Best Bank for Inward Remittance USD

[kartavya7sharma]

Hi all, I will receive a monthly payment in USD in my Indian Savings bank account.

Which bank offers Best conversion rate without any extra fee?
Currently I have Savings AC with PNB, HDFC, AU, and BOB.
Also, do I have to submit any application or tell the bank about an inward remittance beforehand?

 

[Dragon_slayer]

Fees is flat 19$

This is still higher than what you would pay to IOB after including all costs.

 

[xsourabh]

This is still higher than what you would pay to IOB after including all costs.

The fees of $19 is higher than IOB charges of 1000+GST, but there is also a difference of 25-30p in exchange rates. So in last 10+transactions, Skydo has always offered better returns for me. But can be different for different accounts, not sure.

 

[kiwi]

Still think IDFC is way better, I had a bad experience with IndusInd bank

How in terms of remittance rate ? Is idfc comparable to iob ?

 

[kiwi]

Try using Skydo for inward remittances. I have tried that and using for last few months for getting EUR payments from EU companies. They have the exact XE rates up to 4digits and FIRC is immediate. Also, transfer process and disposal is almost immediate- max 1 day. Fees is flat 19$ for up to USD 2000 & 29$ for over USD 2000.

Only limitation is the try won’t do a single transaction over $10K or equivalent. But has worked perfectly for me since I get in the range of EUR 3000 to EUR 7000 for each transaction.

Also, if I refer you will get 2 free inwards and then you can refer others to earn 2 free inwards for each referral.

Skydo | Receive International Business Payments at Low Cost

Skydo makes receiving international business payments affordable, easy and seamless. Get GST compliant FIRA and real time payment tracking. Cheapest solution for businesses and freelancers compared to banks, Paypal and Wise.

www.skydo.com

says
You pay$29
For payments ofUSD 2,001 to USD 10,000

Does that mean for 20K USD it will be $29x2 ?

 

[xsourabh]

Skydo | Receive International Business Payments at Low Cost

Skydo makes receiving international business payments affordable, easy and seamless. Get GST compliant FIRA and real time payment tracking. Cheapest solution for businesses and freelancers compared to banks, Paypal and Wise.

www.skydo.com

says
You pay$29
For payments ofUSD 2,001 to USD 10,000

Does that mean for 20K USD it will be $29x2 ?

They earlier didn't allow above $10K, but now have started I heard for 0.3% above $10K, however that would need prior account approval it seems. I have only used for payments below $10K.

 

[kiwi]

They earlier didn't allow above $10K, but now have started I heard for 0.3% above $10K, however that would need prior account approval it seems. I have only used for payments below $10K.

then say for 40K usd , this will have charges of 120 USD. Still is this better than IOB ?

I really didn't understand the earlier IOB example specifically this row For Remittance 1000 + (316150/200)2581

Post in thread 'Best Bank for Inward Remittance USD'

Jun 11, 2024

I sent an email to fedcar@iobnet.co.in requesting charges schedule and gave them a sample figure of $5000.

Amount in USD	$5000
Rate	83.23
Total in INR	416150
For Amount >1L and <10L	316150
For Remittance 1000 + (316150/200)	2581
FCY conversion GST (18% of 2581)	465
GST on remittance (150 +18%)	177
Total deduction	642

...

• _amit_

• 
• 

 

[prashant0085]

When I researched it during 2021, I found out 2 banks with best conversion rate IOB and BOB. I choose BOB as I already had that account.

So I choose bank of baroda. I got charged following:

Amount I would receive $7140 and I was just charged GST + minus 30/40 paisa rate compared to market



Since then I have been using bank of baroda. Only thing that changed now is client. Previous client used to send payments via DEEL, the current client directly sends to my account via swift thus the bank of new york deducts 45-50 USD per txn.

 

[Dragon_slayer]

When I researched it during 2021, I found out 2 banks with best conversion rate IOB and BOB. I choose BOB as I already had that account.

So I choose bank of baroda. I got charged following:

Amount I would receive $7140 and I was just charged GST + minus 30/40 paisa rate compared to market

View attachment 81867

Since then I have been using bank of baroda. Only thing that changed now is client. Previous client used to send payments via DEEL, the current client directly sends to my account via swift thus the bank of new york deducts 45-50 USD per txn.

Move to IOB, Swift charges are 30$ for them, I use it regularly

 

[mdmahin]

For inward remittance in USD, I’d recommend HDFC Bank or ICICI Bank – they have competitive forex rates, low fees, and quick processing. If you want a seamless experience, Wise is also great for better rates and transparency. Always compare fees and rates before choosing.

 

[Dragon_slayer]

For inward remittance in USD, I’d recommend HDFC Bank or ICICI Bank – they have competitive forex rates, low fees, and quick processing. If you want a seamless experience, Wise is also great for better rates and transparency. Always compare fees and rates before choosing.

Provide sample quotes. Only then everyone can make a informed decision.

For IOB, a 2000$ remitance costs 12$ , all including all fees.