Inward Remittance from Foreign Employer

[amcm93]

@christianeagle Aligned. I'm making a non business transaction to my family and wondering if i need a FIRC/FIRA.

 

[christianeagle]

@amcm93 AFAIK, no need then. Consult a CA to be sure.

 

[coillteglas]

@christianeagle According to transfer wise website you can apply to their partner bank for firc. Did you try that?

 

[christianeagle]

@coillteglas Yes, but once you bring it to their attention that this is incorrect, they just shrug it off.

 

[lucianne]

@robertven Thanks a lot for the reply. My employer pay salary to all the employees from his company account I guess that is the reason, I asked him about Transferwise but he said it is easier for him to wire it from his company account.

 

[christianeagle]

@lucianne I am in a similar position and am using IOB. Their conversion rates are great (only Rs. 0.3 below the current market rate) and the charges are 150+GST and some GST on the actual currency conversion (that you can claim as an input credit and use it if you later have a situation where you have some GST liability).

The internet banking isn't the best, but it does the job.

 

[healmyheart]

@christianeagle I will check at IOB as well. How is your experience using their service? Getting FIRC and all?

 

[christianeagle]

@healmyheart It has been very easy. I opened the account with a small branch so the manager is very happy to have a good account is very helpful with everything. The net banking doesn't have the best UI, but what it has is enough for regular use.

 

[healmyheart]

@christianeagle Yes, I am not really looking for lot of NetBanking capabilities. I am happy with basic. What is more important for me is the conversion rate + basic service when I need some docs like FIRC

 

[healmyheart]

@christianeagle I also saw that they charge around 250 Rs for FIRC which is ok

 

[healmyheart]

@lwoods I am not banking with IOB as I didn't receive any clarification for FIRC. I went with HDFC

 

[lwoods]

@healmyheart Ah okay.

I'm fighting with them over FIRC. They didn't provide any valid document related to the transaction. Let's see how it goes!!

 

[resjudicata]

@christianeagle

(that you can claim as an input credit and use it if you later have a situation where you have some GST liability).

How? Do they provide you a bill with your gst number?

 

[christianeagle]

@resjudicata You can give them your GSTIN when creating the bank account and this is reconciled on the GST portal because they will quote your GSTIN when filing their returns.

 

[resjudicata]

@christianeagle So say if bank charges quarterly sms charges+gst then this gst is claimed too?

Do they give you anything like an invoice for documentation purposes? Maybe a list of total input claims for a month?

 

[nikiib]

@lucianne For the best conversion rate, check SBI and HDFC. I am using HDFC for the same purpose. If you upgrade your HDFC savings account type say to classic,imperia... you will get additional few paisas along with that day's price.( Like for classic account I am getting 25 ps/GBP additional).And charges also less compared to CITI.

 

[marawuti]

@lucianne SBI anytime