Foreign shares wire transfer: USD or INR ?

[NewUser]

Hi everyone,

I have recently sold a few shares from one of my previous companies.
Merchant: E* trade from Morgan Stanley
Amount: about $12k
Receiving bank: HDFC
Wire transfer charges: $25

While doing wire transfer, if I select the option to transfer in INR, I see a prompt stating that additional 3% will be charged. But if I select USD, there's no such prompt. I am aware of the fact that similar charges will be there. Probably HDFC will levy the charges, but I'm not sure how much.

Please help me choose an option: USD or INR while doing wire transfer.

 

[techt]

Even I have the same question. Also, IOB, SBI give best remittance rates.

 

[moneyMaker]

As per this link, there is no charge for inward remittance.

Check Remittance Charges & Remittance Fees applicable on Online Transfers at HDFC Bank

Find out the charges applicable on Remittance Payment done through internet banking or mobile banking offered by HDFC Bank. Also be aware of the fees levied for maintenance.

www.hdfcbank.com

 

[techt]

As per this link, there is no charge for inward remittance.

Check Remittance Charges & Remittance Fees applicable on Online Transfers at HDFC Bank

Find out the charges applicable on Remittance Payment done through internet banking or mobile banking offered by HDFC Bank. Also be aware of the fees levied for maintenance.

www.hdfcbank.com

Remittance rate ?

 

[roygarg]

Were you able to figure this out? Also, after initiating transfer, do you need to do anything else or is the money automatically credited to the savings account?

 

[Legionomous]

Hi everyone,

I have recently sold a few shares from one of my previous companies.
Merchant: E* trade from Morgan Stanley
Amount: about $12k
Receiving bank: HDFC
Wire transfer charges: $25

While doing wire transfer, if I select the option to transfer in INR, I see a prompt stating that additional 3% will be charged. But if I select USD, there's no such prompt. I am aware of the fact that similar charges will be there. Probably HDFC will levy the charges, but I'm not sure how much.

Please help me choose an option: USD or INR while doing wire transfer.

Not sure if this helps but I did something similar where I sold some shares from my Fidelity account and had it first deposited into my US bank account and then using Remitly app, transferred it to my Indian bank account. Obviously, this is relevant only if you have a bank account in US.

 

[Zacobite]

Hi everyone,

I have recently sold a few shares from one of my previous companies.
Merchant: E* trade from Morgan Stanley
Amount: about $12k
Receiving bank: HDFC
Wire transfer charges: $25

While doing wire transfer, if I select the option to transfer in INR, I see a prompt stating that additional 3% will be charged. But if I select USD, there's no such prompt. I am aware of the fact that similar charges will be there. Probably HDFC will levy the charges, but I'm not sure how much.

Please help me choose an option: USD or INR while doing wire transfer.

usd.. if u chose inr then the exchange is higher.. let them. transfer in usd and you negotiate the inr rate with hdfc

 

[NewUser]

Were you able to figure this out? Also, after initiating transfer, do you need to do anything else or is the money automatically credited to the savings account?

Yeah .. I selected USD and made the transfer. Received a call from HDFC branch where my account is, asking to login to netbanking and select the transfer category, to which I had to select P-21 or something(received against stocks sold in overseas), and received the funds the next day.

 

[sousnake]

Yeah .. I selected USD and made the transfer. Received a call from HDFC branch where my account is, asking to login to netbanking and select the transfer category, to which I had to select P-21 or something(received against stocks sold in overseas), and received the funds the next day.

This is most efficient way. Get used and hdfc/icici provide good USD to INR conversion rates.

 

[techt]

This is most efficient way. Get used and hdfc/icici provide good USD to INR conversion rates.

IoB, SBI even better.

 

[sousnake]

IoB, SBI even better.

Depends if your company has tie up
Hdfc only charges 7 paise for each dollar conversion. Not sure if sbi gives better.

 

[NewUser]

Depends if your company has tie up
Hdfc only charges 7 paise for each dollar conversion. Not sure if sbi gives better.

Not sure of the conversion rate. I see two debit entries after the transaction. One is CSGT and other is SGST, each around 0.5% of the amount credited.

 

[roygarg]

Yeah .. I selected USD and made the transfer. Received a call from HDFC branch where my account is, asking to login to netbanking and select the transfer category, to which I had to select P-21 or something(received against stocks sold in overseas), and received the funds the next day.

Thanks. Did they ask for any documents? I'm wondering if anyone has done this using icici or axis. If the procedure is the same I mean.

 

[Zacobite]

Thanks. Did they ask for any documents? I'm wondering if anyone has done this using icici or axis. If the procedure is the same I mean.

they ask forvdocs first time and then proof of source of funds every other time

 

[Dragon_slayer]

Get in USD, use indian bank like IOB to convert to INR.

 

[Dragon_slayer]

Thanks. Did they ask for any documents? I'm wondering if anyone has done this using icici or axis. If the procedure is the same I mean.

I have done it using axis, yes they ask for documents ( most banks do ) , but they offer worst rates. I wont recommend using any private bank for remittance txns, all of them take huge commissiosn

 

[roygarg]

they ask forvdocs first time and then proof of source of funds every other time

Whats a forvdoc? Is the rsu grant letter enough as the proof of fund?

Edit: my bad. just realized its a typo. Is the rsu grant letter sufficient?

 

[roygarg]

I have done it using axis, yes they ask for documents ( most banks do ) , but they offer worst rates. I wont recommend using any private bank for remittance txns, all of them take huge commissiosn

Which documents do they ask for? Im asking for my wife and she only has the rsu grant letter from the company.

 

[Zacobite]

Whats a forvdoc? Is the rsu grant letter enough as the proof of fund?

Edit: my bad. just realized its a typo. Is the rsu grant letter sufficient?

not grant.. sale proof is required.. from the broker + anything else the bank may ask for.. yes was a typo.. fat fingers

 

[NewUser]

Thanks. Did they ask for any documents? I'm wondering if anyone has done this using icici or axis. If the procedure is the same I mean.

No they didn't[This is for HDFC of course].