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?

 

[rohitpgarg]

Anyone has tried transferring RSU/ESOP money directly to platforms like Groww/INDMoney/ICICIDirect?

 

[nadeem]

is that fine if the inward remittance account and the sender account are same?

 

[VijayflyRaven]

is that fine if the inward remittance account and the sender account are same?

Yes of course. My sender = receiver

 

[CC-Muncher]

Has anyone done inward remittance with axis bank?

They offer preffered rates for Corp Salary account holders and Burgundy/preffered account holders.

Plz share experience if you have any.

 

[Anshul Gupta]

Sharing HDFC remittance fees and charges for reference:

Check Remittance Charges & Remittance Fees applicable on Online Transfers at HDFC Bank

Find out the charges applicable on Remittance Payment done through internet banking or mobile banking offered by HDFC Bank. Also be aware of the fees levied for maintenance.

www.hdfcbank.com

 

[xxScriptzxx]

Has anyone done inward remittance with axis bank?

They offer preffered rates for Corp Salary account holders and Burgundy/preffered account holders.

Plz share experience if you have any.

Hdfc is offering good rates for corporate at ibr - 5 paise.

 

[miles_guy]

Why do this and not transfer to an account with WISE? What am I missing?

 

[VijayflyRaven]

Wise not allowed as broker will only send to bank account and wise does not allow it.

Why do this and not transfer to an account with WISE? What am I missing?

 

[metalthrasher]

@xxScriptzxx
I got an email from HDFC to open HDFC Bank Exclusive Premium Salary Account as a corporate tieup with my company. The email shows IBR - 7 paisa for inward remittence. Does this 7 paisa depend on corporate company or based on my HDFC account type? I currently hold preferrred banking HDFC account. Can RM reduce this 7 to 5 paisa?

Also, if I upgrade my account to HDFC imperia banking will this reduce the 7 paisa further to 5 paisa?

thanks for this suggestion, this saves a ton of money as i was planning to liquidate around 40k $ RSUs, inter bank rate - 7 paisa is still a great deal definitely.

 

[yaathran]

@xxScriptzxx
I got an email from HDFC to open HDFC Bank Exclusive Premium Salary Account as a corporate tieup with my company. The email shows IBR - 7 paisa for inward remittence. Does this 7 paisa depend on corporate company or based on my HDFC account type? I currently hold preferrred banking HDFC account. Can RM reduce this 7 to 5 paisa?

Also, if I upgrade my account to HDFC imperia banking will this reduce the 7 paisa further to 5 paisa?

thanks for this suggestion, this saves a ton of money as i was planning to liquidate around 40k $ RSUs, inter bank rate - 7 paisa is still a great deal definitely.

It's not inter bank rate - 7 paisa. It would be their TT Buy Rate published online + 7 Paisa. It's not beneficial actually. Private banks have lot of margin

 

[metalthrasher]

It's not inter bank rate - 7 paisa. It would be their TT Buy Rate published online + 7 Paisa. It's not beneficial actually. Private banks have lot of margin

@xxScriptzxx or @FatReaper can you confirm if it is Inter bank rate or TT buy rate that will be applied for HDFC corporate account tieup? the email I received from HDFC rep says:

• Inward remittance @ IBR – 7 Paise^ (An exclusive pricing on inward remittance)

I'm assuming this is IBR which is 82.5630 today vs TT Buy rate for HDFC which is 81.28 today, So is it gonna calculate at 82.5630 - 7 paisa here for HDFC corporate tieup account holders?

 

[Dragon_slayer]

@xxScriptzxx or @FatReaper can you confirm if it is Inter bank rate or TT buy rate that will be applied for HDFC corporate account tieup? the email I received from HDFC rep says:

• Inward remittance @ IBR – 7 Paise^ (An exclusive pricing on inward remittance)

I'm assuming this is IBR which is 82.5630 today vs TT Buy rate for HDFC which is 81.28 today, So is it gonna calculate at 82.5630 - 7 paisa here for HDFC corporate tieup account holders?

Do a small transaction of 100$ and check first. Mostly likely it won't be interbank rate , rather TT rate.

 

[xxScriptzxx]

@xxScriptzxx or @FatReaper can you confirm if it is Inter bank rate or TT buy rate that will be applied for HDFC corporate account tieup? the email I received from HDFC rep says:

• Inward remittance @ IBR – 7 Paise^ (An exclusive pricing on inward remittance)

I'm assuming this is IBR which is 82.5630 today vs TT Buy rate for HDFC which is 81.28 today, So is it gonna calculate at 82.5630 - 7 paisa here for HDFC corporate tieup account holders?

It is ibr rate. Please confirm with hdfc rm once based on your corporate tie up.

 

[metalthrasher]

Thanks, yes the email is clearly saying IBR rate I will check with RM as well in detail. appreciate the tip @xxScriptzxx !

 

[CC-Muncher]

@xxScriptzxx or @FatReaper can you confirm if it is Inter bank rate or TT buy rate that will be applied for HDFC corporate account tieup? the email I received from HDFC rep says:

• Inward remittance @ IBR – 7 Paise^ (An exclusive pricing on inward remittance)

I'm assuming this is IBR which is 82.5630 today vs TT Buy rate for HDFC which is 81.28 today, So is it gonna calculate at 82.5630 - 7 paisa here for HDFC corporate tieup account holders?

IBR is internal to the bank and you wont be able to see anywhere. Check with bank if they tell the source or if it can be compared with any other rate.

 

[metalthrasher]

It is ibr rate. Please confirm with hdfc rm once based on your corporate tie up.

yes my RM confirmed it is IBR rate and can be checked online: https://ibrlive.com/home
I will try a 100$ transaction once my corporate account is setup to validate what rate I'm getting credited with. Thanks for the tip again!

 

[msp]

I have gone through several threads like this and came to know that IOB gives best rate. So, I have opened an IOB account few weeks back. And my first transfer is in today. EUR is supposed to give 88.9. But I got only 86.76. That is very less. Lesser than ICICI and HDFC which I have used previously. And no explanation of charges from IOB and no invoice. How do I know more details on what went wrong?

 

[Dragon_slayer]

I have gone through several threads like this and came to know that IOB gives best rate. So, I have opened an IOB account few weeks back. And my first transfer is in today. EUR is supposed to give 88.9. But I got only 86.76. That is very less. Lesser than ICICI and HDFC which I have used previously. And no explanation of charges from IOB and no invoice. How do I know more details on what went wrong?

I believe everyone else on this thread had a USD transaction, only you had a EUR transaction and probably IOB does not offer good rates for EUR

Only way to know more details is to go to bank and ask

 

[RadioactiveTabela]

I have gone through several threads like this and came to know that IOB gives best rate. So, I have opened an IOB account few weeks back. And my first transfer is in today. EUR is supposed to give 88.9. But I got only 86.76. That is very less. Lesser than ICICI and HDFC which I have used previously. And no explanation of charges from IOB and no invoice. How do I know more details on what went wrong?

Strange, because IOB EUR TT Rates are at least INR 1 to 3 better than private banks. Maybe you're checking rates as of wrong date?

 

[CC-Muncher]

I will share the email one i check my laptop. Remind me if i miss