Best bank account for inward remittance

[WhoU]

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?

 

[CC-Muncher]

Tell your HDFC Imperia RM to give better rates.
I have imperia and for USD and GBP inward remittance, I get about 10 paise lower than interbank rate (XE) and likewise for outward remittance, I get 10 paise higher than XE interbank rate.

If not imperia, then you should use Indian overseas bank and pnb as they have the best forex card rates applicable to all their customers.

I called them, they offered 20p more than there tt buy rate.
I have a salary preferred account them. Its around 1ra less than XE

 

[blacktiger]

Not true. You can set your wise account details in the portal. It will come to wise.

it depends ,my company uses schwab and and when adding bank it says that the added bank account name should match with the person name of account. unless wise gives u a customised account, it might not work

 

[CC-Muncher]

it depends ,my company uses schwab and and when adding bank it says that the added bank account name should match with the person name of account. unless wise gives u a customised account, it might not work

Okay. You can set the name as per PAN in both places.

 

[CC-Muncher]

any recommendation for psu bank? (except bob)

IOB

 

[xxScriptzxx]

Okay. You can set the name as per PAN in both places.

I have not used wise and as per their website, i dont think it is possible. If you do, please share your story here. For big amounts, always better to choose iob. Its not worth the hassle if anything goes wrong

 

[xxScriptzxx]

Tell your HDFC Imperia RM to give better rates.
I have imperia and for USD and GBP inward remittance, I get about 10 paise lower than interbank rate (XE) and likewise for outward remittance, I get 10 paise higher than XE interbank rate.

If not imperia, then you should use Indian overseas bank and pnb as they have the best forex card rates applicable to all their customers.

I am an imperia customer, and i still use IOB only. Even with 10 paise less, hdfc rates dont match iob. Hdfc do waive off the charges for imperia customers

 

[CC-Muncher]

I have not used wise and as per their website, i dont think it is possible. If you do, please share your story here. For big amounts, always better to choose iob. Its not worth the hassle if anything goes wrong

I am in process of initiating a transfer. I'll share my experience once its done 😇

 

[xxScriptzxx]

I am in process of initiating a transfer. I'll share my experience once its done 😇

Try only small amount. All inward remittance charges from source are per transaction

 

[CC-Muncher]

I am an imperia customer, and i still use IOB only. Even with 10 paise less, hdfc rates dont match iob. Hdfc do waive off the charges for imperia customers

Every penny counts.
Did you use any intermediary bank ?

 

[CC-Muncher]

Try only small amount. All inward remittance charges from source are per transaction

Thats the plan. 😇

 

[xxScriptzxx]

Every penny counts.
Did you use any intermediary bank ?

In my case, i had no option to change intermediary bank since the app which i use is owned by jp morgan, so bank by default is jp morgan

 

[xxScriptzxx]

Thats the plan. 😇

Wise is generally used more in dark world for crypto transactions. For white inr transactions, i would never recommend

 

[CC-Muncher]

Wise is generally used more in dark world for crypto transactions. For white inr transactions, i would never recommend

Just sharing all the options possible. You can open account online and saves the visit to bank if you dont want to. I am inclined towards IOb myself

 

[CC-Muncher]

I am an imperia customer, and i still use IOB only. Even with 10 paise less, hdfc rates dont match iob. Hdfc do waive off the charges for imperia customers

I have got max 10Lakh daily transfer limit in IOB. Can I increase it?

 

[787]

I called them, they offered 20p more than there tt buy rate.
I have a salary preferred account them. Its around 1ra less than XE

Maybe that’s to do with your account not being Imperia. Can try iob

 

[Gabbar.Singh]

There is a gst component which gets charged for every transfer for HDFC, no other charges. Not sure about other banks.

GST is applied by every bank.

 

[VijayflyRaven]

I sent $100 to multiple banks on same day. I see interesting facts. Intermediary banks charge different for different target banks. I found KVB to be the only bank to beat iob. I have to wait to confirm it as KVB gave me oral price and yet to see it in bank statement. Since I have basic account, I could probably improve rate if they give extra for prestige customers.

 

[CC-Muncher]

I sent $100 to multiple banks on same day. I see interesting facts. Intermediary banks charge different for different target banks. I found KVB to be the only bank to beat iob. I have to wait to confirm it as KVB gave me oral price and yet to see it in bank statement. Since I have basic account, I could probably improve rate if they give extra for prestige customers.

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

 

[VijayflyRaven]

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

 

[CC-Muncher]

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

JP Morgan Chase seems to be charging standard 10$ across banks - it was same with HDFC, ICICI, Citi/Axis
did you try IOB as well?
Did Icici give you better TT rate than IOB/KVB?