Inward Remittance from etrade account

[HumorSimpson]

@taskmaster could you please answer this

Post in thread 'IOB Appreciation Post'

Post in thread 'IOB Appreciation Post'

Sunday at 3:31 PM

So which variant of savings account is best for inward forex remitences. Any tips/cuations for opening bank acc.
One thing I noted is don't opt for cheque book. Anything else. I am in Bangalore and theres a branch near by.

• HumorSimpson

• 

 

[telescope]

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​

Two questions:

1. What was the Google rate for this day?
2. Which intermediary details you have used for this transfer?

 

[taskmaster]

Two questions:

1. What was the Google rate for this day?
2. Which intermediary details you have used for this transfer?

Google rate for the day was 86.1 or something like that dont remember exactly but it was good.
Intermediary details as in?

 

[taskmaster]

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.

Forex charges are there depending upon the amount while commission seems to be fixed.

 

[HumorSimpson]

Forex charges are there depending upon the amount while commission seems to be fixed.

Are there any banking tiers in IOB? Does the forex rate depends on the account variant ?

 

[mojo_jojo123]

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​

can we open IOB account online and do inward forex in it ?

 

[telescope]

Google rate for the day was 86.1 or something like that dont remember exactly but it was good.
Intermediary details as in?

Intermediary bank such as chase, citi, JPMorgan, etc, did you use any of those bank in the intermediary bank details while filling up the wire form?

 

[taskmaster]

Intermediary bank such as chase, citi, JPMorgan, etc, did you use any of those bank in the intermediary bank details while filling up the wire form?

Nope. Just entered swift details for my bank and did the transfer through etrade.

 

[taskmaster]

Are there any banking tiers in IOB? Does the forex rate depends on the account variant ?

No i think its the same. My account required 5k MAB