I can parse it to get the results.

Can you try with bob too? And how are you getting the historical data for each bank?

I've added BoB. I'm not getting historical data, the data you see was already being fetched everyday, it was just not being displayed.

 

[dmittal]

Can you please add Indian bank too?

I've added the Indian Bank. But unfortunately I nuked my database. So we'll start collecting fresh data now (no more historical data 🙄)

 

[WhoU]

I've added the Indian Bank. But unfortunately I nuked my database. So we'll start collecting fresh data now (no more historical data 🙄)

You didn’t have a backup? Sad to hear. Also what else do you scripts for scraping?

 

[dmittal]

You didn’t have a backup? Sad to hear. Also what else do you scripts for scraping?

No, this website wasn't that important to me. I built it just for myself, so I didn't really do any backups.

Not doing any other scraping right now.

 

[bengaltiger]

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?

Who is sending you the money?
If its you, then use wise or xe for remittance.

Else SBI/ axis good.

 

[gauravraj]

I've fixed the scraping. We'll now get data for Axis, HDFC, ICICI, SBI, IDBI, IOB, Canara and BOI. If anyone wants me to add any other bank let me kn

Who is sending you the money?
If its you, then use wise or xe for remittance.

Else SBI/ axis good.

Never use axis regular(easy access or liberty)
As Per my experience they charged approx 450 as ( service charges +gst charges + exchange value charges ) on my INR 24k approx

 

[WhoU]

inward remittance is free for all banks right? or any banks charging for that too?

The conversion rates is where the banks make money. See from the above discussion how it varies with each bank.

 

[WhoU]

i get that part.

also saw some mentioned some service charges, so checking..

so, apart from conversion variance bank won't charge any extra, right? like if received more than $2000, some 500rs. charges or $10000 then some 1500rs. charges.

w.r.t receiving part, not sending.

There is a gst component which gets charged for every transfer for HDFC, no other charges. Not sure about other banks.

 

[jiffyspace]

@dmittal Very cool. Are these IBR rates? Also ICIC seems too low.

 

[dmittal]

@dmittal Very cool. Are these IBR rates? Also ICIC seems too low.

I scrape the rates directly from the respective bank's websites' forex rates page. So I guess these are retail rates, not IBR rates

 

[Rex]

Normally IOB gives the best rate for inward remittance. However, in case of RSU/ESOP where broker is fidelity, YES Bank has a tie up with Fidelity and offers remittance with flat 20 paise margin (no other charges or GST) . Just had a word with Yes bank manager. So, you can plan accordingly

 

[Harry1]

Normally IOB gives the best rate for inward remittance. However, in case of RSU/ESOP where broker is fidelity, YES Bank has a tie up with Fidelity and offers remittance with flat 20 paise margin (no other charges or GST) . Just had a word with Yes bank manager. So, you can plan accordingly

Any other tie up with fidelity? Don't have yes bank account.

 

[Dragon_slayer]

So did anyone opened account with IOB and checked the rates, after this post ? Would love to hear any experiences.

 

[yaathran]

Use Indian Overseas Bank account. iob is best across all PSUs. Regardless of the amount, they always gives the best. You can check it online

 

[yaathran]

So did anyone opened account with IOB and checked the rates, after this post ? Would love to hear any experiences.

I have been using IOB for 5 years. Their inward remittance rates are the best. You don't have to call anyone. Remittance will get credited to the account without any interference.

 

[Dragon_slayer]

I have been using IOB for 5 years. Their inward remittance rates are the best. You don't have to call anyone. Remittance will get credited to the account without any interference.

Thank you. Do you suggest opening a min balance account with them ( 1000 INR deposit ) , or a better account if that offers some benefits ?

 

[yaathran]

Thank you. Do you suggest opening a min balance account with them ( 1000 INR deposit ) , or a better account if that offers some benefits ?

I would suggest SB Silver 1 account with 5000 AMB. It comes with free debit card, free NEFT, IMPS, RTGS.