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?

 

[VijayflyRaven]

did you try IOB as well?
Did Icici give you better TT rate than IOB/KVB?

Yes did IOB too. Will publish all rates. I did in another thread.
ICICI I have wealth and still it was less than others. I asked them if they can give me extra for wealth select but they sent reply with generic statement that rates are decided based on market volatility 🙂

KVB (need to verify) > IOB > ICICI

 

[iAmPm]

following..

 

[Gabbar.Singh]

I receive remittances in SEK currency and some banks do not offer this service (actually they can but it involves double currency conversion), leaving me with limited options.

Currently, I have a relationship with SBI and Kotak, but I am exploring other banks that offer better rates and services. I have tried HDFC Bank and Axis Bank in the past, but their exchange rates were not as competitive as SBI.

I have researched and found that IOB, BOB, Canara Bank, Punjab National Bank, HDFC, ICICI Bank, City Union Bank, and Axis Bank deal in SEK currency. However, I am looking for recommendations on banks that offer the best exchange rates, lowest charges, and excellent services.

I would appreciate it if you could share your experience and insights on banks that deal in SEK currency and provide the best rates and services. Your recommendations would be highly appreciated.

 

[CC-Muncher]

I receive remittances in SEK currency and some banks do not offer this service (actually they can but it involves double currency conversion), leaving me with limited options.

Currently, I have a relationship with SBI and Kotak, but I am exploring other banks that offer better rates and services. I have tried HDFC Bank and Axis Bank in the past, but their exchange rates were not as competitive as SBI.

I have researched and found that IOB, BOB, Canara Bank, Punjab National Bank, HDFC, ICICI Bank, and Axis Bank deal in SEK currency. However, I am looking for recommendations on banks that offer the best exchange rates, lowest charges, and excellent services.

I would appreciate it if you could share your experience and insights on banks that deal in SEK currency and provide the best rates and services. Your recommendations would be highly appreciated.

Try with IOB dude. I am in the process of trying with USD without having any intermediary bank involved.

 

[Gabbar.Singh]

Try with IOB dude. I am in the process of trying with USD without having any intermediary bank involved.

Opening an account with IoB appears to be more challenging compared to other banks.

Usually, there are certain formalities that a resident individual must complete in order to receive remittances from abroad. As per the existing rules, if the remittance is less than USD 10k or equivalent, the bank can credit the equivalent INR to a KYC compliant account without any formalities. However, for remittances higher than USD 10k or equivalent, the bank may ask for additional formalities, such as seeking clarification about the purpose of the remittance.

Unfortunately, some banks and their branches use these rules to take advantage of their customers. I had a bad experience with a normal branch of SBI, but have been a satisfied customer of the SBI NRI branch in Mumbai for the past 30 years. I had to advise the personal banking branch of SBI at Bhopal to transfer the account to their NRI branch in Mumbai to receive remittances without any hiccups.

Most banks seek clarification through email, with HDFC being one such bank. However, if the customer is busy or unable to respond, the credit to the account may get delayed. Some banks require customers to fill out forms or sign documents and send them via WhatsApp or email. I have been trying to find out the procedure followed by IoB, but they have not responded.

 

[CC-Muncher]

Getting an account opened with IoB appears to be more challenging.

It was very easy, also the service is far better than the likes of SBI, and HDFC at least in the branch that I visited.
The is very prompt on the emails as well.

 

[WhoU]

Has anyone tried transferring to BoB?

 

[VijayflyRaven]

Opening an account with IoB appears to be more challenging compared to other banks.

Usually, there are certain formalities that a resident individual must complete in order to receive remittances from abroad. As per the existing rules, if the remittance is less than USD 10k or equivalent, the bank can credit the equivalent INR to a KYC compliant account without any formalities. However, for remittances higher than USD 10k or equivalent, the bank may ask for additional formalities, such as seeking clarification about the purpose of the remittance.

Unfortunately, some banks and their branches use these rules to take advantage of their customers. I had a bad experience with a normal branch of SBI, but have been a satisfied customer of the SBI NRI branch in Mumbai for the past 30 years. I had to advise the personal banking branch of SBI at Bhopal to transfer the account to their NRI branch in Mumbai to receive remittances without any hiccups.

