Best bank for inward remittance in USD

[VijayflyRaven]

Below are the constraints when receiving inward remittance

• Fees charged by swift intermediary of receiving bank (for example, I have seen charges from $10 to $25 for amounts ranging from $100 to $ 25000 respectively).
• Conversion from USD to INR - different banks charge different rates
• Inward remittance fee by Indian bank - often free

We need to identify banks which can give us favourable rates and that is as critical as ensuring that there is no flat fees. For example, if we send $1000 to icici, I see that it comes through 2 banks in my case (Citibank = senders bank and Chase = ICICI’s bank in US). Chase, which is the banker for icici charges flat fees of >$10.

Best rates from banks;

• IndusInd
• DBS
• IOB

In order to test the rate, I intend to transfer similar amounts to each of these banks.

If anyone has done this test earlier, please help.

 

[gauravraj]

Below are the constraints when receiving inward remittance

• Fees charged by swift intermediary of receiving bank (for example, I have seen charges from $10 to $25 for amounts ranging from $100 to $ 25000 respectively).
• Conversion from USD to INR - different banks charge different rates
• Inward remittance fee by Indian bank - often free

We need to identify banks which can give us favourable rates and that is as critical as ensuring that there is no flat fees. For example, if we send $1000 to icici, I see that it comes through 2 banks in my case (Citibank = senders bank and Chase = ICICI’s bank in US). Chase, which is the banker for icici charges flat fees of >$10.

Best rates from banks;

• IndusInd
• DBS
• IOB

In order to test the rate, I intend to transfer similar amounts to each of these banks.

If anyone has done this test earlier, please help.

IOB

There is a threat about the inward remittance topic .

 

[Gabbar.Singh]

Below are the constraints when receiving inward remittance

• Fees charged by swift intermediary of receiving bank (for example, I have seen charges from $10 to $25 for amounts ranging from $100 to $ 25000 respectively).
• Conversion from USD to INR - different banks charge different rates
• Inward remittance fee by Indian bank - often free

We need to identify banks which can give us favourable rates and that is as critical as ensuring that there is no flat fees. For example, if we send $1000 to icici, I see that it comes through 2 banks in my case (Citibank = senders bank and Chase = ICICI’s bank in US). Chase, which is the banker for icici charges flat fees of >$10.

Best rates from banks;

• IndusInd
• DBS
• IOB

In order to test the rate, I intend to transfer similar amounts to each of these banks.

If anyone has done this test earlier, please help.

SBI

 

[Gabbar.Singh]

IOB

IOB's website sucks. They don't seem to have a nostro account for SEK currency.

 

[gauravraj]

IOB's website sucks. They don't seem to have a nostro account for SEK currency.

But @VijayflyRaven is dealing with USD.

 

[Gabbar.Singh]

But @VijayflyRaven is dealing with USD.

Even for USD, i feel sbi is the best.their NRI branch Mumbai offers best services in this space. Other branches are hell.

 

[Dragon_slayer]

Even for USD, i feel sbi is the best.their NRI branch Mumbai offers best services in this space. Other branches are hell.

What are there conversion rates? Do you have any examples?

 

[Gabbar.Singh]

What are there conversion rates? Do you have any examples?

Haven’t compared in the recent time. There is no way to verify this fact. If there is one, do let me know. For more than 30 years, me and my friends used different banks for remitting funds. Everyone concluded SBI is better in terms of convenience and exchange rates. But this comparison is no basis to conclude about the exchange rate.
Exchange rate is a complex function of several variables. It depends on the day, volume and your relationship with the bank.
I have stopped thinking about this.

 

[VijayflyRaven]

I am making same amount at same time to compare rates of 1) IndusInd 2) icici

 

[Gabbar.Singh]

I am making same amount at same time to compare rates of 1) IndusInd 2) icici

My hunch is private banks generally give bad exchange rates. Just compare their card rates for any previous dates.

 

[VijayflyRaven]

My hunch is private banks generally give bad exchange rates. Just compare their card rates for any previous dates.

I just have these two for now.

 

[CC-Muncher]

I just have these two for now.

check this chart, which shows a good comparison - https://forex.geekdevs.com/
Also check this informative thread

 

[Gabbar.Singh]

https://forex.geekdevs.com/

This shows the comparison of only three currencies i.e. USD, GBP and EUR.

Any other source I can see it for SEK, NOK and DKK.

Wrote to IOB if they deal in SEK. Received no reply even after 3 days.

 

[CC-Muncher]

This shows the comparison of only three currencies i.e. USD, GBP and EUR.

Any other source I can see it for SEK, NOK and DKK.

Wrote to IOB if they deal in SEK. Received no reply even after 3 days.

IOB does deal with SEK, NOK and DKK
Found this https://www.iob.in/iob_Forex-rates.aspx

 

[Gabbar.Singh]

IOB does deal with SEK, NOK and DKK
Found this https://www.iob.in/iob_Forex-rates.aspx

Thanks. It seems the probability of getting better rates from IOB is much higher.

How to get an account with them? Do they send their rep to open savings account for senior citizens?

 

[CC-Muncher]

Thanks. It seems the probability of getting better rates from IOB is much higher.

How to get an account with them? Do they send their rep to open savings account for senior citizens?

Its a PSU bank, you can expect it to be like SBI

 

[rohitpgarg]

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

 

[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.

 

[Dragon_slayer]

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.

I have done it, its not good. They offer bad conversion prices

 

[CC-Muncher]

I have done it, its not good. They offer bad conversion prices

Any idea about the charges except the bad conversion prices