@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.
@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 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.
@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
@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.
@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.
@lucianne I get foreign remittances multiple times a year. Federal bank is very good with conversion rates and their own charges are very less compared to other banks. You do need to submit the documents for each remittance via email but other than that the process is pretty straightforward and can be done completely via email.
