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]

I need to open current account for foreign remittance for freelancing and waiting for GST registration.

I inquired few weeks back and Axis was willing to do max 90p below XE rate (also said no FIRC for services with recent changes) and HDFC was like we can do 20p above their rate card.

What's the best way to negotiate rates at these private banks? Do we approach different branches? Talk to managers?
Any suggestions would be greatly appreciated?

Nevotiation depe ds on the remittan e amount as well. If you have amounts like 20lakhs plus they will offer rates similar to IOB.
Else go with IOB for best rate without negotiations

 

[rk2022]

Nevotiation depe ds on the remittan e amount as well. If you have amounts like 20lakhs plus they will offer rates similar to IOB.
Else go with IOB for best rate without negotiations

Only concern with IOB is having to deal with their customer care and requirement for FIRC/FIRA document.

 

[CC-Muncher]

Only concern with IOB is having to deal with their customer care and requirement for FIRC/FIRA document.

Visit the branch and get clarity on firc

 

[newprouser]

The IOB net banking login site seems to be down for me since at least a week; the parent site/homepage is working though. Is the net banking login site working for anyone else ?

IOB Net Banking

IOB Net Banking

www.iobnet.co.in

 

[Dragon_slayer]

The IOB net banking login site seems to be down for me since at least a week; the parent site/homepage is working though. Is the net banking login site working for anyone else ?

IOB Net Banking

IOB Net Banking

www.iobnet.co.in

Try using mobile app.

 

[RKC]

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)

crystal clear sum up

 

[maulik]

Indian Overseas Bank gives the best forex rates for inward remittance. I actually created a site for comparison - https://forex.geekdevs.com

Thanks, the site stopped showing IOB and canara rates recently. If possible please fix this.

 

[dmittal]

Thanks, the site stopped showing IOB and canara rates recently. If possible please fix this.

Thanks for notifying, I'll fix it this week sometime.

 

[CC-Muncher]

Thanks for notifying, I'll fix it this week sometime.

any luck fixing it?
I can help if you want

 

[sleepysurya]

Has anyone able to get FIRC from IOB or SBI?
Else what's the best option to get hassle free FIRC with best rates?

 

[_amit_]

I need to open current account for foreign remittance for freelancing and waiting for GST registration.

I inquired few weeks back and Axis was willing to do max 90p below XE rate (also said no FIRC for services with recent changes) and HDFC was like we can do 20p above their rate card.

What's the best way to negotiate rates at these private banks? Do we approach different branches? Talk to managers?
Any suggestions would be greatly appreciated?

Hi @rk2022 ,
Can you please share details of your journey, as you might have been doing it for sometime now.

 

[_amit_]

For wise, in my understanding of it, seems like for every inward remittance it would cost ~2.5% of amount transferred. This pricing is for business account.

Fees for Getting Paid & Adding Money - Wise Business Account

Banks charge a lot for overseas transfers. We don't. Transfer money abroad easily and quickly with our low cost money transfers.

wise.com

Lets assume someone is working as a freelancer receiving $3000 per month as fixed.
In wise it shows as
$3000 * 83 (today's rate) = ~243K INR (Amount received) + ~6K INR (charges)
Amount has been rounded for brevity

I'm interested in understanding the charges that will be applied and the final amount received after all deductions in different banks.
(A document from IOB website shows that it charges 250 INR per FIRC certificate.)
Is there a comparison available for IOB and Wise? and maybe other banks ?

 

[Dragon_slayer]

For wise, in my understanding of it, seems like for every inward remittance it would cost ~2.5% of amount transferred. This pricing is for business account.

Fees for Getting Paid & Adding Money - Wise Business Account

Banks charge a lot for overseas transfers. We don't. Transfer money abroad easily and quickly with our low cost money transfers.

wise.com

Lets assume someone is working as a freelancer receiving $3000 per month as fixed.
In wise it shows as
$3000 * 83 (today's rate) = ~243K INR (Amount received) + ~6K INR (charges)
Amount has been rounded for brevity

I'm interested in understanding the charges that will be applied and the final amount received after all deductions in different banks.
(A document from IOB website shows that it charges 250 INR per FIRC certificate.)
Is there a comparison available for IOB and Wise? and maybe other banks ?

I will save your time on research here. Just use IOB that's the best available option

 

[_amit_]

@Dragon_slayer Thanks for your prompt reply.

I understand that IOB offers the best rate. I'm planning to reach out to IOB soon, but I'm keen on understanding the charges and services who are in relationship with the bank

I'll require an FIRC for every transaction and would like to know if anyone here has faced any issues with IOB. I've checked with SBI, and they mention providing one per year. Not entirely sure why that is, perhaps the branch manager lacks information.

Other members seem to have positive experiences with IDFC and ICICI. I'm also considering Stripe, but uncertain if it's the right choice.

Seeking Advice on Business Account for Freelance Income

Hey everyone, I've been working as a freelancer for a while now, and my foreign remittance is currently around 50 LPA. Up until now, I've been receiving all my remittances in my personal savings account with IDFC, where I enjoy a flat 7% return on funds exceeding 5 lakhs. However, I've...

www.technofino.in

 

[Dragon_slayer]

@Dragon_slayer Thanks for your prompt reply.

I understand that IOB offers the best rate. I'm planning to reach out to IOB soon, but I'm keen on understanding the charges and services who are in relationship with the bank

I'll require an FIRC for every transaction and would like to know if anyone here has faced any issues with IOB. I've checked with SBI, and they mention providing one per year. Not entirely sure why that is, perhaps the branch manager lacks information.

Other members seem to have positive experiences with IDFC and ICICI. I'm also considering Stripe, but uncertain if it's the right choice.

Seeking Advice on Business Account for Freelance Income

Hey everyone, I've been working as a freelancer for a while now, and my foreign remittance is currently around 50 LPA. Up until now, I've been receiving all my remittances in my personal savings account with IDFC, where I enjoy a flat 7% return on funds exceeding 5 lakhs. However, I've...

www.technofino.in

IOB does not provide FIRC. Maybe they can provide this on request, I am not sure. I have never asked it.

Better to visit a branch and clarify directly with the remittance team.

 

[_amit_]

Yes, that's something I still need to confirm.
The distance to nearest IOB branch is quite far for me, and this is another concern, as PSUs often face challenges in being tech-friendly, requiring frequent branch visits for small things, for me it might become FIRC if moved ahead with it

BOB is another option with competitive rates.

A member had shared a positive experience with Axis ,so much as to getting IOB equivalent rates under some conditions. That seems something to look forward to me.

 

[abhi_cc]

Thanks for notifying, I'll fix it this week sometime.

Is the project open for contribution?
I want this for IDFC/SBO/etc but don't want to start from scratch

 

[CC-Muncher]

Thanks for notifying, I'll fix it this week sometime.

sir plz fix it!

USD-INR Foreign Exchange Rate Comparison

Compare USD-INR foreign exchange rates across major banks in India

forex.geekdevs.com

its a great site, will need it always

 

[mbagrad101]

Can anyone confirm if they are getting FIRC from a PSU Bank like BOB, PNB or Canara Bank. I’m planning to open an account with either of these three bank.