Most banks seek clarification through email, with HDFC being one such bank. However, if the customer is busy or unable to respond, the credit to the account may get delayed. Some banks require customers to fill out forms or sign documents and send them via WhatsApp or email. I have been trying to find out the procedure followed by IoB, but they have not responded.

Is there KVB in your city? I am exploring it right now. I will try city union bank next week from your suggestion.

 

[Gabbar.Singh]

Is there KVB in your city? I am exploring it right now. I will try city union bank next week from your suggestion.

Yes, KVB is there in my city. KVB doesn't have a correspondent bank for SEK currency.

I had opened a Savings Account with Union Bank 5 years. Services were so bad that I closed, but at that time I lived in another city.

 

[tomk]

I'm using IOB since 3 years and hands down it offers the best rates. Only issue is that they don't issue FIRC which is required for tax filing purpose. Same issue with SBI. I also contacted the branch but they have no idea Is there any other bank which offers similar rates and also provides FIRC automatically via email or their portal? Please help. HDFC or Axis do provide but they're very expensive.

 

[CC-Muncher]

I'm using IOB since 3 years and hands down it offers the best rates. Only issue is that they don't issue FIRC which is required for tax filing purpose. Same issue with SBI. I also contacted the branch but they have no idea Is there any other bank which offers similar rates and also provides FIRC automatically via email or their portal? Please help. HDFC or Axis do provide but they're very expensive.

Is FIRC required if the tax is deducted at source?

 

[tomk]

Is FIRC required if the tax is deducted at source?

If the money lands in your Indian account you need to have FIRC. Also when you claim GST refund FIRC us mandatory else the babus don't agree.

 

[CC-Muncher]

If the money lands in your Indian account you need to have FIRC. Also when you claim GST refund FIRC us mandatory else the babus don't agree.

Hmm, in my case its stocks redemption so no GST claim. I can skip i think

 

[VijayflyRaven]

Hmm, in my case its stocks redemption so no GST claim. I can skip i think

Same for me. I don’t claim GST refund. I also use KVB and SBI now. They are both giving good rates.

 

[Dragon_slayer]

I'm using IOB since 3 years and hands down it offers the best rates. Only issue is that they don't issue FIRC which is required for tax filing purpose. Same issue with SBI. I also contacted the branch but they have no idea Is there any other bank which offers similar rates and also provides FIRC automatically via email or their portal? Please help. HDFC or Axis do provide but they're very expensive.

I think that's not required for most cases. I just show the credit statement to the CA , and rest they manage.

 

[mojo_jojo123]

If the money lands in your Indian account you need to have FIRC. Also when you claim GST refund FIRC us mandatory else the babus don't agree.

what is GST refund ?

 

[tomk]

I think that's not required for most cases. I just show the credit statement to the CA , and rest they manage.

As per the rule it does require. If you're Annual turnover is greater than 20l then GST number is required. Although no GST is there on exports but GST number is surely required and we need to upload proof that indeed there is an export and so no GST and here is where the FIRC importance comes. I'm also running since few days. HDFC provides it automatically. I even messaged on SBI and IOB Twitter but no use..so finally shifting to hdfc even though I'll suffer a loss in exchange rate 😭

 

[tomk]

what is GST refund ?

Goods and services tax brother. Only applicable if you earn more than 20l in your account for that financial year.

 

[mojo_jojo123]

Goods and services tax brother. Only applicable if you earn more than 20l in your account for that financial year.

like you mean to say gst refund on service charge fees which bank took for inward remittance charge ?

 

[CC-Muncher]

like you mean to say gst refund on service charge fees which bank took for inward remittance charge ?

Goods and services tax brother. Only applicable if you earn more than 20l in your account for that financial year.

Same for me. I don’t claim GST refund. I also use KVB and SBI now. They are both giving good rates.

I've shared my experience with IOB in the post below, it will give some idea

https://www.technofino.in/community/threads/sell-fidelity-us-stocks-and-do-inward-remittance.11449/