Which intermediary bank to choose for USD inward remittance to IDFC bank?

[sangeeth]

Hi TF community!

I wanted to sell and transfer some of my shares from US Fidelity broker account to IDFC. I tried a test sale of a share and attempted a transfer without entering intermediary bank details, which I noticed was not required after browsing some forums. But unfortunately, that transaction didn’t succeed and the amount came back in my Fidelity account after about 2 weeks.

Upon complaints and finally receiving a callback from IDFC customer care, I was informed that I need to pick an intermediary bank from this list:

Correspondent Bank Details | IDFC FIRST Bank

Correspondent Bank Details

www.idfcfirstbank.com

I was told any one of these can be picked but I also see in the fine print the following:

These correspondent banks levy certain charges for rendering their services which are neither in control nor the responsibility of the IDFC FIRST BANK.

Does anyone know which intermediary bank out of this list gives the best rate for transfer?

 

[helloworld]

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: 192
• Forum: Bank Account

• 

: )

 

[sangeeth]

@helloworld This was specifically about intermediary banks as listed in the page. I didn't find any specific threads for this query, hence posted a new one.

But since you linked that thread, I checked it and found the following comment:

V

Post in thread 'Best bank account for inward remittance'

May 8, 2023

so for 100$, what you received from different banks?
Also, what is the intermediate bank change that was incurred for different banks?

Lowest charge was $3 for Citi/kvb. Highest was $10 for Chase/icici

Example:
Citibank with IndusInd charges $5
Citibank with KVB charges $3

• VijayflyRaven

• 

Still, wanted to see if someone had first-hand experience testing this out. I know IOB account is supposed to be the better option for these matters and I'll consider that for a later time but I wasn't super comfortable having too many accounts.

 

[helloworld]

@helloworld This was specifically about intermediary banks as listed in the page. I didn't find any specific threads for this query, hence posted a new one.

But since you linked that thread, I checked it and found the following comment:

V

Post in thread 'Best bank account for inward remittance'

May 8, 2023

so for 100$, what you received from different banks?
Also, what is the intermediate bank change that was incurred for different banks?

Lowest charge was $3 for Citi/kvb. Highest was $10 for Chase/icici

Example:
Citibank with IndusInd charges $5
Citibank with KVB charges $3

• VijayflyRaven

• 

Still, wanted to see if someone had first-hand experience testing this out. I know IOB account is supposed to be the better option for these matters and I'll consider that for a later time but I wasn't super comfortable having too many accounts.

lower charges ideally with international banks like Citi, HSBC, and StanC. Remaining all linked with thirdparty and charge extra.

 

[cesc007]

lower charges ideally with international banks like Citi, HSBC, and StanC. Remaining all linked with thirdparty and charge extra.

Can you mention how much better exchange rate for these? Is it at IBR level?

 

[helloworld]

Can you mention how much better exchange rate for these? Is it at IBR level?

I do occasionally at max 1 time in ayear, for me not much but if you do regular check current charges w.r.t Source account.

For 1 time like me its not much effort and wont loose much, and not worth wasting time, IMO.

 

[sangeeth]

I've opted for CITIUS33XXX for now. Will try to update here how that goes. It's a test transfer anyway.

 

[cesc007]

Thanks, let us know!

 

[sunit123]

do not choose any intermediary bank...it will be routed through best option by default..If you want to chose then go for JP Morgan Chase Bank...ICICI Bank also used JP Morgan Chase Bank services