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?

 

[MartianManhunter]

I have gone through several threads like this and came to know that IOB gives best rate. So, I have opened an IOB account few weeks back. And my first transfer is in today. EUR is supposed to give 88.9. But I got only 86.76. That is very less. Lesser than ICICI and HDFC which I have used previously. And no explanation of charges from IOB and no invoice. How do I know more details on what went wrong?

Does IOB give free FIRC for every transaction too?

 

[rohitpgarg]

FIRC?

 

[CC-Muncher]

I believe everyone else on this thread had a USD transaction, only you had a EUR transaction and probably IOB does not offer good rates for EUR

Only way to know more details is to go to bank and ask

Reach out to fedcar <fedcar@iobnet.co.in> for any queries.

 

[Ujjwal Rajput]

I have gone through several threads like this and came to know that IOB gives best rate. So, I have opened an IOB account few weeks back. And my first transfer is in today. EUR is supposed to give 88.9. But I got only 86.76. That is very less. Lesser than ICICI and HDFC which I have used previously. And no explanation of charges from IOB and no invoice. How do I know more details on what went wrong?

did you tranfered 100$ to check?

 

[Ujjwal Rajput]

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.

what they said when you ask for FIRC?

 

[MilesMax]

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%

Did you confirm it's 0.2%?
So IOB charges service fee + (gst on service fee) as well as GST on the total amount converted right?

 

[CC-Muncher]

Did you confirm it's 0.2%?
So IOB charges service fee + (gst on service fee) as well as GST on the total amount converted right?

Different GST Rates from govt on currency conversion ->
Up to 1L -> 0.18% of ACE(Amount of Currency Exchanged) with a minimum of Rs. 45
1L to 10L -> 180 + 0.09% of (ACE - 1,00,000)
Above 10L -> 990 + 0.018% of (ACE - 10,00,000)

 

[MilesMax]

Different GST Rates from govt on currency conversion ->
Up to 1L -> 0.18% of ACE(Amount of Currency Exchanged) with a minimum of Rs. 45
1L to 10L -> 180 + 0.09% of (ACE - 1,00,000)
Above 10L -> 990 + 0.018% of (ACE - 10,00,000)

For me at ICICI, GST is calculated a bit differently.
There is something mentioned called "value of supply" and they charge 18% IGST on this value.
Do you know how exactly is this value of supply number derived?

 

[CC-Muncher]

No

For me at ICICI, GST is calculated a bit differently.
There is something mentioned called "value of supply" and they charge 18% IGST on this value.
Do you know how exactly is this value of supply number derived?

NO idea on icici

 

[MilesMax]

I am bit new to this. Can anyone please help in letting me know if I am actually getting a good rate or not. @Akio @Harry1 @787

My account is with ICICI Bank.

I get inward remittance in CAD.
Generally conversation rate is around
XE - 25p

They don't charge any service fee, only the GST.

Should I check with other banks or is this a good enough conversation rate given that there is no additional service charge?

What's weird is the way GST is calculated.
0.65% of total converted amount = Value of supply

18 % value of supply = GST deducted.

The Value of supply amount is not deducted. Only the GST on it is deducted from the total amount.

If IOB charges 0.2% service charge then that's almost 12p per CAD converted which is quite a lot.

 

[CC-Muncher]

Most of us have dealth with USD and would be able to share experience with that. Not really sure about CAD but you can compare with fees and charges of g USD to get an idea

Check bslow link for usd, eur,, gbp. Cad rates would be on similar lines.

USD-INR Foreign Exchange Rate Comparison

Compare USD-INR foreign exchange rates across major banks in India

forex.geekdevs.com

Do check woth IOB as they offer the best rate wothout need of any negotiations

 

[tanvi]

Does DBS give full rate?
On website it's showing free

 

[MilesMax]

Check bslow link for usd, eur,, gbp. Cad rates would be on similar lines.

USD-INR Foreign Exchange Rate Comparison

Compare USD-INR foreign exchange rates across major banks in India

forex.geekdevs.com

I did check this.
In website you mentioned above
For IOB today's USD = 82.73
At xe.com USD = 83.10
At Google USD = 83.09

The difference of around 37p

So is xe or Google considered as gold standard or something when comparing it to the bank rates? Or is there any other benchmark?

 

[Dragon_slayer]

There is no benchmark. If you read through this thread you will find everyone has found IOB rates better than any other bank.

For IOB today's USD = 82.73
At xe.com USD = 83.10
At Google USD = 83.09

The difference of around 37p

So is xe or Google considered as gold standard or something when comparing it to the bank rates? Or is there any other benchmark?

 

[MilesMax]

There is no benchmark. If you read through this thread you will find everyone has found IOB rates better than any other bank.

I did go through the thread and found IOB is the best for USD.
Is the rates mentioned on IOB website is actually what we get? TT Buy price?

IOB: Personal Banking, Internet Banking and Corporate Banking, Online services

Indian Overseas Bank Offers a wide range of Personal and Business Banking products and services to meet your financial goal and secure your future.

www.iob.in

 

[CC-Muncher]

I did go through the thread and found IOB is the best for USD.
Is the rates mentioned on IOB website is actually what we get? TT Buy price?

IOB: Personal Banking, Internet Banking and Corporate Banking, Online services

Indian Overseas Bank Offers a wide range of Personal and Business Banking products and services to meet your financial goal and secure your future.

www.iob.in

Yes

 

[MilesMax]

Yes

Thanks!

 

[rk2022]

Does anyone have experience with Axis? Will they give FIRC certificate?

 

[CC-Muncher]

Does anyone have experience with Axis? Will they give FIRC certificate?

Never asked, but They give if u ask

 

[rk2022]

I need to open current account for foreign remittance for freelancing and waiting for GST registration.

I inquired few weeks back and Axis was willing to do max 90p below XE rate (also said no FIRC for services with recent changes) and HDFC was like we can do 20p above their rate card.

What's the best way to negotiate rates at these private banks? Do we approach different branches? Talk to managers?
Any suggestions would be greatly appreciated?