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?

 

[shashankverma]

I

Intermediary bank charges around 10 dollars..depends on bank and amount.
Best rate i have seen is IDFC giving 5ps on IBR.
Worse is HDFC.
Extra charges will be 100rs processing fees and GST

Tt Buy rate of IDFC is low
I see better rates on BOB and IOB want to understand if 10$ is flat IBR for both BOB and IOB or there’s other charges as well?

 

[Vinay13]

Tt Buy rate of IDFC is low
I see better rates on BOB and IOB want to understand if 10$ is flat IBR for both BOB and IOB or there’s other charges as well?

I already told you 10 dollar is flat from 1k-10k dollars of remittance. Other charges also i have mentioned. I do not care what is written on banks website. I have received approvals for the special rate.

 

[Dragon_slayer]

I already told you 10 dollar is flat from 1k-10k dollars of remittance. Other charges also i have mentioned. I do not care what is written on banks website. I have received approvals for the special rate.

Can you share screenshots of a sample transaction ?

 

[Dragon_slayer]

Tt Buy rate of IDFC is low
I see better rates on BOB and IOB want to understand if 10$ is flat IBR for both BOB and IOB or there’s other charges as well?

There are some other small charges with IOB but insignificant. If its possible for you, first make a small transaction of 1000$ on IOB, see if you find the service better and then decide. I have personally gone with IOB after checking lot of other options.

 

[shashankverma]

There are some other small charges with IOB but insignificant. If its possible for you, first make a small transaction of 1000$ on IOB, see if you find the service better and then decide. I have personally gone with IOB after checking lot of other options.

Did you try BOB as well?

 

[Dragon_slayer]

Did you try BOB as well?

I checked the rates which BOB publish on their website, that itself was worse than IOB.

 

[shashankverma]

I checked the rates which BOB publish on their website, that itself was worse than IOB.

Yeah but just 07 paise, I already have BOB account and rarely get remittance so wondering what are fixed charges on these 2 banks

 

[Dragon_slayer]

https://iob.in/upload/CEDocuments/ScheduleofChargeswef10022020.pdf

You can find details here

 

[mayankpatel]

I've been using Skydo for international payments and it's been great! Fast settlements (1 business day), very cost-effective, and fully tax compliant. They handle all the paperwork to avoid FEMA violations. You do need to upload invoices, but it's a small price to pay for the savings.

Sign up using this referral link and get your first two payments FREE (that's like ₹6,000 in savings!).

 

[shashankverma]

I filled these details on Fidelity, I found that BOB has it's own branch as correspondent bank for USD transfers.
Is there a problem is using it instead of JP Morgan? Will it attract higher or lower Intermediary Bank Charges?

 

[IDontThinkSo]

I filled these details on Fidelity, I found that BOB has it's own branch as correspondent bank for USD transfers.
Is there a problem is using it instead of JP Morgan? Will it attract higher or lower Intermediary Bank Charges?
View attachment 97683

Related Intermediary Bank should be preferred as settlement happens relatively faster.

I have not seen any specific charges for Intermediary Bank. Where are you being shown "Intermediary Bank Charges"?
Banks usually charge for GST on remittance and the other difference comes from Forex rate.

I had shared an example from IOB earlier. Check below:

Post in thread 'Best Bank Account for Inward Remittance'

Jun 11, 2024

I sent an email to fedcar@iobnet.co.in requesting charges schedule and gave them a sample figure of $5000.

Amount in USD	$5000
Rate	83.23
Total in INR	416150
For Amount >1L and <10L	316150
For Remittance 1000 + (316150/200)	2581
FCY conversion GST (18% of 2581)	465
GST on remittance (150 +18%)	177
Total deduction	642

...

• IDontThinkSo

• 
• 

 

[shashankverma]

Related Intermediary Bank should be preferred as settlement happens relatively faster.

I have not seen any specific charges for Intermediary Bank. Where are you being shown "Intermediary Bank Charges"?
Banks usually charge for GST on remittance and the other difference comes from Forex rate.

I had shared an example from IOB earlier. Check below:

Post in thread 'Best Bank Account for Inward Remittance'

Jun 11, 2024

I sent an email to fedcar@iobnet.co.in requesting charges schedule and gave them a sample figure of $5000.

Amount in USD	$5000
Rate	83.23
Total in INR	416150
For Amount >1L and <10L	316150
For Remittance 1000 + (316150/200)	2581
FCY conversion GST (18% of 2581)	465
GST on remittance (150 +18%)	177
Total deduction	642

...

• IDontThinkSo

• 
• 

Usually 10$ is charged by intermediary bank.

 

[shashankverma]

Move to IOB, Swift charges are 30$ for them, I use it regularly

@Dragon_slayer you meant IOB charges 30$ as intermediary charges? Isn't it higher than BOB?

 

[miles_guy]

Can anyone please explain as why not use Wise or Remmitly etc to transfer money to any bank account, then to use a special account for inward remittance?

 

[synergyphysiotherapy]

For inward remittances, the best bank account offers low transfer fees, competitive exchange rates, and seamless international services. In India, banks such as SBI, HDFC, and ICICI are reliable options.

 

[IDontThinkSo]

Usually 10$ is charged by intermediary bank.

You are talking about SWIFT charges.

Yes, those charges will matter depending on which bank is intermediary. For same bank its definitely less.
Like CITI to CITI used to be $8 as if I remember correctly.

I can not confirm the SWIFT charges for IOB. However, my guess would be $10-$12.

In your scenario, its seems like a shared charges case.
Its your BOB has intermediary bank, it will definitely be less. If not in a hurry, maybe mail nodal/forex head asking for same.

For me, the sender has taken care of all SWIFT charges of receiver.
Also later, Skydo was beneficial without the SWIFT charges as well, but if your case is for shares, i guess you can not use Skydo as it requires GST last I checked.

 

[IDontThinkSo]

Can anyone please explain as why not use Wise or Remmitly etc to transfer money to any bank account, then to use a special account for inward remittance?

Those can be expensive based on transaction amount and charges even when they provide live forex.
Wise charges used to be around ~2.5% last I checked which is on higher end.

 

[IDontThinkSo]

For inward remittances, the best bank account offers low transfer fees, competitive exchange rates, and seamless international services. In India, banks such as SBI, HDFC, and ICICI are reliable options.

HDFC, ICICI and other private players have worst Forex rates.