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?

 

[TechnoFinoTechnoFino is verified member.]

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[mojo_jojo123]

Is IRB Minus 5 paisa the lowest rate so far ?

 

[xxScriptzxx]

Is IRB Minus 5 paisa the lowest rate so far ?

If you have dbs salary account, few corporate are getting ibr - 1 paise.

Even icici gives ibr - 4 paise to few corporate

 

[taskmaster]

So i have a IOB account now and also HDFC. Which one will give the best rates? I havent negotiated with any but iob seems better without negotiations. Also they dont have a RM system so dont know who to call exactly

 

[Bhokaal]

So i have a IOB account now and also HDFC. Which one will give the best rates? I havent negotiated with any but iob seems better without negotiations. Also they dont have a RM system so dont know who to call exactly

Between IOB and HDFC it would definitely be IOB, you can check daily rate card for the bank, they both publish it.
I tried negotiating with HDFC a while back and they said .25 less then the listed price which was still much higher then what IOB quotes without any negotiation

 

[telescope]

Between IOB and HDFC it would definitely be IOB, you can check daily rate card for the bank, they both publish it.
I tried negotiating with HDFC a while back and they said .25 less then the listed price which was still much higher then what IOB quotes without any negotiation

any way to avoid the intermediary fee with IOB? also apart from intermediary fee and gst, is there any other fee?

 

[taskmaster]

Between IOB and HDFC it would definitely be IOB, you can check daily rate card for the bank, they both publish it.
I tried negotiating with HDFC a while back and they said .25 less then the listed price which was still much higher then what IOB quotes without any negotiation

I see. I'll just go with IOB then. I checked the rates and IOB were around a rupee better iirc. I'm not sure what i have to do for FIRC though. I dont think IOB provides it by default.

 

[HumorSimpson]

Between IOB and HDFC it would definitely be IOB, you can check daily rate card for the bank, they both publish it.
I tried negotiating with HDFC a while back and they said .25 less then the listed price which was still much higher then what IOB quotes without any negotiation

Were you able to get e-FIRC from IOB ?

 

[mojo_jojo123]

Were you able to get e-FIRC from IOB ?

why is e-FIRC required ?

 

[HumorSimpson]

why is e-FIRC required ?

When you might need FIRC in relation to RSUs:

• If you sell your vested shares: When you eventually sell your vested shares, any proceeds received in foreign currency into your Indian bank account would likely require a FIRC

 

[Dragon_slayer]

When you might need FIRC in relation to RSUs:

• If you sell your vested shares: When you eventually sell your vested shares, any proceeds received in foreign currency into your Indian bank account would likely require a FIRC

Last i heard you can get it by paying 250 extra.

 

[mojo_jojo123]

who need FIRC ? where do we have to present it ?

 

[xyash]

Try using Skydo for inward remittances. I have tried that and using for last few months for getting EUR payments from EU companies. They have the exact XE rates up to 4digits and FIRC is immediate. Also, transfer process and disposal is almost immediate- max 1 day. Fees is flat 19$ for up to USD 2000 & 29$ for over USD 2000.

Only limitation is the try won’t do a single transaction over $10K or equivalent. But has worked perfectly for me since I get in the range of EUR 3000 to EUR 7000 for each transaction.

Also, if I refer you will get 2 free inwards and then you can refer others to earn 2 free inwards for each referral.

@xsourabh Thank you for the information. Can you explain the process of Skydo. Mainly looking for timelines.
Lets say a client pays you 1000 EUR today. In approx how many days has it hit your virtual bank account(given by skydo) and how fast in your experience has it hit the bank account. Are there cases like the first month (or others) in your experience where delay is expected.

Thank you in advance

 

[xsourabh]

@xsourabh Thank you for the information. Can you explain the process of Skydo. Mainly looking for timelines.
Lets say a client pays you 1000 EUR today. In approx how many days has it hit your virtual bank account(given by skydo) and how fast in your experience has it hit the bank account. Are there cases like the first month (or others) in your experience where delay is expected.

Thank you in advance

For EUR Payments, they use Instant SEPA. So it’s very fast.

Eg- Client pays on Day 0 morning, it hits Skydo Virtual EUR A/c same day evening max. Day 1, morning 10AM, it’s transferred to Skydo Indian Partner Bank. Same day by 2PM, it reaches Indian Partner Bank. Credited to my a/c by evening or late night around 8PM. So, it’s T+1 in most of the cases. At times has taken T+2, but never more.

 

[xsourabh]

@xsourabh Thank you for the information. Can you explain the process of Skydo. Mainly looking for timelines.
Lets say a client pays you 1000 EUR today. In approx how many days has it hit your virtual bank account(given by skydo) and how fast in your experience has it hit the bank account. Are there cases like the first month (or others) in your experience where delay is expected.

Thank you in advance

Also, to open ac it’s quick. Once a/c is setup, I have used this to receive payments from my EU Client- 1 or 2 payments a month and mostly in the range of 7-8K, I have never faced any issues over the last 12-14 months. Just once they asked for Contract between Me & the Paying Company for AML purposes and once asked for Purpose Code confirmation for all payments and if there would be any different purpose codes used. I have always used Management Consultancy and money comes from same 2 clients, so no issues ever.