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?

 

[suhas.gopal]

I have had SBI giving better rates then HDFC for my RSUs inward remittance.

 

[WhoU]

I have had SBI giving better rates then HDFC for my RSUs inward remittance.

What is the usual difference between usd/inr rate and the rate they provide?

 

[suhas.gopal]

What is the usual difference between usd/inr rate and the rate they provide?

Last time i got was around 50 ps less than the current value and also there charge is some flat service charge too. I think the service charge is there for HDFC too. I have HDFC account too but have not tried getting inward remittance to it as my colleagues who used HDFC got close to 1 Rupee less and after speaking to RM they got 10 paise better rate.

 

[ronnie147]

Check with your company's Finance/HR team to convince HDFC for giving 10p rate. By default they don't give unless they are requested by HR as in turn they get more salary account.

 

[WhoU]

Check with your company's Finance/HR team to convince HDFC for giving 10p rate. By default they don't give unless they are requested by HR as in turn they get more salary account.

Yeah they are giving 30p better rate than the card rate shared online, but that is still at 1re less than usd/inr rate on google/moneycontrol.

 

[Harry1]

Yeah they are giving 30p better rate than the card rate shared online, but that is still at 1re less than usd/inr rate on google/moneycontrol.

Where can we see this rate? Does it changes with account status - like Axis priority/burgundy or HDFC preferred/imperia?

Also, is it better to withdraw as USD and let banks to conversion or ask the stock plan account to credit in INR (they take 2.5% exchange rate).

 

[Harry1]

Found some links.
Google - 82.69

Axis - 80.43

https://application.axisbank.co.in/WebForms/currency-convert-forex/index.aspx

SBI - 81.85

Exchange Rate - SBI - New York

sbinewyork.statebank

HDFC - 81.48

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/%3Fpath%3D/Personal/Home/content/rates.pdf&ved=2ahUKEwj-1I7zvqP9AhVTxHMBHR89DGIQFnoECBMQAQ&usg=AOvVaw1kFqb5T8StIseBlLmUnA1G

Indian Bank - 82.18

https://www.indianbank.in/wp-content/uploads/2019/02/RATE-141.xlsx

PSU banks seems pretty good here.

So Indian bank is best option here. Or am I doing something wrong?

 

[sleepysurya]

Where can we see this rate? Does it changes with account status - like Axis priority/burgundy or HDFC preferred/imperia?

Also, is it better to withdraw as USD and let banks to conversion or ask the stock plan account to credit in INR (they take 2.5% exchange rate).

Search for “HDFC TT RATES”. Generally first link will be for 'HDFC BANK TREASURY FOREX CARD RATES’ - Look for rate under column “TT Buying (Inw Rem)”
For HDFC, it’s mentioned that classic/preferred/imperia can get 5/8/10 paise more on rates. Someone said that they’re getting 20 paise more as they’re getting a good amount frequently with preferred account in HDFC after talking to bank. They doesn't have to negotiate every time like OP mentioned.
Axis & ICICI have worst rates. PNB has the best. SBI is generally 35-50 paise more than HDFC but they don’t provide the FIRC/inward receipt automatically like private banks.
Today’s USD TT inward rates: PNB (82.42) > Canara (82.31) > BOB (82.28) > SBI (81.95) > HDFC (81.48) > ICICI (80.87) > Axis (80.34)

 

[Harry1]

Search for “HDFC TT RATES”. Generally first link will be for 'HDFC BANK TREASURY FOREX CARD RATES’ - Look for rate under column “TT Buying (Inw Rem)”
For HDFC, it’s mentioned that classic/preferred/imperia can get 5/8/10 paise more on rates. Someone said that they’re getting 20 paise more as they’re getting a good amount frequently with preferred account in HDFC after talking to bank. They doesn't have to negotiate every time like OP mentioned.
Axis & ICICI have worst rates. PNB has the best. SBI is generally 35-50 paise more than HDFC but they don’t provide the FIRC/inward receipt automatically like private banks.
Today’s USD TT inward rates: PNB (82.42) > Canara (82.31) > BOB (82.28) > SBI (81.95) > HDFC (81.48) > ICICI (80.87) > Axis (80.34)

Thanks. I have account in Indian bank, which says 82.18 for TT. Is there any other charges with this?

Other accounts i have is hdfc imperia and axis Burgundy and they have pretty bad rate. Shall I go ahead with Indian bank?

https://www.indianbank.in/wp-content/uploads/2019/02/RATE-141.xlsx

 

[sleepysurya]

Thanks. I have account in Indian bank, which says 82.18 for TT. Is there any other charges with this?

