Best way to receive money from Germany to India

[anony]

Hello folks,

I am doing freelance IT consultancy for a German company from home, and my first month's pay is due. The company's finance team asked me to share my Wise account details to initiate the payment, as this method could help me save on transfer fees.

However, I faced several issues while creating the Wise account:

- The Wise personal account doesn't support receiving money in India, so I had to look for a business account instead.

- Unfortunately, the business account does not support the IT consultancy category. As a workaround, I changed the category to "Educational and Learning Purpose," which allowed me to proceed to KYC (Know Your Customer).

- Now, when I try to complete the KYC, there is no one available to assist me.

I feel stuck at this point and have a few questions:

1. Are there any better alternatives to Wise? I have checked PayPal and Remitly, but PayPal charges high fees, and Remitly seems insecure.

2. What charges should I expect if I share my bank details directly with the company for payment?

3. I have accounts in IndusInd Select, IDFC Wealth, and savings accounts in Axis, HDFC, Fi, and RBL banks. Do these accounts offer cost-effective inward remittance?

 

[Dragon_slayer]

Read this . .

W

Thread 'Best bank account for inward remittance'

Feb 14, 2023

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?

• WhoU
• Replies: 191
• Forum: Bank Account

• 

 

[percolate]

Why do you feel insecure about Remitly?
If they are willing to send via Wise or Remitly or Vance or something similar, that's the best way to receive funds without any charges from Indian bank.

 

[SmartSave]

You are supposed to simply share your local bank account details. It's not necessary to have Wise account to receive payments from other countries via Wise to Indian Bank accounts. Give your full name as per bank, your account number, your IFSC code and purpose code for which you are getting the funds.

When they choose India, they'll be asked all these details. You'll have your money almost instantly or next day at much better rates than banks.

Source: I regularly receive payments from various clients via Wise and been using it for years since they were TransferWise. Never had any issues.

 

[EnthuCC]

Source: I regularly receive payments from various clients via Wise and been using it for years since they were TransferWise. Never had any issues.

Received some payments through Wise.
GST was deducted and the amount was accumulated in ITC (Input Tax Credit).

Is there any way to transfer it in bank?