@henry_ I'm moving to Canada for work for the next 2 years.
What would be the best option to send money from there to India. Should I open an NRE account? Or can I just send it to my parents usual SB account
I have some MFs and stocks here which I don't plan to sell for now. Do I need to convert my existing SB to an NRO account? What could happen if I just leave my SB account linked to demat as is?
@andrew212 You can open a NRE and NRO account, and make one of your parents a nominee and the other a mandate holder. The nominee is for extreme circumstances, and the mandate holder can operate your account in the normal course from back home. He/she can sign cheques, use debit cards, etc.
@henry_ I need recommendation for a bank where I want to receive Foreign Currency Inward Remittance. I would be getting money worth ₹50K to ₹1L once per month, which would be from my client/employer. So, preferably, I need a Savings account, not a Current account.
My requirements are:
Option to dispose of the remittance with the Purpose Code (Like P0802) in Netbanking/email without going to the Branch.
Automatic issuance of e-FIRC/Remittance Advice through email at a minimal or no cost.
The e-FIRC should mention the sender details and the Purpose of Remittance which I had provided in the disposal request.
And most importantly—a bank that takes least amount of time to credit the amount after the disposal request is submitted.
@lwoods HDFC Bank. It fulfills all the criteria above. However, I have been having an account with them already, which was created 2 months before my comment.
However, the sole reason why I wanted to choose another branch was, it is very slow. This is why I asked for help here.
But I learnt that the swiftness of credit usually depends branch-to-branch, so maybe my branch is to be blamed for.
@lwoods I forgot to mention that they also charge GST post credit of the remittance. For example, if you have received ₹75,005.74, then they would divide this amount by 100, which in this case would be 750.06 (After rounding off). Then on this amount, they would charge 18% GST (9% SGST + 9% IGST). So, in this case, you are charged a GST of 18% x 750.06 = ₹135.02.
You would also receive a GST invoice-cum-eFIRC for this charge within 12-24 hours after the remittance is credited.
Well, the exchange rate varies every day. I get the value equivalent to the one mentioned under the column "T.T. Buying" here. This table is updated every day once in the morning (9-10 AM), except Saturdays, Sundays, and other public holidays.
If you notice here, it is usually ₹0.5-1.5 lesser than the actual rate, at least for EUR which I'm receiving.
Their rates are at least ₹1-₹1.5 less than the banks like IOB. But in my case their service related to inward remittance has been top notch as I only to provide the purpose code P0802 from their net banking portal and the amount will be credited within few hours or by EOD. While in the case of IOB, they need purpose code + FEMA declaration + proof (your invoice). Though I could negotiate 0.4INR but there's still a difference of at least 1 INR than the PSU banks!
There is a trade off between the rate and service!
But in my case their service related to inward remittance has been top notch as I only to provide the purpose code P0802 from their net banking portal and the amount will be credited within few hours or by EOD.
@sadmom81087 I was referring to the service of HDFC Bank as they have option to trigger the foreign inward remittance request from net banking portal by specifying the country and purpose code.
While in the case of IOB, everything is manual and they in fact ask many things like FEMA declaration, invoice along with purpose code.
Yes, it's definitely true that while public-sector banks give you better rates, private banks give you a better service.
However, that said, only the last month HDFC credited the remittance to me the same day, within 5 hours. But perhaps because I had contacted the Branch Manager.
For my this month's remittance, I have submitted the remittance disposal via Netbanking today in the morning but haven't contacted the Branch Manager yet. So, maybe this is why it has not been credited to me yet. In earlier months, it even took 7-8 days.
@sadmom81087 I get my remittance in HDFC. Has been the case for the last two months. I get a mail from HDFC at about 10:30am saying they've received an inward remittance. By 12:30pm it's credited into my account.
I used to get it in BOB where I had to submit a request and it would come in the evening. At HDFC I didn't have to do anything. The first time I told someone at the bank that it was my salary and they did all the needful after that.
I get the Advice via email too. So yeah, I'd suggest HDFC if you want to get done with it quickly without hassle.
@carina2111 I am getting my remittance in HDFC too. But they are usually late in crediting the remittance (6-7 days) even though I submit the disposal instructions via Netbanking (Providing them the purpose code) the same day I receive the remittance.
Just curious, is your HDFC branch big? And do they have a dedicated Forex counter/section at the branch?
