Inward Remittance from etrade account

[tetrapack]

I work for a US-based company and have recently sold some shares from my Etrade account.
I’m did the Wire transfer option selling and sold in USD to my Indian IDFC Bank
Now total Amount was 2200.85 USD

ETrade charged me 25 USD for Wire and 10 USD for transaction fees

So the Wire Amount from Etrade was 2165.85 USD

Now I received 2155.85 USD in IDFC Bank

SWIFT Message shows some 10USD Charge

:32A:250305USD2155,85
:33B:USD2165,85
:71A:SHA
:71F:USD10,


Bank says this is intermediary bank charges,(But IDFC website shows no fees on inward remittance)
So Why did I receive less, should I raise a complaint to RBI Ombudsman ?
Am i liable for Intermediary Bank Charges?

 

[quino]

SWIFT Message shows some 10USD Charge

this is standard, can't escape it unless you are with the bank that also acts as the intermediary.

 

[RDR]

This can happen if the transaction had to be routed through an intermediary bank. This is stated in eTrade too.

Use banks like IoB or SBI to avoid these.

 

[telescope]

I work for a US-based company and have recently sold some shares from my Etrade account.
I’m did the Wire transfer option selling and sold in USD to my Indian IDFC Bank
Now total Amount was 2200.85 USD

ETrade charged me 25 USD for Wire and 10 USD for transaction fees

So the Wire Amount from Etrade was 2165.85 USD

Now I received 2155.85 USD in IDFC Bank

SWIFT Message shows some 10USD Charge

:32A:250305USD2155,85
:33B:USD2165,85
:71A:SHA
:71F:USD10,


Bank says this is intermediary bank charges,(But IDFC website shows no fees on inward remittance)
So Why did I receive less, should I raise a complaint to RBI Ombudsman ?
Am i liable for Intermediary Bank Charges?

What's the exchange rate you got from idfc?

 

[telescope]

Use banks like IoN or SBI to avoid these.

What is IoN?

 

[quino]

What is IoN?

ig he meant IOB

 

[tetrapack]

What's the exchange rate you got from idfc?

86.86 aprox after taxes and everything
My Company has special tieup with them

This can happen if the transaction had to be routed through an intermediary bank. This is stated in eTrade too.

Use banks like IoB or SBI to avoid these.

Seeing this charges for first time, didnt see in past transactions
Maybe IDFC routed it through other banks, which made me lose some money

 

[tetrapack]

this is standard, can't escape it unless you are with the bank that also acts as the intermediary.

Earlier IDFC used to directly get it, IDK why this hop was added in between
Direct was better

 

[taskmaster]

Anyone using IOB? I got 85.9 as forex rate today only got 8200 something on a 100 usd transfer. Unable to understand what fees were deducted. The site mentions a ₹250 fee for transactions but its more than that

 

[Vinay13]

I am not sure how you guys got get charged up so much. Whatever account i send from US Broker i get full amount and today i got 86.05 from IDFC

 

[telescope]

Anyone using IOB? I got 85.9 as forex rate today only got 8200 something on a 100 usd transfer. Unable to understand what fees were deducted. The site mentions a ₹250 fee for transactions but its more than that

might be intermediary bank fees.

 

[mojo_jojo123]

do we need to discuss special rates with IDFC first ? like IBR -5 paise ?

 

[Vinay13]

do we need to discuss special rates with IDFC first ? like IBR -5 paise ?

y e s

 

[telescope]

y e s

Interbank rate means Google rate? If not, where to check it?

 

[taskmaster]

So i just went with IOB with my 20k usd transfer, i saw the rate on iob and today it was around 86.13 and for hdfc it was 85.4 so much better for IOB

 

[HumorSimpson]

So i just went with IOB with my 20k usd transfer, i saw the rate on iob and today it was around 86.13 and for hdfc it was 85.4 so much better for IOB

How fast was the IoB transfer ?

 

[taskmaster]

How fast was the IoB transfer ?

I just did today, earlier when i did a test transfer took 2 days.

 

[HumorSimpson]

I just did today, earlier when i did a test transfer took 2 days.

What are their other charges?

 

[taskmaster]

What are their other charges?

This is for the test transfer of 100 USD that i did

Amount Received at Our End : USD	100​
Rate Quoted	85.98​
Total Amount in INR (Amount Recd @ Rate)	8598​
IOB Commission	250​
GST on Commission (18% GST)	45​
FX Conversion GST	45​
Final Credit in INR	8258​

 

[HumorSimpson]

This is for the test transfer of 100 USD that i did

Amount Received at Our End : USD	100​
Rate Quoted	85.98​
Total Amount in INR (Amount Recd @ Rate)	8598​
IOB Commission	250​
GST on Commission (18% GST)	45​
FX Conversion GST	45​
Final Credit in INR	8258​

This is good. It has very minimal charges.

I guess the commission charges are flat, irrespective of the amount.

But forex rate would be even better for higher amounts.