Best bank to receive 1 time USD payment of USD1000+

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Hello guys, I have received a link through which I am able to claim money and get it transferred to my savings account from HSBC. This refund is in relation to a payment I made earlier and I remember getting charged a hefty conversion fees through HDFC regalia first credit card. I have savings account in IDFC, HDFC and Stanc. Which one should be the best to receive the USD payment to get maximum money and reducing any conversion of payment processing fee?

In case some other bank can provide better option I might consider opening an account for some time if cost vs benefit is worth it

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Do you have a US bank account that already holds your USD money or is it some kind of wire transfer directly to your Indian bank account?

If it’s the former one, then you can make use of several money transfer companies like Xoom, Remitly, Placid, etc. to get the USD 1000+ directly transferred to your Indian account from the US bank account through ACH payment. Most of the sites charge no fee or very little fee like $1.00 or $2.00 if you transfer $1000 or more. To open an account and transfer money they will be asking for ID and/or address proof. It’s better if you just call them (through the Contact Us section) and confirm if you can register and do the transfer from India else they might block you if that is not allowed. I used their services when I was in the US. Never used their service from India to get money from the US. The conversio rate is shared upfront and it remains fixed as soon as your initiate the transfer and until it’s credited to the beneficiary’s Indian bank account.

Message me if you want to open an account in any of them and need a referral.

I have no idea regarding direct wire transfer. Maybe Western Union can help here. They are popular in that area.

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Are you sure you were charged heavy conversation fees? As far as I know… Hdfc regalia charges 2%(compared to 3.5% on other cards). I am not sure what is conversation rate for your other 2 cards though

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bdatta1981 wrote:

Do you have a US bank account that already holds your USD money or is it some kind of wire transfer directly to your Indian bank account?

If it’s the former one, then you can make use of several money transfer companies like Xoom, Remitly, Placid, etc. to get the USD 1000+ directly transferred to your Indian account from the US bank account through ACH payment. Most of the sites charge no fee or very little fee like $1.00 or $2.00 if you transfer $1000 or more. To open an account and transfer money they will be asking for ID and/or address proof. It’s better if you just call them (through the Contact Us section) and confirm if you can register and do the transfer from India else they might block you if that is not allowed. I used their services when I was in the US. Never used their service from India to get money from the US. The conversio rate is shared upfront and it remains fixed as soon as your initiate the transfer and until it’s credited to the beneficiary’s Indian bank account.

Message me if you want to open an account in any of them and need a referral.

I have no idea regarding direct wire transfer. Maybe Western Union can help here. They are popular in that area.

I know about transferwise and western union and sorts… But as I mentioned I only have these 3 savings bank accounts – hdfc, Idfc & stanc (all Indian basic savings accounts). The money to be received is already paid by remitter to HSBC the designated intermediary for remitter, I just need to collect it by providing my bank account details. Now the only question I have is how to minimise cost /maximise the funds I receive i.e. which among these or any other bank account can give me best rate and lowest conversion charges.

PS: Thanks for the answer though… None of these applies in my case since I can’t direct the funds at my will, I just have to necessarily provide bank account details to receive funds

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Fanil wrote:

Are you sure you were charged heavy conversation fees? As far as I know… Hdfc regalia charges 2%(compared to 3.5% on other cards). I am not sure what is conversation rate for your other 2 cards though

actually I only had regalia back then so I didn’t bother much about charges and you rightly mentioned their charges are only 2% however the fx rate that they quote is also a very conservative one (there might be some better options or there to pay USD1k+ by incurring overall lower outlay I guess)

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mrj1593931 wrote:

I know about transferwise and western union and sorts… But as I mentioned I only have these 3 savings bank accounts – hdfc, Idfc & stanc (all Indian basic savings accounts). The money to be received is already paid by remitter to HSBC the designated intermediary for remitter, I just need to collect it by providing my bank account details. Now the only question I have is how to minimise cost /maximise the funds I receive i.e. which among these or any other bank account can give me best rate and lowest conversion charges.

PS: Thanks for the answer though… None of these applies in my case since I can’t direct the funds at my will, I just have to necessarily provide bank account details to receive funds

If the money is already with HSBC which is your intermediary, is the money held by them in INR or USD?

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bdatta1981 wrote:

If the money is already with HSBC which is your intermediary, is the money held by them in INR or USD?

USD

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