Receiving international salary into an indian savings account.

[juliaopal]

I’m going to be working as a IT contractor for a European firm from here in India and they will be paying me a monthly remittance in USD. I’ve got a savings bank account with HDFC bank (INR) that I intended to receive this amount in. I checked with my bank branch regarding this and they told me that I would need to open a Current account to receive these payments on a monthly basis and that my savings account will not work for this.
Can someone here please let me know if there are any restrictions on receiving such payments in a savings account?
Also, if someone here has worked a contract based IT job for an international firm before can you please let me know what was the process you followed to enable payments into your account.

 

[axlelol]

@juliaopal Bro if you are receiving international payments then i'd suggest do not use banks, especially HDFC- their rates are really bad. I am not sure how aware you are of the fees and everything so just giving you a heads up-

• So basically banks charge forex margin, which is to say, if the rate of 1 dollar is Rs. 83, they will convert your money at let's say Rs. 81 or worse. And it's very difficult to negotiate exchange rates with RMs- I mean the entire process. The worst part is I never knew what amount I am going to receive for a particular transaction because they are not transparent about their pricing. I used banks for almost a year and have lost close to 1 lac to forex fees- so please be careful and aware of what are they charging you.
• I have switched to this platform called skydo.com for my payments- it's very seamless and cost-effective I use it for mainly two benefits- I do not have to do any follow ups or do any manual work- everything is automated and take care of. And they do not charge any fx margin- convert your money at live forex rate. They only charge a flat fee- so like ik what will i receive. plus it's easy for my clients cuz skydo gives you international bank accounts so clients can pay locally.

And btw if you are a freelancer/individual- you do not have to have current account to transact with skydo.

Hope this helps- feel free to dm

 

[juliaopal]

@axlelol I'll look into it. Thank you.

 

[dianah123]

@axlelol What about the scenario when you are paying internationally? How much of tax is applicable on let's say 1 lakh?

 

[axlelol]

@dianah123 idk about that

 

[resjudicata]

@juliaopal try https://wise.com/us/ - works best for contractors - straight into account. You'll probably have to ask them to send it using Wise. No restrictions/deductions