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)
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)
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