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?

 

[ranjanpr17]

@shashankverma Thanks for the reply.
- How much does vested charge for selling US stocks/ETFs? And what are the withdrawal charges to my Indian Bank Account?
- As far as i know in Fidelity, selling stocks is at 0% commision and then i can use IOB account for transferring at very less charges (fixed 250+GST, ~0.05% of sale). I want to know if transferring to vested and then transferring to my bank account would be cheaper? I have low 6 digit USD worth stocks to sell, which one do you recommend?

 

[srai98]

I have 30k USD RSUs in fidelity US account. I want to encash it. Fidelity is charging flat 2.5%. Resident Indian. No bank account in the US. HDFC salary account in India. Is there a way to avoid these steep charges. Kindly suggest.

If you don't mind, can you share which company RSU is this? I have Microsoft RSUs held in Fidelity but didn't hear about them taking 2.5% extra charges.

 

[xplou]

axis will give you 50ps on dollar ..their best rate ...you can talk to RM or BM and tell your requirement. IDFC will be best in rate

Can you please clarify whether the 50ps is over the published website rate or IBR – 50 ps?

 

[ranjanpr17]

Can you please clarify whether the 50ps is over the published website rate or IBR – 50 ps?

For Axis burgundy account, they can get deviation. The rate is never close to IBR but 0.5 rs above the published TT Buy rate on its website which would still be less than IOB's rate. Also deviation can be taken for remittance more than 10k USD. Besides you will have to pay a charge on top of forex charges.

In my experience, best is Indian Overseas Bank. They have flat 400 rs processing charge on any amount and highest TT Buy rate among all Indian banks as published. As per some other members here, for deviation in case of higher amount (> 10k USD) you can directly contact their treasury through email and make it close to IBR rate.

 

[xplou]

For Axis burgundy account, they can get deviation. The rate is never close to IBR but 0.5 rs above the published TT Buy rate on its website which would still be less than IOB's rate. Also deviation can be taken for remittance more than 10k USD. Besides you will have to pay a charge on top of forex charges.

In my experience, best is Indian Overseas Bank. They have flat 400 rs processing charge on any amount and highest TT Buy rate among all Indian banks as published. As per some other members here, for deviation in case of higher amount (> 10k USD) you can directly contact their treasury through email and make it close to IBR rate.

Thanks for sharing your experience. Indian Overseas Bank does seem to be the best option in terms of rates and charges. However I’m hesitant to open a current account with them since they don’t provide FIRC.

 

[ranjanpr17]

Thanks for sharing your experience. Indian Overseas Bank does seem to be the best option in terms of rates and charges. However I’m hesitant to open a current account with them since they don’t provide FIRC.

Does it matter if it is current or savings for FIRC? Or you have some specific requirement?

 

[xplou]

Does it matter if it is current or savings for FIRC? Or you have some specific requirement?

Not as such but I do need a current account, and I also need FIRC for my use case.

 

[ranjanpr17]

Not as such but I do need a current account, and I also need FIRC for my use case.

Axis is providing FIRC in current account? If you don’t mind please msg/DM your purpose, will try to check in IOB.