Sell Fidelity US stocks and do Inward remittance

[CC-Muncher]

I have some US stocks in my company-linked Fidelity account. They are going to vest in the coming months and I want to be prepared to sell and encash them as soon as they vest.
I went through this informative thread and knew that IOB offers the best rate.
If required, I am ready to open a new bank account to save on charges.

Although, I need guidance and want to learn from your experiences about the whole process and experience of selling US stocks from the Fidelity account and transferring it to an Indian bank account. My end goal is to cut down on charges as much as possible.

P.S. I am a newbie and don't know any jargon on remittances. Please go easy on me 🙂

Update:
- Which intermediary to choose for facilitating inward remittances?
I found this list of correspondent banks for HDFC Bank. Do this intermediary charge? if yes which one charges minimal? ( J P MORGAN CHASE BANK - seems to be a good option)

Update: 22 May 2023
I got my inward remittance to IOB and here are the details:

Fidelity --> IOB (No intermediary bank added)

The amount transferred - 100 USD (Indicative figure)
Transfer fee 0 at Fidelity
Credited Rs. 8032

After 4 working days:

On the date of credit, the IOB rate - Rs. 82.54 (Market rate was 82.79)
Expected 82.54*100 = 8254
Difference = 8254-8032 = Rs. 222

Charges Breakup
COmmision/Fixed charge -> Rs. 177 (150 fixed charge x 1.18 GST)
GST from govt on currency conversion - Rs. 45

Different GST Rates from govt on currency conversion ->
Up to 1L -> 0.18% of ACE 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)

(Thanks @FatReaper for charges breakup)

 

[CC-Muncher]

just for example , how much u remitted and how much u got

100usd
Got 8032rs
@82.54

 

[VijayflyRaven]

100usd
Got 8032rs

SBI last week I sent $20 and got 1629. Rate is 81.45. Intermediary charges 0.

Flat rate Forex transaction commission of 50 rupees. Also 0.1% Forex transaction charges or 45 rupees whichever is higher.

 

[CC-Muncher]

SBI last week I sent $20 and got 1629. Rate is 81.45. Intermediary charges 0.

Flat rate Forex transaction commission of 50 rupees. Also 0.1% Forex transaction charges or 45 rupees whichever is higher.

IOB is better, they had fix charge as mentioned plus the variable is 0.05% which is half of SBI and is a great save for high value txn.

 

[rohitpgarg]

Anyone has tried transferring RSU/ESOP money directly to platforms like Groww/INDMoney/ICICIDirect?

 

[CC-Muncher]

Anyone has tried transferring RSU/ESOP money directly to platforms like Groww/INDMoney/ICICIDirect?

You can transfer it only to your bank afaik

 

[0xfallup]

anyone tried inward to standard chartered...what are the charges @Akio @VijayflyRaven

 

[CC-Muncher]

anyone tried inward to standard chartered...what are the charges @Akio @VijayflyRaven

I don't have SC account

 

[CC-Muncher]

anyone tried inward to standard chartered...what are the charges @Akio @VijayflyRaven

Any one tried Axis bank with burgandy account?

Do they provide preferred rate?

 

[Naruto]

which intermediary bank did you select? and also plz share the SWIFT code for IOB

@Akio @Dragon_slayer I have recently opened account with IOB, which swift code did you guys use for wire transfer your Branch code (in which you have opened account) or Central Office (IOBAINBB001) ?

 

[CC-Muncher]

@Akio @Dragon_slayer I have recently opened account with IOB, which swift code did you guys use for wire transfer your Branch code (in which you have opened account) or Central Office (IOBAINBB001) ?

I used IOBAINBB011

But i will encourage to check with your branch as well.

 

[Naruto]

I used IOBAINBB011

But i will encourage to check with your branch as well.

@Akio So you use your branch code in which you have opened your saving account right ?

 

[CC-Muncher]

@Akio So you use your branch code in which you have opened your saving account right ?

Yes, check with the branch as they process the transaction

 

[orca91]

@Akio why did you not choose any intermediary bank, is there some advatange? IOB website mentions citibank, jp morgan chase as options for inward usd remittances.

 

[CC-Muncher]

@Akio why did you not choose any intermediary bank, is there some advatange? IOB website mentions citibank, jp morgan chase as options for inward usd remittances.

Branch folks told not to choose any. This guarantees zero intermediary fees.

 

[CC-Muncher]

Has anyone done inward remittance with axis bank?
They offer preffered rates for Corp Salary account holders and Burgundy/preffered account holders.
Plz share experience if you have any.

 

[Rex]

Branch folks told not to choose any. This guarantees zero intermediary fees.

If you want IOB exchange rate, you'll have to choose an intermediary bank for fedility to transfer in USD, else they'll use their rates (charges 2.5%) for conversion and transfer INR to your IOB account.

@Akio @Dragon_slayer I have recently opened account with IOB, which swift code did you guys use for wire transfer your Branch code (in which you have opened account) or Central Office (IOBAINBB001) ?

I asked the Branch manager, she asked me to use IOBAINBB001 as this is savings account.

 

[CC-Muncher]

If you want IOB exchange rate, you'll have to choose an intermediary bank for fedility to transfer in USD, else they'll use their rates (charges 2.5%) for conversion and transfer INR to your IOB account.

I asked the Branch manager, she asked me to use IOBAINBB001 as this is savings account.

I have done a transaction with iob and nothing was charged.
Also, by default fidelity uses jpmc as intermediary when you don't provide.
So better leave it black, no intermediary charges were charged to me

 

[vsvipul]

If you want IOB exchange rate, you'll have to choose an intermediary bank for fedility to transfer in USD, else they'll use their rates (charges 2.5%) for conversion and transfer INR to your IOB account.

This is true. I also use SBI with SBI New York branch as intermediary for the same, otherwise fidelity charges USD -> INR conversion fees, which is sometimes as high as 2.5% for small amounts. We can't tranfer USD directly without any intermediary.
SBI charges the following->
Forex transaction commission -> 50 rs.
forex transaction charge -> 0.1% or rs. 45 whichever is higher

If someone has anything better than this with intermediary please let me know.

 

[CC-Muncher]

This is true. I also use SBI with SBI New York branch as intermediary for the same, otherwise fidelity charges USD -> INR conversion fees, which is sometimes as high as 2.5% for large amounts. We can't tranfer USD directly without any intermediary.
SBI charges the following->
Forex transaction commission -> 50 rs.
forex transaction charge -> 0.1% or rs. 45 whichever is higher

If someone has anything better than this with intermediary please let me know.

Fidelity charges 2.5% interest if fidelity is doing the conversion. This happens when in your transfer instruction you mention the currency as INR.
Rather ask them to transfer USD itself and let the bank do the conversion.

 

[vsvipul]

Fidelity charges 2.5% interest if fidelity is doing the conversion. This happens when in your transfer instruction you mention the currency as INR.
Rather ask them to transfer USD itself and let the bank do the conversion.

In my case they don't allow direct payments in USD without any intermediary.