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?

 

[pandeyji]

ICICI hands down best experience

 

[medics]

Could you please explain? For inward remittances, is icici bank informed through call or email? In idfc bank i have to send email with response for every remittance.

 

[gauravraj]

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

Take a look at BOI exchange rates( 82.1 )
PNB (82.25)
IOB (82.27) 19/03/2023

Thanks to @yaathran .

 

[yaathran]

Take a look at BOI exchange rates( 82.92 ) 19/03/2023

Compare it on working days. Exchange rates listed on holidays doesn't have any significance.

 

[yaathran]

Take a look at BOI exchange rates( 82.92 ) 19/03/2023

Also I just noticed in BOI website. 82.92 is TT Sell rate, that is when you send INR to USD. 82.1 is their rate for TT Buy. I.e. when you get USD in your account and get converted to INR. For the same day 17/03/2023, IOB offers 82.27 TT Buy. Hands down IOB always win in terms of exchange rates.

 

[ramirami]

In my experience, in general, IOB is superior to most other banks for forex rates.

 

[Dragon_slayer]

In my experience, in general, IOB is superior to most other banks for forex rates.

Which savings account you suggest to hold with IOB ?

 

[ramirami]

Which savings account you suggest to hold with IOB ?

I have not negotiated better rates with IOB, their "default" rates were better than those of other banks. Unless you are going to attempt to negotiate better rates, the account variant won't matter, I think.

 

[jiffyspace]

I have not negotiated better rates with IOB, their "default" rates were better than those of other banks. Unless you are going to attempt to negotiate better rates, the account variant won't matter, I think.

Do you need a specific variant of account in IOB? Like in ICICI, they recommended an EEFC account to receive USD and then once it's received in that account, I need to send a mail to RM for conversion. Then negotiate the rates and use the "deal id" provided by the RM for USD to INR conversion.

Is it the same with IOB?

 

[dmittal]

I have not negotiated better rates with IOB, their "default" rates were better than those of other banks. Unless you are going to attempt to negotiate better rates, the account variant won't matter, I think.

Has anyone successfully negotiated better rates with IOB? Is it even possible given that it's a PSU bank which is relatively small?

 

[Rex]

Just had a word with Axis bank, told them about IOB rates, the best they're offering is "IBR -30Paisa", it's not as good a IOB but still reasonably good for a private bank

 

[sleepysurya]

Just had a word with Axis bank, told them about IOB rates, the best they're offering is "IBR -30Paisa", it's not as good a IOB but still reasonably good for a private bank

What would be values for today? Axis vs IOB?

 

[dmittal]

Just had a word with Axis bank, told them about IOB rates, the best they're offering is "IBR -30Paisa", it's not as good a IOB but still reasonably good for a private bank

Axis has consistently the lowest rates on the market, far lower than even HDFC and ICICI. See https://forex.geekdevs.com/

 

[Dragon_slayer]

Just had a word with Axis bank, told them about IOB rates, the best they're offering is "IBR -30Paisa", it's not as good a IOB but still reasonably good for a private bank

I have been using Axis for remittance; even with Burgundy accounts which offer better rates, the overall rates are still not good. Its better than HDFC from what I have noticed but not even close compared to what I see on IOB website

 

[Rex]

I have been using Axis for remittance; even with Burgundy accounts which offer better rates, the overall rates are still not good. Its better than HDFC from what I have noticed but not even close compared to what I see on IOB website

Today only I visited their branch, first they said, IBR -1, then they agreed for IBR -0.5 , I negotiated further and they agreed for INR-0.3. So, you need to negotiate on what they say.

PS- I'm a citigold customer, so they're seeing me a good prospect for Burgundy/burgundy private 😀

 

[Dragon_slayer]

Today only I visited their branch, first they said, IBR -1, then they agreed for IBR -0.5 , I negotiated further and they agreed for INR-0.3. So, you need to negotiate on what they say.

PS- I'm a citigold customer, so they're seeing me a good prospect for Burgundy/burgundy private 😀

Do note they wont process your TX at IBR, they publish there rates in the morning and use it for reference. They dont use IBR for reference. Also, by default the Burgundy clients get 50% better rates than normal rates

 

[blacktiger]

any recommendation for psu bank? (except bob)

 

[akashasnani]

why you guys are not using 3rd party like wise.com ? isn't it giving best exchange rate compared to banks ?

 

[blacktiger]

why you guys are not using 3rd party like wise.com ? isn't it giving best exchange rate compared to banks ?

the person who send the transfer should send through wise. many companies which offer rsu or esops still prefer to send through banks

 

[CC-Muncher]

the person who send the transfer should send through wise. many companies which offer rsu or esops still prefer to send through banks

Not true. You can set your wise account details in the portal. It will come to wise.