Other accounts i have is hdfc imperia and axis Burgundy and they have pretty bad rate. Shall I go ahead with Indian bank?

https://www.indianbank.in/wp-content/uploads/2019/02/RATE-141.xlsx

There should be FX service charge which is approx 0.00125% of the amount (like INR350 for $3300) - I know this for SBI, Axis & HDFC. Some banks also charge additional fees - Axis had that, not sure about now.
For Indian bank, I can see 550 above $3000 - again not sure what is that https://www.indianbank.in/wp-content/uploads/2018/12/Service-charges-18.11.22.pdf

 

[WhoU]

Search for “HDFC TT RATES”. Generally first link will be for 'HDFC BANK TREASURY FOREX CARD RATES’ - Look for rate under column “TT Buying (Inw Rem)”
For HDFC, it’s mentioned that classic/preferred/imperia can get 5/8/10 paise more on rates. Someone said that they’re getting 20 paise more as they’re getting a good amount frequently with preferred account in HDFC after talking to bank. They doesn't have to negotiate every time like OP mentioned.
Axis & ICICI have worst rates. PNB has the best. SBI is generally 35-50 paise more than HDFC but they don’t provide the FIRC/inward receipt automatically like private banks.
Today’s USD TT inward rates: PNB (82.42) > Canara (82.31) > BOB (82.28) > SBI (81.95) > HDFC (81.48) > ICICI (80.87) > Axis (80.34)

I have BOB account but couldn’t find this rate and couldn’t even understand how to proceed for inward remittance.

 

[Harry1]

I have BOB account but couldn’t find this rate and couldn’t even understand how to proceed for inward remittance.

It doesn't have Swift code?

For Indian bank, i see Swift code is provided, so i will just add that in my remitter bank details.

 

[Harry1]

There should be FX service charge which is approx 0.00125% of the amount (like INR350 for $3300) - I know this for SBI, Axis & HDFC. Some banks also charge additional fees - Axis had that, not sure about now.
For Indian bank, I can see 550 above $3000 - again not sure what is that https://www.indianbank.in/wp-content/uploads/2018/12/Service-charges-18.11.22.pdf

Thanks, so that is additional 0.18 (or lower) per dollar . Still seems best option than axis and hdfc.

 

[mojo_jojo123]

so PNB giving best rate ?

 

[Dragon_slayer]

Search for “HDFC TT RATES”. Generally first link will be for 'HDFC BANK TREASURY FOREX CARD RATES’ - Look for rate under column “TT Buying (Inw Rem)”
For HDFC, it’s mentioned that classic/preferred/imperia can get 5/8/10 paise more on rates. Someone said that they’re getting 20 paise more as they’re getting a good amount frequently with preferred account in HDFC after talking to bank. They doesn't have to negotiate every time like OP mentioned.
Axis & ICICI have worst rates. PNB has the best. SBI is generally 35-50 paise more than HDFC but they don’t provide the FIRC/inward receipt automatically like private banks.
Today’s USD TT inward rates: PNB (82.42) > Canara (82.31) > BOB (82.28) > SBI (81.95) > HDFC (81.48) > ICICI (80.87) > Axis (80.34)

Thanks that is really helpful info.

Any general views on PNB bank? Is the service good ?

 

[Dragon_slayer]

Thanks. I have account in Indian bank, which says 82.18 for TT. Is there any other charges with this?

Other accounts i have is hdfc imperia and axis Burgundy and they have pretty bad rate. Shall I go ahead with Indian bank?

https://www.indianbank.in/wp-content/uploads/2019/02/RATE-141.xlsx

I also found HDFC imperia and Axis burgundy rates not good as well. Looking for better options

 

[sleepysurya]

I have BOB account but couldn’t find this rate and couldn’t even understand how to proceed for inward remittance.

Search for "<BankName> TT Rates".
For BOB - https://www.bankofbaroda.in/business-banking/treasury/forex-card-rates.
For inward remittance, one needs to send account details including swift code, bank address, your address to the sender. Nothing else to do there. Once the transfer is initiated, may after a day or two you will be notified via bank about the same and they will ask for purpose and stuff. At least that's the process for manual wire transfers.

 

[WhoU]

Search for "<BankName> TT Rates".
For BOB - https://www.bankofbaroda.in/business-banking/treasury/forex-card-rates.
For inward remittance, one needs to send account details including swift code, bank address, your address to the sender. Nothing else to do there. Once the transfer is initiated, may after a day or two you will be notified via bank about the same and they will ask for purpose and stuff. At least that's the process for manual wire transfers.

Found it thanks! Is this rate applicable for retail banking too? As the section is for business banking. Also in HDFC we get a notification to accept the inward remittance. Does the same happen with BOB too?

 

[sleepysurya]

Thanks, so that is additional 0.18 (or lower) per dollar . Still seems best option than axis and hdfc.

Yes. One thing to keep in mind is that PSU banks can be annoying to deal to get FIRC which may be required for tax purposes.